Portfolio Update

MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 October 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)                   8.1%     23.1%    70.9%    277.3%    578.3%
Net asset value* (diluted)                     7.3%     20.4%    62.4%    250.1%    516.3%
Share price*                                   5.5%     12.8%    59.4%    260.6%    558.1%
HSBC Global Mining Index                       7.0%     23.1%    65.8%    223.5%    445.2%

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                           Including Income         Capital Only  
Undiluted:                                         845.33p*             838.07p  
Diluted:                                           786.99p              780.88p  
                                                                                 
*Includes net revenue of 7.26p                                                   
                                                                                 
Share price:                                       687.00p                       
Discount to NAV**:                                  12.02%                       
Warrant price:                                     222.00p                       
Total assets:                                   £1,323.32m                       
Net yield:                                           0.36%                       
Gearing:                                              0.0%
                       
Ordinary shares in issue:                       157,900,479                      
Warrants in issue:                               29,814,855                      
Ordinary shares held in Treasury:                14,242,800                      
                                                                                 
**Discount to NAV based on capital only, fully diluted NAV.

During the month 566,123 ordinary shares were bought back to be held in
treasury for a total consideration of £3,830,946.56

Sector                          % Total     Country                         % Total 
Analysis                         Assets     Analysis                         Assets 
                                                                                    
Diversified                        49.1     Latin America                      25.4 
Base Metals                        24.6     Global                             20.6 
Platinum                            7.8     South Africa                       13.8 
Gold                                6.1     Australasia                         9.7 
Silver/Diamonds                     5.6     Canada                              8.4 
Industrial Minerals                 3.7     Other Africa                        6.6 
Other                               3.7     USA                                 6.1 
Net current liabilities            (0.6)    India                               4.1 
                                  -----     Europe                              2.7 
                                  100.0     Kazakhstan                          1.1 
                                  -----     Indonesia                           1.0 
                                            Laos                                0.8 
                                            China                               0.3 
                                            Net current liabilities            (0.6)
                                                                              ----- 
                                                                              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:                                                                         
                                                                               
Whilst demand for metals remained strong over the period, the market was once  
again impacted by fears over global growth in mid month.  In equity news, both 
BHP Billiton and Rio Tinto, the world's two largest mining companies, released 
third quarter production numbers that fell short of analyst expectations.  Lack
of infrastructure, labour and equipment were key constraints for both          
companies.  BHP Billiton and Rio Tinto are two of the highest quality operators
in the mining industry and we perceive that their struggle is symptomatic of   
the industry's inability to significantly grow production.  This, in our view, 
will keep upwards pressure on commodity prices going forward.                  
                                                                               
Please note that on 8 November, and thus outside the period under review, BHP  
Billiton approached Rio Tinto with regards to a potential combination of the   
two businesses.  Both Rio Tinto and BHP Billiton are top ten holdings of the   
Company.                                                                       
                                                                               
Looking at the remainder of the year and into the start of 2008, we may see    
further M&A driven by the fact that it remains far cheaper for companies to buy
rather than build production capacity.  Meanwhile, demand from developing      
nations such as China and India is likely to continue unabated whilst we       
continue to see relatively muted growth from the supply side.  In addition, we 
expect numerous commodity price upgrades between now and the end of the year as
analysts mark their forecasts to market, providing the opportunity for         
additional potential upside in mining equities.                                
                                                                               
                                                                               
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 November 2007