Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc
All information is at 30 April 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)                   5.4%     16.7%    22.2%    221.7%    312.4%
Net asset value* (diluted)                     4.5%     16.0%    20.6%       n/a       n/a
Share price*                                   5.5%     23.3%    24.9%    220.0%    316.6%
HSBC Global Mining Index                       3.4%     14.5%    12.3%    171.3%    208.3%

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:                597.98p   Includes net revenue of:      4.00p
Diluted:                  579.25p                                                
Share price:              533.00p   Discount to undiluted NAV:   10.87%
Warrant price:             85.50p                                                
Total assets:            £984.38m   Net yield:                    0.47%
Gearing:                    2.78%                                                
Ordinary shares in issue:           161,203,279      
Warrants in issue:                   29,814,855      
Ordinary shares held in Treasury:    10,940,000      
                                                                                 


Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 

                                                                                    
Diversified                        47.6     Global                             23.5 
Base Metals                        28.2     Latin America                      23.1 
Platinum                            8.2     South Africa                       13.7 
Gold                                6.2     Australasia                        12.6 
Silver/Diamonds                     5.5     Canada                             10.3 
Other                               3.7     Other Africa                        6.4 
Industrial Minerals                 4.1     USA                                 6.2 
Net current liabilities            (3.5)    China                               1.9 
                                  -----     India                               1.9 
                                  100.0     Kazakhstan                          1.2 
                                  -----     Europe                              1.1 
                                            Indonesia                           0.9 
                                            Laos                                0.4 
                                            Mongolia                            0.3 
                                            Net current liabilities            (3.5)
                                                                              ----- 
                                                                              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:                                                                         
                                                                               
Commodity prices were supported by the news flow on both the supply and demand 
side over the month of April.  China continues to be the primary driver of     
strong commodity prices, underlined during April by an announcement that the   
country's imports of refined copper hit a record in March of above 200,000     
tonnes.  On the supply side, the threat of industrial disputes heightened      
market fears of supply disruptions with workers in Peru (a major copper, zinc, 
silver and gold producer) and at the Grasberg Copper mine in Indonesia (owned  
by Freeport and Rio Tinto) threatening strike action over the month.  Although 
these issues were largely resolved without major incident, the effect that the 
strikes had upon the market highlights how tight the market has become in      
recent months.                                                                 
                                                                               
We believe that the fundamentals for the mining sector are strong and will     
remain so over the long term.  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 buybacks 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).                                                                     
                                                                               
22 May 2007