Performance at Month End

Merrill Lynch World Mining Tst PLC
14 July 2005

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 June 2005 and unaudited.

 Performance at month end with net income reinvested

                                                                       One       Three        One      Three        Five
                                                                     month      months       year      years       years
Net asset value                                                       6.9%        1.4%      34.8%      85.7%      188.9%
Share price                                                           8.4%        3.3%      31.9%      86.9%      216.5%
HSBC Global Mining Index                                              6.4%        2.0%      29.1%      59.2%      107.4%

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

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.


At month end
Net asset value
Undiluted:                          268.03p         Includes net revenue of:                                     2.23p
Share price:                        234.25p         Discount to NAV:                                             12.6%
Total assets:                       £478.2m         Net yield:                                                    0.8%
Gearing:                               6.9%
Ordinary shares in issue:                      168,298,906






Sector                                 % Total Assets          Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                      49.7          Latin America                                   22.4
Base Metals                                      24.0          Global                                          21.6
Gold                                             10.4          Canada                                          15.1
Industrial Minerals                               6.3          Australia                                       10.5
Silver/Diamonds                                   5.1          South Africa                                     9.6
Platinum                                          4.3          Europe                                           6.1
Other                                             1.4          USA                                              4.9
Net current liabilities                         (1.2)          China                                            4.1
                                                               Other Africa                                     2.7
                                                               India                                            2.2
                                                               Indonesia                                        0.9
                                                               Laos                                             0.8
                                                               Mongolia                                         0.3
                                                               Net current liabilities                        (1.2)
                                                100.0                                                         100.0


Ten Largest Equity Investments
Company                                    Region of Risk
Alumina                                      Australasia
BHP Billiton                                 Global
CVRD                                         Latin America
Falconbridge*                                Canada
Iluka Resources                              Australasia
Impala Platinum                              South Africa
Minas Buenaventura                           Latin America
Rio Tinto                                    Global
Teck Cominco                                 Canada
Xstrata                                      Global



*Falconbridge and Noranda merged on 30 June 2005 and the merged company
continues under the name Falconbridge Limited.




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



June was a good month for both mining shares and the metals markets.  The HSBC
Global Mining Index finished the month up 6.4% (in Sterling terms) and the MG
Base Metal Index was up 3.5% with copper hitting an all time high of $1.65/lb as
short covering by speculators pushed prices higher.  Zinc prices, on the other
hand, fell sharply as 'hidden inventories' made their way to the market
increasing LME inventories by 16% over the month.  This is likely to be a one
off event and we expect the general declining inventory trend to continue as
demand growth from China continues to outstrip supply.



In corporate news, Rio Tinto foiled Anglo American's plans to grow its iron ore
division and beat a large number of other competitors to snap up 50% of the Hope
Downs iron ore project in Australia.  This purchase consolidates Rio's position
as a leading iron ore producer and confirms their belief in the iron ore market
over the long term.  In other news, Iluka Resources saw its share price rise
23.2% (in USD terms) as rumours of a takeover were sparked by a consortium
buying a 7.2% stake in the company.  Iluka had denied that there are any
negotiations taking place.



The Company re-established a position in Ivanhoe Mines after excellent drill
results were announced at their Oyu Tolgoi asset in Mongolia. It also initiated
a position in Aur Resources, a Canadian copper producer whose key asset is the
Quebrada Blanca mine in Chile.



We remain optimistic that 2005 will be another year of good performance for the
mining companies. Base metal prices continue to trade 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 returns from the
Company's portfolio will continue to 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).



14 July 2005








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