Portfolio Update

Merrill Lynch World Mining Tst PLC
13 February 2006

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 January 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)                                         12.3%      33.2%      81.0%     219.3%   317.9%
Share price*                                                         16.1%      33.8%      88.7%     244.5%     382.5%
HSBC Global Mining Index                                             12.8%      33.9%      76.6%     200.7%     198.5%

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:                           444.97p        Includes net revenue of:                                     3.30p
Share price:                         408.00p        Discount to NAV:                                             8.31%
Total assets:                       £743.32m        Net yield:                                                    0.4%
Gearing:                                 Nil
Ordinary shares in issue:                168,298,906






Sector                                 % Total Assets         Country                                    % Total Assets
Analysis                                                      Analysis
Diversified                                      48.3         Latin America                                        22.8
Base Metals                                      23.0         Global                                               19.8
Gold                                              9.4         Canada                                               18.3
Platinum                                          6.5         South Africa                                         13.0
Industrial Minerals                               5.0         Australasia                                           9.6
Silver/Diamonds                                   4.5         Europe                                                3.4
Other                                             4.3         USA                                                   3.4
Net current liabilities                         (1.0)         Other Africa                                          3.3
                                                              China                                                 2.5
                                                              India                                                 2.4
                                                              Laos                                                  1.1
                                                              Indonesia                                             1.0
                                                              Mongolia                                              0.4
                                                              Net current liabilities                             (1.0)
                                                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 welcomed in the New Year with another month
of excellent performance, rising 12.3% (in sterling terms) to close January at a
NAV per share of 444.97p. The greatest contributor to performance was the
Company's largest holding, CVRD, which rose by 18.5% in sterling terms following
the announcement that it was to take over another Brazilian iron ore producer,
Caemi.  The Company's largest gold holding, Gold Fields, rose 28.3% over the
month on the back of strong quarterly results which saw profitability rising as
production increases were coupled with falling costs.  The South African gold
miners benefited as a whole as, after three disappointing quarters, these
results bode well for the rest of the sector.



As predicted corporate activity is already playing an important role in 2006.
January saw CVRD bid for Caemi, as mentioned above, and First Quantum announced
a hostile takeover bid for Adastra Minerals, a UK listed junior that is trying
to develop a copper-cobalt deposit in the Democratic Republic of Congo.



Over January the Company added to its platinum exposure by initiating a position
in Lonmin, the third largest primary platinum producer.  The Company also took
profits in Denison Mines, a small uranium producer that has benefited from the
rise in uranium prices in recent months.



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
that many of the Company's holdings are translating their strong balance sheets
and high cash flows into higher dividends and increased share buy backs.  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).



13 February 2006








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