Performance at Month End

Merrill Lynch World Mining Tst PLC
10 March 2004

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 29 February 2004 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value                                                       3.2%       4.0%      53.8%      92.3%     261.0%
Share price                                                           7.8%       2.4%      68.7%     120.2%     286.1%
HSBC Global Mining Index (capital only)                               4.0%       2.8%      47.3%      45.5%     143.2%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index,
Datastream
At month end
Net asset value:                      225.33p*              Discount to NAV:          7.4%
Share price:                          208.75p               Net historic yield:       0.8%
Total assets:                         £397.6m
Gearing:                              8.6%                  Effective gearing:        9.1%
Ordinary shares in issue:             162,800,000

* includes current year net revenue of 1.48p


Sector                                      % Total          Country                                   % Total Assets
Analysis                                     Assets          Analysis
Diversified                                    40.0          Europe                                              22.4
Base Metals                                    28.6          Canada                                              21.9
Gold                                           16.8          Latin America                                       17.8
Silver/Diamonds                                 6.4          South Africa                                        16.6
Platinum                                        5.4          Australasia                                         11.4
Industrial Minerals                             3.7          China                                                6.2
Physical Metals                                 0.4          USA                                                  3.2
Net current liabilities                         (1.3)        India                                                0.8
                                                             SE Asia                                              0.6
                                                             Metals                                               0.4
                                                             Net current liabilities                               (1.3)
                                              100.0                                                             100.0


Ten Largest Equity Investments
Company                                % of Investments          Country of Risk
CVRD                                                7.1          Brazil
Rio Tinto                                           6.2          Global
Minas Buenaventura                                  5.9          Peru
BHP Billiton                                        5.5          Global
Falconbridge                                        4.9          Canada
Aluminium Corp of China                             4.5          China
Impala Platinum                                     4.5          South Africa
Aber Diamond                                        4.3          Canada
Alumina                                             4.1          Australia
Inco                                                3.5          South Africa
Total                                              50.5




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


February saw mining equities recover somewhat following the profit taking of
January.  Metals and minerals prices were rather robust with most moving to
multi-year highs that are significantly in front of analyst's forecasts for 2004
as a whole.  This bodes well for this year's earnings picture.  The sector
heavyweights - Rio Tinto, Anglo American and BHP Billiton - all reported solid
earnings and made encouraging statements about the business outlook.



Against this background we have kept the portfolio positioned quite
aggressively.  We remain geared and have lifted holdings in some of the
companies that will benefit most from high metals prices such as Xstrata.  Of
note, we have increased holdings in Noranda and Falconbridge.  Not only are
these companies likely to experience surging cashflow but there is also a
possibility of a corporate play if Brascan decides to sell its control block as
a way of helping to fund the purchase of Canary Wharf.  The combined holding of
Noranda and Falconbridge stands at over 7% of the portfolio net asset value.



Given the likely tightness in the base metals markets we have purchased some
metals futures and call option positions.









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 March 2004


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