Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 January 2008 and unaudited.

Performance at month end with net income reinvested

                          One     Three       One     Three      Five
                        Month    Months      Year     Years     Years
                                                                               
Net asset value*        -7.2%    -11.7%     45.6%    212.4%    451.1%          
(undiluted)                                                                    
Net asset value*        -6.5%    -10.6%     40.9%    196.5%    407.2%          
(diluted)                                                                      
Share price*            -8.7%    -13.0%     38.3%    185.5%    421.0%          
HSBC Global Mining      -4.3%     -8.8%     46.7%    181.5%    379.4%          
Index                                                                          

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 entitlement per share was sold and the
proceeds reinvested on the first day of trading.


At month end                                                                   
Net asset value                        Including Income          Capital Only  
Undiluted:                                      746.44p*              737.01p  
Diluted:                                        703.75p               695.82p  
*Includes net revenue of 9.43p                                                 
                                                                               
Share price:                                    598.00p                        
Discount to NAV**:                                14.1%                        
Warrant price:                                  121.00p                        
Total assets:                                £1,163.08m                        
Net yield:                                         0.4%                        
Gearing:                                             0%                        
                                                                               
Ordinary shares in issue:                   157,700,479                        
Warrants in issue:                           29,814,855                        
Ordinary shares held in Treasury:            14,442,800                        
                                                                               
** Discount to NAV based on capital only, fully diluted NAV.                   


Sector Analysis               % of Total       Country Analysis            % of Total
                                  Assets                                       Assets
                                                                               
Diversified                         51.7       Latin America                     25.6
Base Metals                         21.1       Global                            22.9
Platinum                             8.2       South Africa                      14.2
Gold                                 6.9       USA                                7.4
Industrial Minerals                  5.7       Australasia                        6.9
Silver/Diamonds                      5.2       Canada                             6.6
Other                                3.4       Other Africa                       5.7
Net current liabilities             (2.2)      India                              4.4
                                               Europe                             3.2
                                               Kazakhstan                         2.8
                                               Indonesia                          1.6
                                               Laos                               0.7
                                               China                              0.2
                                               Net current liabilities           (2.2)
                                   -----                                        -----
                                   100.0                                        100.0
                                   =====                                        =====
 

Ten Largest Equity Investments                                                 
                                                                               
Company                             Region of Risk                       
                                                                               
Alcoa                               USA                                  
BHP Billiton                        Global                               
First Quantum Minerals              Zambia                               
Impala Platinum                     South Africa                         
Industrias Penoles                  Latin America                       
Minas Buenaventura                  Latin America                        
Rio Tinto                           Global                               
Teck Cominco                        Canada                               
Vale                                Latin America                        
Zinifex                             Australasia       
                   

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

The month was mixed for equities, primarily due to ongoing concerns over the
possibility of a US recession and any impact it may have upon demand. It was a
particularly volatile period for the mining sector, with supply side shocks
such as widespread flooding in Australia and power shortages in South Africa
playing their part in keeping the market tight against market fears over the
potential global recession. In addition, it is also worth noting that China has
undergone one of the coldest periods in the past 100 years and has seen a surge
in demand for coal. In equity news, Chinalco and Alcoa bought around a 9% stake
in Rio Tinto. With BHP Billiton now having made a full bid for Rio Tinto, we
will be monitoring this situation very closely. Vale also confirmed that they
are in talks with Xstrata.

Whilst the market continues to focus on the potential for a recession in the US
and its effect upon global growth, volatility will continue. However, over the
medium term we believe that demand for metals and minerals will not be severely
derailed and we therefore are bullish on the outlook for mining equities. M&A 
is also likely to continue to be a major feature of the market, as mining
companies look to grow output in an environment of limited organic supply
growth.

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).

25 February 2008