Month End Performance - 31st December 1999

Mercury World Mining Trust PLC
11 January 2000

All information is at 31st December 1999 and unaudited.

Performance at month end with net income reinvested
                          One      Three     One       Three     Five
                        Month      Months    Year      Years     Years
Net asset value         12.3%      15.6%     96.4%     24.0%     20.2%
Share price             13.8%      12.3%     86.2%     24.1%     17.0%
HSBC Global Mining
Index (Capital Only)    12.3%      13.4%     69.6%      6.9%     -1.1%

At month end
Net asset value 118.13p  including current year net revenue of  1.1p
Share price:    100.75p  Discount to NAV:                      14.7%
                         Net yield:                             2.3%
Total assets:  £250.5m
Gearing:         11.2%
Ordinary shares in issue:      190,949,852
650,000 share were repurchased and cancelled during the month

Sector                 % Total   Country               % Total
Analysis                Assets   Analysis               Assets
Base Metals               36.4   South Africa             33.4
Diversified               18.8   Latin America            16.2
Gold                      16.8   Europe                   14.3
Platinum                  16.6   USA                      12.2
Silver/Diamonds            7.9   Australia                11.5
Industrial Minerals        3.1   Canada                   10.6
Gold Bullion               0.7   Africa                    1.4
Net current liabilities   (0.3)  Gold Bullion              0.7
                                 Net current liabilities  (0.3)
                         -----                           -----
                         100.0                           100.0
                         =====                           =====

Ten Largest Equity Investments
Company          % Investments     Country of Risk    
Impala Platinum            6.5     South Africa
Cominco                    5.3     Canada
Billiton                   4.9     UK
Minas Buenaventura         4.7     Peru
De Beers Centenary         4.5     South Africa
Alcoa                      4.1     USA
Pechiney                   3.8     France
Pasminco                   3.7     Australia
Phelps Dodge               3.7     America
Anglo American Corp        3.7     UK
                          ----
Total                     44.9
                          ====

Sources: Mercury Asset Management Ltd, HSBC Global Mining Index

Latest information is available by typing 'MAMINDEX' on Reuters, 'MAMI' on
Bloomberg or '8800' on Topic 3 (ICV terminal).