Performance at Month End

Merrill Lynch World Mining Tst PLC
14 January 2005

MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 December 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)                                          -0.4%       3.3%       2.7%     110.7%     121.8%
Net asset value (diluted)                                            -0.3%       2.8%          -          -          -
Share price*                                                         -0.6%       5.1%       2.8%     140.6%     136.8%
HSBC Global Mining Index                                             -1.8%       0.4%       4.4%      58.2%      61.8%

 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:                          245.27p         Includes net revenue of:                                     2.93p
Fully diluted:                      240.89p
Share price:                        218.00p         Discount to diluted NAV:                                      9.5%
Warrant price:                        9.25p         Net yield:                                                    0.8%
Total assets:                       £414.4m
Gearing:                               5.0%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564




Sector                               % Total Assets            Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                    48.9            Latin America                                   23.4
Base Metals                                    23.3            Global                                          20.0
Gold                                           11.6            Canada                                          15.1
Silver/Diamonds                                 6.1            Australasia                                     13.1
Platinum                                        5.4            South Africa                                    11.4
Industrial Minerals                             5.3            Europe                                           4.7
Other                                           1.0            China                                            4.5
Net current liabilities                         (1.6)          USA                                              3.3
                                                               Other Africa                                     2.9
                                                               India                                            2.0
                                                               Laos                                             1.0
                                                               Indonesia                                        0.2
                                                               Net current liabilities                        (1.6)
                                              100.0                                                           100.0
Ten Largest Equity Investments
Company                           % of Total Assets          Region of Risk
CVRD                                           10.4          Latin America
Rio Tinto                                       7.4          Global
BHP Billiton                                    6.6          Global
Minas Buenaventura                              5.2          Latin America
Falconbridge                                    4.9          Canada
Impala Platinum                                 4.7          South Africa
Aber Diamond                                    4.1          Canada
Alumina                                         4.1          Canada
Xstrata                                         4.0          Global
Iluka Resources                                 3.5          Australia
Total                                          54.9




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



After a strong rally in November, the metals market witnessed a sharp correction
at the beginning of December, triggered by a slight strengthening in the US
dollar.  This was primarily speculative money leaving the metals and mining
markets as evidenced by across-the-board selling.  As the month progressed and
fundamentals remained unchanged with LME stocks continuing to decline, the
metals markets clawed back their losses.  The MG Base Metal Index closed the
month up 1.7% (in Sterling terms).  Mining equities, though they regained some
of their losses, underperformed the metals market such that the HSBC Global
Mining Index still ended the month down by 1.8%.



In December, Leviathan Resources listed on the ASX.  This gold company was spun
out of MPI Mines as a condition of Lionore's takeover bid (both Trust holdings)
in October.  As existing shareholders we were able to take profits on the
listing of Leviathan, making a return of 23% (in USD terms).  The Trust also
initiated a position in Boliden, a Swedish zinc producer.  This is on the back
of declining inventories and dropping refining and treatment charges, all of
which favour a higher zinc price going forward.



Fundamentals for the mining sector remain robust going into 2005.  Declining
inventories and limited supply-side growth are coupled with a growing global
economy, though possibly at a reduced rate compared to last year, and so we
should still see supply struggling to meet demand.  This means deficits are
looming once more which will be supportive for metal prices going forward.  As
such, mining equities appear attractively priced. As a result, the Trust's
gearing has been maintained and the Trust is structured to perform well in a
buoyant environment.




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).



14 January 2005




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