Portfolio Update

Merrill Lynch World Mining Tst PLC
11 January 2006



MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 December 2005 and unaudited.

Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value* (undiluted)                                          7.5%      10.5%      63.0%     172.8%   286.0%
Share price*                                                          5.7%      11.2%      63.0%     179.9%     319.1%
HSBC Global Mining Index                                              8.0%      11.9%      58.6%     151.7%     179.4%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 bonus warrant entitlement per share was sold and reinvested on
the first day of trading.

At month end
Net asset value
Undiluted:                           396.24p        Includes net revenue of:                                     3.45p
Share price:                         351.50p        Discount to NAV:                                            11.29%
Total assets:                       £661.06m        Net yield:                                                    0.5%
Gearing:                                 Nil
Ordinary shares in issue:                168,298,906






Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis
Diversified                                      48.9         Latin America                                        22.7
Base Metals                                      23.0         Global                                               20.4
Gold                                              9.5         Canada                                               18.8
Industrial Minerals                               5.4         South Africa                                         11.4
Platinum                                          5.4         Australasia                                          10.4
Silver/Diamonds                                   4.6         Europe                                                3.6
Other                                             4.6         USA                                                   3.4
Net current liabilities                         (1.4)         Other Africa                                          3.3
                                                              India                                                 2.5
                                                              China                                                 2.4
                                                              Laos                                                  1.1
                                                              Indonesia                                             1.0
                                                              Mongolia                                              0.4
                                                              Net current liabilities                             (1.4)
                                                100.0                                                             100.0


Ten Largest Equity Investments
Company                                       Region of Risk
Alumina                                         Australasia
BHP Billiton                                    Global
CVRD                                            Latin America
Falconbridge                                    Canada
First Quantum Minerals                          Canada
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:



The Merrill Lynch World Mining Trust closed the year at its highest ever level,
with an NAV of 396.24p.  December was another strong month and the Company's NAV
rose by 7.5% (in Sterling terms).  The greatest contributors to performance were
Rio Tinto which rose by 13.5% benefiting from general positive sentiment towards
the mining sector, and Zinifex, the Australian integrated zinc producer which
rose by 28.5% on the back of the zinc price hitting a record high.  Other strong
performers were Griffin Mining, a small zinc producer in China, which rose by
38.6% and First Quantum, a copper producer with assets in the DRC and Zambia
whose share price rose by 26.9% (all performance in Sterling terms).



The Company initiated a position in Energy Resources of Australia, the Third
World's third largest uranium producer.  The Company also initiated a position
in Ridge Mining, a platinum exploration company in the Eastern Bushveld.



Global economic growth should be sufficiently robust to ensure that supply/
demand balances in the metals and minerals markets remain favourable.  The
recent 17% upgrade to China's economy by the Chinese government now ranks it as
the fourth largest economy in the world, emphasising the pivotal role it will
play in the commodity markets going forward.  Higher commodity prices have 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.





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).



11 January 2006








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