Performance at Month End

Merrill Lynch World Mining Tst PLC
09 April 2003

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 March 2002 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value                                                      -8.8%      -9.9%     -11.9%      42.5%      95.6%

Share price                                                          -3.8%      -7.4%      -5.9%      59.1%     105.8%

HSBC Global Mining Index (capital only)                              -6.0%      -6.4%     -23.2%       6.2%      17.4%

MSCI World Metals & Mining Index (capital only)                      -5.9%      -5.3%     -27.6%     -16.3%     -12.8%

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


At month end

Net asset value:                      134.63p xd            Discount to NAV:                                       10.9%

Share price:                          120.00p               Net historic yield:                                     1.8%

Total assets:                         £220.1m

Gearing:                              1.0%                  Effective gearing:                                      3.6%

Ordinary shares in issue:             162,800,000


Sector Analysis                             % Total          Country Analysis                          % Total Assets
                                             Assets

Diversified                                    35.5          South Africa                                        28.0

Gold                                           27.4          Europe                                              22.6

Base Metals                                    18.1          Australasia                                         16.2

Platinum                                       10.0          Canada                                              15.5

Silver/Diamonds                                 6.6          Latin America                                       14.6

Industrial Minerals                             5.0          USA                                                  2.9

Net current liabilities                         (2.6)        China                                                2.3

                                                             Vietnam                                              0.5

                                                             Net current liabilities                               (2.6)

                                              100.0                                                             100.0



Ten Largest Equity Investments

Company                                 % of Investments          Country of Risk

Gold Fields                                          7.9          South Africa

Impala Platinum                                      7.2          South Africa

BHP Billiton                                         7.0          Global

Minas Buenaventura                                   6.6          Peru

Harmony Gold Mining                                  5.5          South Africa

Rio Rinto                                            5.2          Global

Aber Diamond                                         5.0          Canada

CVRD                                                 5.0          Brazil

Falconbridge                                         3.8          Canada

Inco                                                 3.7          Canada

Total                                               56.9


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

It has not been a great month or quarter for the Trust as our South African
holdings, especially the precious metals, caused underperformance in comparison
with the benchmark index.

Our South African investments have had to contend with the continuing strength
of the rand (which has been depressing earnings) and the proposed introduction
of royalties on mineral production. We don't like royalties as a method of
taxation as they raise fixed costs and thereby push mining operations 'up the
cost curve' making them less competitive on an international basis.
Furthermore, in our view the imposition of royalties is unfair, representing a
transfer of wealth from the private sector to the state.  Nonetheless,
Governments around the world can and do make changes of this sort from time to
time and we need to reflect this in our portfolio strategy. As part of the
consultation process we have made our views known to the ministry responsible.
Hopefully they will prove flexible, but if not then we anticipate increasing
geographic portfolio diversification by reducing South African exposure as
opportunities arise. To date, we have sold the holding in Kumba and reduced the
holding in Anglogold.

With gold back to the bottom of its trading range at around $330/oz, our gold
stocks performed poorly during the month. With hostilities now underway, the
so-called 'war premium' has disappeared from the price and bullion market
fundamentals look quite interesting again.  We are taking the view that $330
will be a floor for the market and have 'written' short-dated put options
covering 20,000 ounces of gold at this level. If exercised, these options would
re-establish a gold bullion holding equivalent to about 1.8% of the Trust's net
asset value.

Base metal prices suffered badly during the month, plunging by 7% on average.
This was in response to poor industrial activity and the implications of a
longer war than previously expected. Metals though remain ahead year to date.
The 'pure' base metals plays gave back some of their gains and we took advantage
of this to add to positions in nickel - Falconbridge is a new entrant to the top
ten holdings.

Derivatives

In addition to the gold bullion position mentioned above, the Trust has written
short dated Anglo-American put options. If exercised, these would increase the
Trust's exposure to Anglo to about 2.0% of net asset value.  The Trust has also
written short dated call options covering a small portion of its CVRD holding
which, if exercised, would reduce the holding to about 4.2% of net asset value.

Outlook

Obviously these are markets where picking the short-term trends is going to be
well nigh impossible. Nonetheless, the volatility may generate some attractive
long term buying opportunities for the portfolio.

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).

8 April 2003


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