Performance at Month End

Merrill Lynch World Mining Tst PLC
9 January 2002

MERRILL LYNCH WORLD MINING plc

All information is at 31 December 2001 and unaudited.

Performance at month end with net income reinvested
                                           One   Three    One   Three    Five
                                         month  months   year   years   years
Net asset value                           3.9%   17.4%  11.1%  106.9%   30.5%
Share price                               2.4%   15.6%   6.9%   83.2%   22.2%
HSBC Global Mining Index (capital only)  -0.4%   17.1%   8.2%   64.0%    3.5%
MSCI World Metals&Mining Index           -1.6%   17.9%   3.8%   32.6%  -15.4%

(capital only)

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index,
Datastream
At month end
Net asset value:                                                        121.60p
Share price:                                                             96.50p
Discount to NAV:                                                          20.6%
Total assets:                                                           £195.4m
Gearing:                                                                   0.0%
Net historic yield:                                                        1.4%
Ordinary shares in issue:                                           166,045,461

(850,000 shares were repurchased and cancelled during the month).
Sector Analysis                                                  % Total Assets
Diversified                                                                28.5
Gold                                                                       24.8
Base Metals                                                                20.6
Platinum                                                                   15.1
Industrial Minerals                                                         7.3
Silver/Diamonds                                                             2.1
Base Metal Futures                                                          4.5
Gold Bullion                                                                1.0
Cash/cash equivalents                                                       0.5
Net current liabilities                                                   (4.4)
Total                                                                     100.0




Country Analysis                                                 % Total Assets
South Africa                                                               30.5
Europe                                                                     20.0
Latin America                                                              14.6
Canada                                                                     11.7
Australia                                                                  10.8
USA                                                                         9.2
Other                                                                       1.6
Base Metals Futures                                                         4.5
Gold Bullion                                                                1.0
Cash/cash equivalents                                                       0.5
Net current liabilities                                                   (4.4)
                                                                          100.0
Ten Largest Equity Investments % of Investments                 Country of
Company                                                         Risk
Impala Platinum                                         8.6     South Africa
BHP Billiton                                            8.4     Global
Minas Buenaventura                                      7.4     Peru
Gold Fields                                             6.8     South Africa
Pechiney                                                6.4     France
Anglo Platinum                                          5.1     South Africa
Harmony                                                 4.6     South Africa
CVRD                                                    4.5     Brazil
Alcan Aluminum                                          4.4     Canada
WMC                                                     3.9     Global
Total                                                  60.3


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

December proved to be a good month for the Trust's portfolio with the net
asset value rising by 3.9%. For the year as a whole, the Trust was one of only
a handful of investment trusts to report a positive return.

Commodity markets were a mixed bag in December with base metals easier, gold
flat and platinum bouncing somewhat. The main feature of the month though was
the continuing weakness of the Rand. This portfolio has a significant exposure
to the Rand both directly, via South African companies, and indirectly through
companies such as Billiton which have assets in the country. The Rand's
weakness tends to boost profit margins of mining companies (which are
effectively dollar earners), and this factor more than offsets the reduced
value of the currency. Most of our South African shares therefore did well
during December, with Impala, Anglo Platinum, Goldfields and Harmony averaging
gains of nearly 10%.

Portfolio activity was quite low during the month with the main item of
interest being our decision to invest in the IPO of Aluminum Corporation of
China (Chalco). This holding now comprises 1.2% of the portfolio.

Outlook
Last year's production cuts are going to filter through in early 2002 and
hopefully these will bring metal markets back into balance. A second half
recovery in metals demand could then help lift prices later in the year.
Against this background we should not see a full blown repeat of the 2001
metal price weakness. Uncertainty is likely to remain at high levels - which
could favourably affect the gold equities in the portfolio. In comparison with
world equity markets the mining sector remains attractively priced with a
reasonably high dividend yield - a factor which appeals to investors when
positive equity market returns are hard to come by.

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).

9 January 2002
ENDS