Performance at Month End

Mercury World Mining Trust PLC
12 June 2000


MERCURY WORLD MINING TRUST plc

All information is at 31st May 2000 and unaudited
Performance at month end with net income reinvested

                          One     Three     One     Three     Five
                        Month    Months    Year     Years     Years

Net asset value           3.7%     -7.1%   22.1%     -9.5%     10.4%
Share price               4.8%    -11.0%   14.0%    -12.3%     -2.9%
HSBC Global Mining
Index (Capital Only)      3.6%     -0.1%   10.0%    -18.9%    -14.8%

At month end
Net asset value  95.41p    including current year net revenue of 1.16p
Share price:     77.00p    Discount to NAV:                      19.3%
                           Net yield:                             1.6%
Total assets:   £195.0m
Gearing:          12.2%
Ordinary shares in issue:      182,362,683
(337,169 shares were repurchased and cancelled during the month)

Sector                 % Total   Country               % Total
Analysis                Assets   Analysis               Assets
Base Metals               31.8   South Africa             31.1
Diversified               22.0   Latin America            17.9
Gold                      18.6   Europe                   16.0
Platinum                  13.8   USA                      15.8
Silver/Diamonds            8.8   Canada                   10.1
Industrial Minerals        5.2   Australia                 8.3
Net current liabilities   (0.2)  Africa                    1.0
                                 Net current liabilities  (0.2)
                         -----                           -----
                         100.0                           100.0
                         =====                           =====

Ten Largest Equity Investments
Company          % Investments     Country of Risk
Alcoa                      7.8     USA
Impala Platinum            7.5     South Africa
Minas Buenaventura         5.6     Peru
Cominco                    4.9     Canada
De Beers Centenary         4.8     South Africa
Anglo American Platinum    4.4     South Africa
Phelps Dodge               4.3     USA
Gold Fields                4.3     South Africa
Vale Rio Doce              4.0     Brazil
Billiton                   3.8     UK
                          ----
Total                     51.4
                          ====


Commenting on the markets, Dr Graham Birch noted:

Metals markets are delicately poised with bears pointing to a looming US
economic slowdown and bulls highlighting the excellent underlying demand
fundamentals.  We have been in the bullish camp and this cost us relative
performance against our benchmark earlier in the year due to the fact that
the portfolio is underweight in the defensive diversified mining companies
and carries some gearing.

Since late April, markets have picked up somewhat and in May the NAV rose
3.7% - slightly ahead of the benchmark.  During May, the star performer in
the portfolio was the Brazilian iron ore company Samitri (up by 31%, 1.9%
of NAV) which has been bid for by fellow Brazilian company CVRD.  To keep
our iron ore exposure up, we are replacing Samitri in the portfolio with
the Australian company Norths.

The platinum stocks in the fund also stood us in good stead with Amplats,
Gencor, Impala and Aquarius all doing well.  Sentiment towards these companies
has been good as they have all been in London meeting investors for the annual
industry get together Platinum Week.  Platinum and palladium prices are
excellent and this bodes well for earnings later in the year important as this
sector makes 14% of the portfolio.  

De Beers (4.8% of NAV) was another strong performer in May.  The shares have
been helped by reports of a shift in management strategy towards shareholder
friendly policies.  With diamond sales very strong we are expecting a good
interim result from De Beers.

Amongst our worst investments recently have been the zinc shares; Cominco,
Pasminco, MIM and Ivernia West.  These stocks have struggled to deliver
production/earnings and have been a considerable drag on the portfolio
comprising 10% of  NAV.

Our Peruvian stocks (just under 8% of NAV) have suffered from the presidential
polls fiasco in Peru which resulted in Fujimori being re-elected amid
acrimony.
We will be watching this situation closely.



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). Details about the Company are 
also available on the Mercury website at www.mam.com/its.