Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc
All information is at 31 July 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)                   2.4%     14.9%    47.6%    250.0%    490.1%
Net asset value* (diluted)                     2.1%     12.9%    42.0%    224.8%    448.3%
Share price*                                   6.8%     14.3%    54.9%    236.1%    511.8%
HSBC Global Mining Index                       2.8%     14.2%    38.9%    193.6%    342.2%

Sources: BlackRock Investment Management (UK) Limited, 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                                Including Income    Capital Only  
Undiluted:                                              686.83p         682.80p  
Diluted:                                                653.79p         650.40p  
                                                                                 
Share price:                                            609.00p                  
Discount to NAV*:                                          6.4%                  
Warrant price:                                          143.00p                  
Total assets:                                        £1,103.48m                  
Net yield:                                                0.41%                  
Gearing:                                                  1.86%                  
Ordinary shares in issue:                           158,666,602                  
Warrants in issue:                                   29,814,855                  
Ordinary shares held in Treasury:                    13,476,677                  

*Discount to NAV based on capital only, fully diluted NAV.

During the month a further 413,246 ordinary shares were bought back to be held
in treasury for a total consideration of £2,456,000.

Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 
                                                                                    
Diversified                        46.5     Latin America                      24.0 
Base Metals                        28.0     Global                             20.2 
Platinum                            7.3     Australasia                        11.9 
Gold                                5.6     South Africa                       11.8 
Industrial Minerals                 5.6     Canada                              9.7 
Silver/Diamonds                     5.1     Other Africa                        6.9 
Other                               3.0     USA                                 6.7 
Net current liabilities            (1.1)    India                               3.5 
                                  -----     China                               2.4 
                                  100.0     Kazakhstan                          1.2 
                                  -----     Europe                              1.1 
                                            Indonesia                           1.1 
                                            Laos                                0.6 
                                            Net current liabilities            (1.1)
                                                                              ----- 
                                                                              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 
Minas Buenaventura                        Latin America
Rio Tinto                                 Global       
Teck Cominco                              Canada       
Zinifex                                   Australasia  


Commenting on the markets, Graham Birch, representing the Investment Manager   
noted:                                                                         
                                                                               
Performance                                                                    
The Company had another good month in absolute terms with the NAV rising by    
2.4% versus the Index return of 2.8%.  The major news over the month was Rio   
Tinto's US$38.1 billion bid for Alcan, the Canadian aluminium producer, topping
a previous hostile bid for the company by Alcoa.  The tie-up will give the     
group the capability to produce around 4.4 million tonnes of aluminium         
annually, making it by far the world's largest producer.  Demand for metals and
minerals remains robust with China, the largest consumer of most commodities   
globally, announcing during July that its GDP grew by 11.9% during the 2nd     
quarter; this should remain very supportive of metal prices going forward.  The
supply side continues to look constrained with a lack of quality projects      
coming into production and delays from industrial action occurring frequently  
(during July alone Codelco, Xstrata and Southern Copper Corp all had issues    
with protests and strikes).                                                    
                                                                               
Among the strongest contributors to performance over the month were the        
Company's holdings in Rio Tinto and Alcan which both gained following the      
announcement of Rio's bid.  Another strong performer was the Company's holding 
in China Shenhua Energy, a Chinese coal mining company, which gained on the    
back of a strong Asian coal price outlook, analyst upgrades and positive       
results for the first half of 2007.                                            
                                                                               
Strategy/Outlook                                                               
We believe that the Rio Tinto/Alcan transaction may well be the catalyst for   
further consolidation within the sector and a possible re-rating of the mining 
sector as a whole.  We expect commodity prices to remain above their historical
averages for the medium term as demand growth continues to outstrip supply-side
growth, a factor that the market is waking up to but has not yet fully         
recognised.                                                                    
                                                                               
                                                                               
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).                                                                     
                                                                               
                                                                               
13 August 2007                                                                 
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               

 


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