Performance at month end

Merrill Lynch World Mining Tst PLC
16 May 2001


MONTHLY PERFORMANCE

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 30 April 2001 and unaudited.

Performance at month end with net income reinvested

                                               One   Three   One Three    Five

                                             month  months  year years   years
Net asset value                              14.6%   12.8% 40.7% 61.2%    8.5%
Share price                                  13.7%   14.2% 43.4% 52.6%    8.5%
HSBC Global Mining Index(Capital Only)       12.3%   11.2% 33.4% 32.1%  -13.4%


At month end
Net asset value                                   128.01p
Share price                                       104.00p
Discount to NAV                                   18.8%
Net yield                                         1.3%
Total assets                                      £215.1m
Gearing                                           1.5%
Ordinary shares in issue                          168,300,000

(200,000 shares were repurchased during the month).
Sector                     % Total           Country                    % Total
                            Assets                                       Assets
Analysis                                     Analysis
Diversified                   32.1           South Africa                  34.7
Base Metals                   25.7           Europe                        18.9
Gold                          17.5           Canada                        18.6
Platinum                      16.8           Australia                     14.7
Silver/Diamonds                7.8           Latin America                 12.2
Industrial Minerals            1.2           USA                            2.0
Net current                  (1.1)           Net current                  (1.1)
liabilities                                  liabilities
                             100.0                                        100.0

Ten Largest Equity Investments

Company                      % Investments       Country of Risk
Impala Platinum                        8.6       South Africa
Cominco                                6.5       Canada
Anglo Platinum                         6.2       South Africa
Gold Fields                            5.6       South Africa
Billiton                               5.4       UK
Pechiney                               5.3       France
Minas Buenaventura                     5.0       Peru
Alcan Aluminium                        4.9       Canada
Vale Rio Doce                          4.1       Brazil
De Beers Centenary                     4.0       South Africa
Total                                 55.6



Commenting on the markets, Graham Birch, representing the Investment Manager
noted

After plunging 8.8% in March we gained it all back and more in April - with a
rise of 14.6%. This compares with a rise in our benchmark index of 12.3%.

During the month metals prices were better with base metals up by 2.5%, gold
up 2% and platinum moving up 5.5%. Investor sentiment towards metals and
mining shares was helped by these moves as well as by generally firm equity
markets.

We have commented in recent months about the high level of corporate news.
April saw another big deal affect the portfolio with an announcement of a cash
and shares bid for Cominco by its largest shareholder Teck. Cominco is one of
the largest stocks in the portfolio and this bid helped our performance
relative to our benchmark. If the deal is consummated, and we believe that it
will be, Teck-Cominco would comprise about 8.6% of the portfolio.

The other big transactions affecting the portfolio have been the BHP-Billiton
merger and the Anglo-DeBeers merger. We like the BHP Billiton combination and
if consummated it would comprise just under 10% of the portfolio. Since month
end we have taken advantage of the strong De Beers price to liquidate the
Trust's holding in this company.

April saw further deterioration in the US power situation thereby increasing
the likelihood that energy intensive US aluminium production would remain shut
for a prolonged period - raising the possibility of aluminium shortages in the
future. In anticipation of stronger prices we have increased our aluminium
equity exposures and at the same time purchased 'out of the money' aluminium
call options for the Trust's portfolio.

In view of the recent strength in mining shares we have repaid a portion of
the Trust's borrowings, which now stand at minimal levels.

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index

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).

16 May 2001

ENDS