Portfolio Update

Merrill Lynch World Mining Tst PLC
15 March 2007

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 28 February 2007 and unaudited.

 Performance at month end with net income reinvested

                                                         One            Three           One         Three           Five
                                                       month           months          year         years          years
Net asset value* (undiluted)                            3.3%             6.6%         27.9%        146.7%         287.6%
Net asset value* (diluted)                              3.0%             5.8%           n/a           n/a            n/a
Share price*                                            2.5%             2.9%         15.1%        124.1%         302.1%
HSBC Global Mining Index                                4.0%             6.3%         18.8%        119.6%         179.4%

Sources: BlackRock, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlements per share were sold and
the proceeds reinvested on the first day of trading.

At month end
Net asset value
Undiluted:                        529.35p         Includes net revenue of:                    0.65p
Diluted:                          514.29p
Share price:                      443.00p         Discount to undiluted NAV:                  16.3%
Warrant price:                     46.00p
Total assets:                     £918.4m
Net yield:                          0.56% (excludes special dividend of 2.00p per share)
Gearing:                            3.21%
Ordinary shares in issue:                          168,298,906
Warrants in issue:                                  33,659,228




Sector                                       % Total          Country                                          % Total
Analysis                                      Assets          Analysis                                          Assets
Diversified                                     45.8          Global                                              25.1
Base Metals                                     26.8          Latin America                                       21.7
Gold                                             7.9          South Africa                                        12.7
Platinum                                         7.8          Australasia                                         11.6
Silver/Diamonds                                  5.6          Canada                                               9.7
Industrial Minerals                              4.5          USA                                                  8.6
Other                                            3.0          Other Africa                                         4.0
Net current liabilities                         (1.4)         China                                                2.0
                                                100.0         India                                                1.8
                                                              Laos                                                 1.2
                                                              Kazakhstan                                           1.2
                                                              Europe                                               0.8
                                                              Indonesia                                            0.7
                                                              Mongolia                                             0.3
                                                              Net current liabilities                             (1.4)
                                                                                                                  100.0





Ten Largest Equity Investments
Company                                       Region of Risk
Alcoa                                           USA
Anglo American                                  Global
BHP Billiton                                    Global
CVRD                                            Latin America
First Quantum Minerals                          Zambia
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:



For the majority of February the market was extremely strong, but gave some of
this performance back in the last few days due to the broader global equity
market sell off.  The strength in the market was driven by strong metals prices
as they rebounded from January's lows.  The volatility seen at the end of the
month was driven by a variety of reasons including increased fears over China's
growth, US sub-prime mortgage numbers, the unwinding of the Yen carry trade and
comments by Alan Greenspan former Chairman of the US Federal Reserve.  It is
important to note that many of these moves were caused by technical weakness,
not fundamental limitations.



Highlights of the month included company Q4 results.  These were very positive,
with many mining companies announcing increased dividends and share buy back
plans.  Of particular note was that BHP Billiton, Rio Tinto and Anglo American
pledged to buy back in excess of $20bn worth of stock between them this year.



Whilst the broader equity market finished February in a downturn, we believe
that the catalysts for the recent falls were short term movements and the long
term fundamentals for the mining sector remain strong.  China continues to
consume a larger share of global demand, with India also showing strong growth.
 Through 2007, we expect this demand to continue and although US growth may be
slightly below 2006 levels this year, it should remain at reasonable levels.
The supply side reaction to increased demand continues to be muted, with
companies struggling to keep up due to a lack of experienced personnel,
equipment delays and a lack of quality projects.



The fundamentals for mining equities therefore look positive, with historically
high metal prices set to continue, share buy backs proceeding at a rapid rate
and the possibility of further M&A activity as mining companies seek to grow
quickly and cost effectively.  The higher commodity prices have been translated
into higher profits for the Company's holdings.  In addition, further
consolidation in the industry should provide extra momentum to the sector.





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



15 March 2007




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