Performance at Month End

Merrill Lynch World Mining Tst PLC
19 May 2004

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 30 April 2004 and unaudited.

Performance at month end with net income reinvested
                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value (undiluted)                                         -15.6%     -11.6%      41.0%      57.5%     129.9%
Share price                                                         -13.9%     -10.3%      51.6%      75.8%     150.4%
HSBC Global Mining Index                                            -12.2%      -7.9%      34.9%      22.2%      62.2%

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

At month end
Net asset value
Undiluted:                          193.05p         Includes current year net revenue of:                        0.74p
Fully diluted:                      197.37p
Share price:                        173.75p         Discount to undiluted NAV:                                   10.0%
Warrant price:                        9.25p         Net yield:                                                    1.0%
Total assets:                       £349.1m
Gearing:                            11.5%           Effective gearing:                                          11.55%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564



Sector                                % Total Assets            Country                               % Total Assets
Analysis                                                        Analysis
Diversified                                     42.3            Canada                                          22.5
Base Metals                                     27.5            Europe                                          21.2
Gold                                            14.8            Latin America                                   18.2
Silver/Diamonds                                  6.6            South Africa                                    15.9
Platinum                                         5.0            Australasia                                     11.7
Industrial Minerals                              4.3            China                                            6.0
Net current liabilities                          (0.5)          USA                                              3.8
                                                                India                                            0.8
                                                                Africa                                           0.4
                                                                Net current liabilities                        (0.5)
                                               100.0                                                           100.0

Ten Largest Equity Investments
Company                             % of Investments          Country of Risk
CVRD                                             6.7          Brazil
Minas Buenaventura                               6.6          Peru
Rio Tinto                                        6.2          Global
BHP Billiton                                     5.8          Global
Falconbridge                                     5.2          Canada
Impala Platinum                                  4.3          South Africa
Aber Diamond                                     4.3          Canada
Alumina                                          4.2          Australia
Noranda                                          3.7          Canada
Aluminium Corp of China                          3.3          China
Total                                           50.3



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).

18 May 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange