Performance at Month End

Merrill Lynch World Mining Tst PLC
16 June 2005

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 May 2005 and unaudited.

 Performance at month end with net income reinvested

                                                                       One       Three        One      Three        Five
                                                                     month      months       year      years       years
Net asset value                                                       5.4%       -8.2%      26.2%      50.4%      183.3%
Share price                                                           2.2%       -8.7%      19.3%      47.1%      206.0%
HSBC Global Mining Index                                              5.9%       -7.9%      23.7%      32.7%      103.4%

Net asset value and share price performance includes the warrant reinvestment,
assuming the bonus warrant entitlement per share was sold and reinvested on the
first day of trading.
Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

At month end
Net asset value
Undiluted:                          250.77p         Includes net revenue of:                 2.06p
Share price:                        216.00p         Discount to NAV:                         13.9%
Total assets:                       £451.4m         Net yield:                                0.8%
Gearing:                               7.8%
Ordinary shares in issue:           168,298,906






Sector                                 % Total Assets          Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                      49.9          Latin America                                   23.5
Base Metals                                      24.4          Global                                          21.7
Gold                                             10.0          Canada                                          15.6
Silver/Diamonds                                   5.2          Australasia                                     10.0
Industrial Minerals                               5.0          South Africa                                     9.4
Platinum                                          4.3          Europe                                           5.8
Other                                             1.5          USA                                              4.3
Net current liabilities                         (0.3)          China                                            3.5
                                                               Other Africa                                     2.8
                                                               India                                            2.0
                                                               Indonesia                                        0.9
                                                               Laos                                             0.8
                                                               Net current liabilities                        (0.3)
                                                100.0                                                         100.0


Ten Largest Equity Investments
Company                                    Region of Risk
CVRD                                         Latin America
Rio Tinto                                    Global
BHP Billiton                                 Global
Noranda                                      Canada
Minas Buenaventura                           Latin America
Teck Cominco                                 Canada
Alumina                                      Australia
Impala Platinum                              South Africa
Xstrata                                      Global
Aber Diamond                                 Canada




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



May was a month of two halves as mining shares continued their downward trend
during the first two weeks but rallied strongly thereafter, closing up 5.9% (in
Sterling terms) at the end of the month.  South African shares outperformed the
market due to a 10.6% weakening of the Rand against the US dollar.  With 9.4%
invested in South African companies, the Company benefited from this rally.
Going forward, we expect further weakness in the Rand and we have therefore
switched a portion of the Company's borrowings into the Rand.



Metal prices also had a mixed month although better performance in the second
half of the month meant the MG Base Metals Index ended up 1.3% (in Sterling
terms).  Nickel performed particularly well, rising 6% over the month as
shipment delays and falling inventories on the LME squeezed the market.



In corporate news, the Gold Fields-Harmony debacle has finally come to an end
with Harmony failing in its hostile bid for Gold Fields.  Harmony was left with
an approximate 11% holding in Gold Fields, and has now sold about half of this
in the market thus re-liquefying its own balance sheet.  BHP Billiton has now
gained control of WMC Resources in the absence of a competing bid from another
player.  In other news, China's largest coal producer, Shenhua Energy, announced
its intention to IPO in June. This will make it the second largest listed coal
company in the world, based on reserves, and the fifth largest public coal
company based on production.  The success of this IPO will provide a good
barometer of market sentiment towards the mining sector.  The Company has
initiated a small holding in Shenhua.



We remain optimistic that 2005 will be another year of good 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.  Therefore we believe second half of
returns from the Company's portfolio will be positive.





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).



16 June 2005








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