Interim Results

MERCURY WORLD MINING TRUST PLC
29 July 1999


                MERCURY WORLD MINING TRUST plc
                               
    INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 1999

-  The Company's net asset value increased by 49.6% over the
   six months, and its share price by 37.7% (both with net income reinvested),
   compared with an increase of 41.3% in the HSBC Global Mining Index         
   (sterling terms).
   
-  This outperformance was achieved in another turbulent
   period for the mining sector, with a sharp improvement in
   sentiment towards base metals partly offset by extreme
   weakness in the gold market.
  

The Chairman, Peter Wilmot-Sitwell, comments:

'This has been another turbulent period for the mining sector,
with a sharp improvement in sentiment towards base metals
partly offset by extreme weakness in the gold market.  I am
pleased, however, to report that against this background, the
portfolio has performed strongly in the first six months of
the year, notwithstanding that the majority of the costs of
restructuring the portfolio to raise the funds required to
settle the tender offer were incurred in the period.

'The improving macro economic trends in the global economy and
their likely beneficial effect on the investment portfolio
provides an encouraging backdrop for further growth of the
Company's assets, even after the exceptional half-year just
witnessed.'

Commenting upon the outlook for the Company, Graham Birch of
Mercury Asset Management Ltd, the Investment Manager, notes:


'Although mining shares have recovered strongly from their low
point of last year, we believe they have done little more than
correct a grossly oversold situation.  With upwards metal
price momentum a real possibility over the next six months, we
believe that the mining sector can continue to outperform
world equity markets and hopefully also show good performance
in absolute terms.'

Consolidated revenue statement
for the six months ended 30th June 1999

                                   Six        Six  Year ended
                                months     months        31st
                                 ended      ended    December
                                  30th       30th        1998
                                  June       June       £'000
                                  1999       1998    (audited)
                                 £'000      £'000
                           (unaudited) (unaudited)
                                   
                      Note                                
                         
Income                   4       3,059      6,447      11,442
                                                             
Less:                                                        
Investment management         
fees                     5        (975)    (1,666)    (2,578)
Operating expenses       6        (229)      (390)      (615)
                              --------   --------    --------
Net return before                                            
finance costs and                
taxation                         1,855      4,391      8,249
Finance costs                     (384)      (951)    (1,787)
                              --------   --------    --------
Revenue on ordinary                                          
activities before taxation       1,471      3,440      6,462
Taxation                          (327)      (863)      (843)
                              --------   --------    --------
Revenue on ordinary                                          
activities after taxation        1,144      2,577      5,619
Dividend                 3           -          -     (5,010)
                              --------   --------    --------
                                                             
Transfer to revenue              
reserve                          1,144      2,577         609
                                 =====      =====       =====
                                                             

Statement of total return per ordinary share
                                                             
                                   Six        Six  Year ended
                                months     months        31st
                                 ended      ended    December
                                  30th       30th        1998
                                  June       June       £'000
                                  1999       1998    (audited)
                                 £'000      £'000
                           (unaudited) (unaudited)
                                     
                                                             
Earnings per ordinary            
share                             0.44p      0.63p      1.43p
                                         
Capital return per              
ordinary share                   24.23p   (10.51p)   (14.53p)

                              --------   --------    --------
Total return per                 
ordinary share                   24.67p   (9.88p)    (13.10p)
                                 =====      =====       =====


Consolidated Net Asset                                       
Value
                                                             
                                  30th       30th       31st
                                  June       June   December
                                  1999       1998       1998
                           (unaudited) (unaudited)  (audited)
                                   
                                                             
Net asset value per ordinary                                 
 share                          89.98p     65.42p      60.92p
                                ======     ======      ======


Notes on the Interim Results

1. Principal activity

The principal activity of the Company is that of an investment
trust within the meaning of section 842 of the Income and
Corporation Taxes Act 1988.

The principal activity of its two subsidiary undertakings is
investment dealing.

2. Basis of preparation

The interim financial statements have been prepared on the
basis of the accounting policies set out in the Company's
financial statements at 31st December 1998.  Income and
operating expenses have been accrued in accordance with the
same principles used in the preparation of the annual financial
statements.  The taxation charge has been calculated by
applying an estimate of the annual effective tax rate to the
profit for the period.

3. Dividend

The Board has not declared an interim dividend, as dividends are only declared
and paid annually in respect of each accounting period.

4. Income                     Six months       Six       Year
                              ended 30th    months      ended
                                    June     ended       31st
                                    1999      30th   December
                                   £'000      June       1998
                              (unaudited)     1998      £'000
                                             £'000   (audited)
                                        (unaudited)
                                               
                                                             
Income from                                                  
investments:
UK listed                            115        48        533
Overseas listed                    2,737     6,230     10,435
                                --------  --------   --------
                                   2,852     6,278     10,968
                                --------  --------   --------
Interest received and                                        
other income:
Deposit interest                     176        80        202
Other income                           1        89        272
Profit on investment dealing                                 
by subsidiary undertakings            30         -          -
                                --------  --------   --------
                                     207       169        474
                                --------  --------   --------
Total                              3,059     6,447     11,442
                                   =====     =====      =====


5. Investment management           £'000     £'000      £'000
fees                         (unaudited)(unaudited)  (audited)
                                       
                                                             
Investment management fees           949     1,512      2,498
Irrecoverable VAT thereon             26       154         80
                                --------  --------   --------
                                     975     1,666      2,578
                                   =====     =====      =====

All investment management fees are charged to revenue.

6. Operating expenses              £'000     £'000      £'000
                             (unaudited)(unaudited)  (audited)
                                       
                                                             
Custody fee                           90       151        250
Administration fee                    53        83        147
Directors' emoluments                 27        32         65
Registrars' fee and                                          
other administrative                  
expenses                              59       124        153
                                --------  --------   --------
                                     229       390        615
                                   =====     =====      =====


7. Return per ordinary share

                                        30th          30th           31st
                                        June          June       December
                                        1999          1998           1998
                                                   
The weighted number of                              
ordinary shares in issue                            
during each period on which                         
the return per ordinary         
share was calculated, were:      257,097,260    410,306,254   394,013,337
                                          
The number of ordinary                              
shares in issue at the end       
of the period were:              196,674,852    377,986,066   377,986,066


8. Publication of non-statutory accounts

The financial information contained in this interim statement
does not constitute statutory accounts as defined in section
240 of the Companies Act 1985.  The financial information for
the six months ended 30th June 1998 and 1999 has not been
audited.

The information for the year ended 31st December 1998 has been
extracted from the latest published audited financial
statements, which have been filed with the Registrar of
Companies.  The report of the auditors on those accounts
contained no qualification or statement under sections 237(2)
or (3) of the Companies Act 1985.


29th July 1999
33 King William Street
London EC4R 9AS


For further information please contact:

Dr Graham Birch          - 0171 280 2690
Ian Barby                - 0171 220 5224
Jonathan Ruck Keene      - 0171 280 2178

Mercury Asset Management