Performance at Month End

Merrill Lynch World Mining Tst PLC
20 January 2004

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 December 2003 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value                                                       9.1%      27.4%      59.4%     125.5%     319.8%
Share price                                                           5.4%      32.4%      67.1%     150.3%     329.0%
HSBC Global Mining Index (capital only)                               6.4%      21.1%      48.4%      54.7%     133.5%

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


At month end
Net asset value:                      238.07p*              Discount to NAV:                                        9.1%
Share price:                          216.50p               Net historic yield:                                     1.0%
Total assets:                         £417.2m
Gearing:                              8.4%                  Effective gearing:                                      9.1%
Ordinary shares in issue:             162,800,000

* includes current year net revenue of 1.75p




Sector                                      % Total          Country                                   % Total Assets
Analysis                                     Assets          Analysis

Diversified                                    38.3          Europe                                              22.3
Base Metals                                    27.0          Canada                                              19.5
Gold                                           19.7          Latin America                                       18.9
Silver/Diamonds                                 7.2          South Africa                                        17.0
Platinum                                        5.5          Australasia                                         11.8
Industrial Minerals                             3.3          China                                                5.9
Physical Metals                                 0.4          USA                                                  3.0
Net current liabilities                         (1.4)        SE Asia                                              2.6
                                                             Metals                                               0.4
                                                             Net current liabilities                               (1.4)
                                              100.0                                                             100.0


Ten Largest Equity Investments

Company                                % of Investments          Country of Risk
CVRD                                                7.1          Brazil
Minas Buenaventura                                  7.1          Peru
Rio Tinto                                           6.4          Global
BHP Billiton                                        5.2          Global
Aber Diamond                                        5.2          Canada
Alumina                                             4.7          Australia
Impala Platinum                                     4.6          South Africa
Falconbridge                                        4.3          Canada
Aluminium Corp of China                             4.3          China
Gold Fields                                         3.8          South Africa
Total                                              52.7




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



December rounded off a successful year for the Trust.  Amid dollar weakness,
base metals prices surged on average by 13.5% and gold rose by 6% - with most
commodities closing December at their high for the year and in some cases multi
year highs.  Despite some weakness in gold shares, mining equities turned in a
strong performance and the Trust's NAV and share price reached new highs.
Performance of the portfolio was enhanced by tactical use of gearing.

In mid December the Trust reached its tenth birthday.   At inception the Trust
was launched with a starting net asset value of 97.2 pence per share.  At end
December 2003 this had risen to 238 pence per share, a return of 145% over the
period (ignoring dividends paid).  Over the same period the HSBC Global Mining
Index and the FT All Share Index rose by only 42% and 31%, respectively.

At end December there was only one outstanding derivatives position, a written
put in Rio Tinto covering 100,000 shares.  We expect this position to lapse
during January.



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).



20 January 2004


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