Performance at Month End

Merrill Lynch World Mining Tst PLC
10 October 2002


 MONTHLY PERFORMANCE

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 September 2002 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value                                                      -3.6%     -14.4%      27.1%      31.8%      37.8%
Share price                                                          -2.9%     -16.3%      35.2%      29.2%      39.6%
HSBC Global Mining Index (capital only)                              -8.1%     -20.7%       0.2%      -6.3%     -12.0%
MSCI World Metals & Mining Index (capital only)                     -11.6%     -24.4%      -7.7%     -23.9%     -33.3%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

At month end

Net asset value:                      128.90p               Discount to NAV:                                       14.7%
Share price:                          110.00p               Net historic yield:                                     2.9%
Total assets:                         £206.6m
Gearing:                              Nil                   Effective gearing:                                      1.0%
Ordinary shares in issue:             162,945,461


Sector Analysis                        % Total Assets         Country Analysis                           % Total Assets

Gold                                             30.2         South Africa                                         34.7
Diversified                                      26.4         Europe                                               19.2
Base Metals                                      16.7         Latin America                                        15.1
Platinum                                         12.2         Canada                                               12.9
Industrial Minerals                               7.5         Australasia                                          11.9
Silver/Diamonds                                   7.0         USA                                                   5.3
Gold Bullion                                      1.0         China                                                 0.9
Cash                                              1.1         Gold Bullion                                          1.0
Net current liabilities                         (2.1)         Cash                                                  1.1
                                                              Net current liabilities                             (2.1)
                                                100.0                                                             100.0




Ten Largest Equity Investments
Company                                                      % Investments          Country of Risk

Gold Fields                                                           11.0          South Africa
Impala Platinum                                                        9.1          South Africa
Harmony Gold Mining                                                    7.8          South Africa
Minas Buenaventura                                                     6.4          Peru
BHP Billiton                                                           6.2          Global
Aber Diamond                                                           5.4          Canada
Rio Tinto                                                              4.7          Global
CVRD                                                                   4.6          Brazil
Western Mining Corporation                                             3.7          Australia
Iluka Resources                                                        3.0          Australia
                                                                      61.9



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



Mining shares slipped back during September, with the HSBC Global Mining Index
dropping by 8.1%.  Against this rather weak backdrop, the Trust's portfolio
dropped by 3.6%.



The relative performance of the portfolio was helped by the large gold share
positions and the corresponding underweight positions in the large-cap
diversified mining companies.  We continued to take profits in the gold shares
during the month and locked in some of this relative return.  Base metals
equities are at levels which discount rather depressed economic activity, and we
are beginning to see excellent value in this area for long term investment.  We
have therefore begun to increase our investment in stocks such as Alcoa, MIM,
WMC and Rio Tinto.



September saw considerable 'back-tracking' by the South African Government over
its controversial draft Minerals Charter.  The Government has listened to
criticism from both South African mining companies as well as foreign investors
such as ourselves, and has consequently made significant revisions to proposals.
As a result we feel more comfortable about the future of South Africa and our
investments there.  The risk of our having to make wholesale changes to the
Trust's portfolio is reduced and we are therefore prepared to resume disclosure
of our largest investments and geographical asset allocation.



Derivatives



The only outstanding derivatives exposures are 'written' puts on MIM and Rio
Tinto.  If exercised these would result in our MIM holding rising from about
2.1% to 2.3% of Net Asset Value (NAV) and the Rio Tinto holding rising from 4.1%
to 5.1% of NAV.



Outlook



The outlook for the gold shares in the portfolio is inextricably linked to
geopolitical uncertainty.  The remainder of the portfolio will react to changes
in economic activity, which looks mildly favourable as we enter fourth quarter
seasonal strength.



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 October 2002

ENDS




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