Portfolio Update

Merrill Lynch World Mining Tst PLC
17 October 2006

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 30 September 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)                                         -4.1%      -4.3%      26.5%     149.5%     366.5%

Net asset value* (diluted)                                           -3.5%      -3.6%          -          -          -

Share price*                                                         -1.6%      -3.8%      26.3%     151.8%     414.6%

HSBC Global Mining Index                                             -4.7%      -6.2%      22.0%     119.4%     222.9%

Sources: BlackRock 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:                                  444.28p      Includes net revenue of:         5.38p

Diluted:                                    443.40p

Share price:                                390.50p      Discount to undiluted NAV:       12.1%

Warrant price:                               39.00p

Total assets:                               £738.7m      Net yield:                        0.5%

Gearing:                                        Nil

Ordinary shares in issue:               168,298,906

Warrants in issue:                       33,659,228




Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis

Diversified                                      47.0         Global                                               27.4
Base Metals                                      24.8         Latin America                                        20.4
Gold                                              9.6         South Africa                                         11.7
Platinum                                          6.8         Australasia                                          11.2
Silver/Diamonds                                   4.8         Canada                                               10.0
Industrial Minerals                               4.7         USA                                                   5.1
Other                                             3.2         Other Africa                                          4.2
Net current liabilities                         (0.9)         China                                                 3.5
                                                100.0         India                                                 2.7
                                                              Europe                                                2.5
                                                              Laos                                                  1.5
                                                              Indonesia                                             0.7
                                                              Net current liabilities                             (0.9)
                                                                                                                  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:

Mining equities are volatile in nature and over the last three years have
experienced periodic corrections, typically in the spring and autumn, as
sentiment has intermittently moved away from cyclical stocks.  We appear to be
experiencing this once again.  Though markets continue to be jittery, supply and
demand fundamentals for the mining industry remain robust and mining equities
are looking increasingly attractive.  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 led to another round of
spectacular results from the mining industry and this 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.  These compelling
fundamentals will mean there is the continued possibility of further corporate
activity as mining companies seek to grow quickly and cost effectively.  We have
positioned the Company to benefit accordingly.

In addition, one of the Company's unquoted holdings, Gem Diamond Mining Company
of South Africa, announced the discovery of the 'Lesotho Promise' diamond.  At
603 carats, it is the 15th largest diamond ever discovered and was sold to Graf
last week for $12m.  We ultimately expect Gem Diamonds to list and this
discovery bodes well for the future.

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


17 October 2006



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