Portfolio Update

Merrill Lynch World Mining Tst PLC
14 March 2006

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 28 February 2006 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value* (undiluted)                                         -4.3%      15.6%      55.9%     196.8%   270.9%
Share price*                                                         -2.7%      19.4%      67.9%     228.3%     328.6%
HSBC Global Mining Index                                             -4.4%      16.5%      52.4%     172.1%     168.7%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 bonus warrant entitlement per share was sold and reinvested on
the first day of trading.

At month end
Net asset value
Undiluted:                          423.15p         Includes net revenue of:                           1.26p
Share price:                        394.25p         Discount to NAV:                                    6.8%
Total assets:                       £732.4m         Net yield:                                          0.5%
Gearing:                               3.2%
Ordinary shares in issue:  168,298,906






Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis
Diversified                                      52.2         Global                                               23.6
Base Metals                                      22.0         Latin America                                        22.0
Gold                                              8.9         Canada                                               18.6
Platinum                                          6.8         South Africa                                         12.8
Industrial Minerals                               5.3         Australasia                                           9.5
Silver/Diamonds                                   4.5         Europe                                                3.8
Other                                             4.3         USA                                                   3.4
Net current liabilities                         (4.0)         Other Africa                                          3.1
                                                              China                                                 2.8
                                                              India                                                 2.5
                                                              Laos                                                  1.1
                                                              Indonesia                                             0.8
                                                              Net current liabilities                             (4.0)
                                                100.0                                                             100.0


Ten Largest Equity Investments
Company                                       Region of Risk
Alumina                                         Australasia
Anglo American                                  Global
BHP Billiton                                    Global
CVRD                                            Latin America
Falconbridge                                    Canada
Impala Platinum                                 South Africa
Rio Tinto                                       Global
Teck Cominco                                    Canada
Xstrata                                         Global
Zinifex                                         Australasia




Commenting on the markets, Graham Birch, representing the Investment Manager
noted:



Following outstanding performance in January, investors sought to lock in
profits during February, and the Company fell 4.3% (in sterling terms) to close
February at an NAV of 423.15p.  In terms of relative performance, the Company
marginally outperformed, beating the benchmark (HSBC Global Mining Index) by
0.1% over the month.  This was a pleasing result given that the Company is
bullishly positioned, and was partly due to reports of strong results and
capital return programmes from some of the Company's largest holdings.  Solid
performance from companies like China Shenhua Energy (up 16.2% in sterling
terms), which posted a positive return on the back of an upgraded outlook for
thermal coal prices in China, also contributed.



The prospect of capital returns was theme of the month, with Rio Tinto, Anglo
American, and BHP Billiton announcing record annual results (with higher metal
prices and increased production volumes more than offsetting rising operating
and capital costs), and significant returns of capital to shareholders.  Rio
announced a $2.5 billion share buyback programme as well as a $1.5 billion
special dividend, BHP Billiton announced a $2 billion share buyback programme
and a 30% increase in their interim dividend, and Anglo American announced a
$1.0 billion share buyback and a $0.5 billion special dividend.  All three
companies reiterated their positive outlook for both the coming year and for the
rest of the decade! Anglo American also provided further information on their
restructuring: they plan to IPO 25% of their paper and packaging division on the
London Stock Exchange and are looking to sell down their 51% stake in AngloGold.
The Company added to its already strong holding in these companies over the
month.



The Company also increased its exposure to diamonds through initiating a
position in unlisted Gem Diamonds, and sold down a number of its South American
copper producers to make way for growth opportunities elsewhere.



Looking forward, global economic growth should be sufficiently robust to ensure
that supply/demand balances in the metals and minerals markets remain
favourable.  China's economy continues to go from strength to strength and now
ranks as the fourth largest economy in the world, emphasising the pivotal role
it will play in the commodity markets going forward.  Higher commodity prices
have meant that many of the Company's holdings are translating their strong
balance sheets and high cash flows into higher dividends and increased share
buybacks.  There is also the continued possibility of further corporate activity
as mining companies seek to grow quickly and cost effectively.





Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



14 March 2006




                      This information is provided by RNS
            The company news service from the London Stock Exchange