Performance at Month End

Merrill Lynch World Mining Tst PLC
14 April 2005

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 March 2005 and unaudited.

 Performance at month end with net income reinvested

                                                                       One       Three        One      Three        Five
                                                                     month      months       year      years       years

Net asset value (undiluted)                                          -3.3%        8.7%      16.6%      75.8%      184.6%

Net asset value (diluted)                                            -2.8%        6.6%          -          -           -

Share price*                                                         -4.1%        5.1%      13.6%      83.3%      210.2%

HSBC Global Mining Index                                             -4.0%        7.8%      15.4%      44.1%      111.2%

 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:                          264.27p         Includes net revenue of:                                     0.70p

Fully diluted:                      256.73p

Share price:                        226.75p         Discount to diluted NAV:                                     11.7%

Warrant price:                        9.50p         Net yield:                                                    0.8%

Total assets:                       £459.7m

Gearing:                               7.1%

Ordinary shares in issue:                      162,800,000

Warrants in issue:                              32,559,564




Sector                               % Total Assets            Country                               % Total Assets
Analysis                                                       Analysis

Diversified                                    50.9            Latin America                                   24.0

Base Metals                                    23.4            Global                                          21.3

Gold                                           10.2            Canada                                          16.4

Silver/Diamonds                                 5.1            Australasia                                     10.1

Platinum                                        5.0            South Africa                                    10.0

Industrial Minerals                             4.8            Europe                                           5.1

Other                                           1.0            China                                            3.4

Net current liabilities                         (0.4)          Other Africa                                     3.2

                                                               USA                                              2.9

                                                               India                                            2.2

                                                               Indonesia                                        0.9

                                                               Laos                                             0.9

                                                               Net current liabilities                        (0.4)

                                              100.0                                                           100.0


Ten Largest Equity Investments
Company                           % of Total Assets          Region of Risk

CVRD                                           10.4          Latin America

Rio Tinto                                       7.9          Global

BHP Billiton                                    7.0          Global

Falconbridge                                    6.2          Canada

Minas Buenaventura                              4.7          Latin America

Impala Platinum                                 4.5          South Africa

Teck Cominco                                    4.3          Canada

Alumina                                         4.2          Australia

Xstrata                                         3.5          Global

Aber Diamond                                    3.4          Canada

Total                                          56.1




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



After a strong month for the mining sector in February, March witnessed a bout
of profit taking.   Metal prices continued to move higher during March with the
MG Base Metal Price index rising by 0.6% in USD terms. Despite this move, mining
shares fell due to a mixture of profit taking and investor perception of reduced
positive news flow during the coming months.



Merger and acquisition activity dominated the headlines; WMC Resources was the
biggest news item. After months of speculation about whether anyone would come
in and compete against Xstrata for control of WMC, BHP Billiton (7.0% of the
Company) announced a full cash bid over and above Xstrata's offer. This higher
offer was supported by the Board of WMC and Xstrata withdrew from the battle. As
the bidding battle unfolded we took steps to sell out of our holding in WMC and
took profits from the elevated share price.  In Canada, Noranda and Falconbridge
surprised the market and announced that the former is bidding for the
outstanding free float of the latter. The price has been agreed by the Board of
Falconbridge and it is now up to shareholders to accept the offer. As part of
this process the controlling parent company, Brascan, will be diluted
significantly and this should eliminate the remaining value trap that both
groups trade on. In addition the new company should be revitalised now that it
controls its own destiny. The Company has 6.2% in Falconbridge, which saw its
share price rise by 22.2% over the month.



We remain very optimistic that 2005 will be another year of record breaking
performance for the mining companies. Base metal prices continue to trade well
ahead of consensus forecasts and when combined with high prices for the bulk
commodities this should provide for further earnings upgrades as the year
matures. In the meantime we expect merger and acquisition activity to pick up
further as companies look to deploy excess cash.





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14 April 2005








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