Performance at Month End

Merrill Lynch World Mining Tst PLC
20 October 2004

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 September 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)                                          11.3%      18.3%      28.1%     139.4%     148.4%
Net asset value (diluted)                                             9.8%      16.8%          -          -          -
Share price*                                                         10.5%      15.6%      29.5%     164.7%     153.0%
HSBC Global Mining Index                                              9.0%      17.0%      26.3%      86.0%      83.8%

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

*Performance includes the warrant reinvestment, assuming the bonus warrant
entitlement per share was sold and reinvested on the first day of trading.

At month end
Net asset value
Undiluted:                          237.50p         Includes net revenue of:                                     2.66p
Fully diluted:                      234.41p
Share price:                        207.50p         Discount to diluted NAV:                                     11.5%
Warrant price:                        9.00p         Net yield:                                                    0.8%
Total assets:                       £410.9m
Gearing:                               7.5%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564




Sector                               % Total Assets            Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                    48.0            Latin America                                   22.1
Base Metals                                    23.7            Canada                                          19.6
Gold                                           13.7            Global                                          18.8
Silver/Diamonds                                 6.1            South Africa                                    12.8
Platinum                                        5.3            Australasia                                     10.6
Industrial Minerals                             3.5            China                                            6.0
Other                                           1.2            Europe                                           4.2
Net current liabilities                         (1.5)          Other Africa                                     2.6
                                                               USA                                              2.5
                                                               India                                            1.5
                                                               Laos                                             0.8
                                                               Net current liabilities                        (1.5)
                                              100.0                                                           100.0
Ten Largest Equity Investments
Company                            % of Investments          Country of Risk
CVRD                                            8.3          Latin America
Rio Tinto                                       7.2          Global
BHP Billiton                                    6.4          Global
Minas Buenaventura                              5.9          Latin America
Falconbridge                                    5.4          Canada
Impala Platinum                                 4.7          South Africa
Aber Diamond                                    4.1          Canada
Xstrata                                         4.0          Global
Alumina                                         3.8          Australia
Noranda                                         3.7          Canada
Total                                          53.5






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 October 2004




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