Portfolio Update

Merrill Lynch World Mining Tst PLC
14 August 2006


 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 July 2006 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value (undiluted)*                                          1.1%      -4.9%      61.8%     201.5%   340.3%
Net asset value (diluted)*                                            0.9%      -4.1%          -          -          -
Share price*                                                         -2.2%      -7.8%      52.8%     202.7%     353.9%
HSBC Global Mining Index                                             -0.8%      -7.7%      52.7%     152.0%     197.3%

Sources: Merrill Lynch Investment Managers, 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:                                  469.16p Includes net revenue of:                                     4.60p
Diluted:                                    464.14p
Share price:                                397.00p Discount to undiluted NAV:                                   15.4%
Warrant price:                               38.75p
Total assets:                               £781.8m Net yield:                                                   0.45%
Gearing:                                        Nil
Ordinary shares in issue:               168,298,906
Warrants in issue:                       33,659,228


Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis

Diversified                                      47.6         Global                                               27.1
Base Metals                                      25.4         Latin America                                        20.1
Gold                                              9.2         Canada                                               12.0
Platinum                                          7.1         South Africa                                         12.0
Industrial Minerals                               4.7         Australasia                                          10.2
Silver/Diamonds                                   4.7         USA                                                   5.2
Other                                             3.0         Other Africa                                          3.9
Net current liabilities                         (1.7)         China                                                 3.5
                                                              India                                                 2.9
                                                              Europe                                                2.6
                                                              Laos                                                  1.5
                                                              Indonesia                                             0.7
                                                              Net current liabilities                             (1.7)
                                                100.0                                                             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:

After a strong start to July, mining shares witnessed a mid month sell-off, but
a final week rally saw them close down only 0.8%.  Base metals performed
strongly, with both copper and nickel benefiting from supply side disruptions
including strikes and mine slippages.  The Base Metals Index closed the month up
4.0% (in sterling terms).

The Company's strongest contributors to relative performance were Xstrata, Teck
Cominco and Inco, all of which have been involved in protracted M&A activity
with one another.  Inco failed to get a sufficient number of acceptances from
Falconbridge shareholders for their friendly takeover offer and so had to drop
their bid, leaving the way clear for Xstrata's bid for Falconbridge and
triggering an increased bid by Teck Cominco for Inco.  After almost a year of
wrangling, it appears that the end is in sight for Inco and Falconbridge.

The beginning of the reporting period has already seen some of the Company's
holdings reporting excellent quarterly earnings as they benefit from the strong
commodity price environment.  Teck Cominco broke records with a 172% increase in
Q2 net earnings year on year; Alcoa also released record Q2 earnings, up 52%
year on year; Peabody Energy reported a 137% increase; Freeport McMoRan an 88%
increase in Q2 earnings and another special dividend; and Southern Peru Copper a
43% increase year on year in Q2 earnings.

The Company added to its positions in the larger cap gold miners which are now
benefiting from increasing profitability.  The Company took part in the IPO of
Nikanor, a London-listed copper company planning to develop an operation in the
Kolwezi area of the Democratic Republic of Congo.

Despite market jitters, supply and demand fundamentals for the mining industry
remain robust.  Supply side disruptions continue to impact the market in 2006,
the repercussions of which should support strong metal prices going forward.
Higher commodity prices have seen another round of spectacular results from the
mining industry and has meant many of the Company's holdings are translating
their strong balance sheets and high cash flows into higher dividends and
increased share buybacks.  There is also the continued possibility of further
corporate activity as mining companies seek to grow quickly and cost
effectively.  Notwithstanding the above, markets are likely to remain unusually
volatile in the near future as a result of Middle East uncertainty.

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


14 August 2006



                      This information is provided by RNS
            The company news service from the London Stock Exchange