Performance at Month End

Merrill Lynch World Mining Tst PLC
11 January 2001


MERRILL LYNCH WORLD MINING TRUST plc
All information is at 29 December 2000 and unaudited
Performance at month end with net income reinvested
                          One     Three     One     Three      Five
                        Month    Months    Year     Years     Years
Net asset value           7.9%      7.1%   -5.1%     55.3%     11.5%
Share price              11.9%     -0.3%   -7.9%     64.2%      7.3%
HSBC Global Mining
Index (Capital Only)      4.7%      6.9%  -10.6%     28.0%    -15.1%

At month end
Net asset value 110.84p    including current year net revenue of  1.7p
Share price:     91.50p    Discount to NAV:                      17.4%
                           Net yield:                             1.3%
Total assets:   £204.2m
Gearing:           8.4%
Ordinary shares in issue:      170,099,852
(868,951 shares were repurchased during the month)

Sector                 % Total   Country               % Total
Analysis                Assets   Analysis               Assets
Diversified               27.5   South Africa             35.0
Base Metals               24.9   Canada                   18.2
Platinum                  17.7   Europe                   17.5
Gold                      16.5   Latin America            12.3
Silver/Diamonds           10.7   Australia                11.5
Industrial Minerals        3.1   USA                       5.6
Net current liabilities   (0.4)  Africa                    0.3
                                 Net current liabilities  (0.4)
                         -----                           -----
                         100.0                           100.0
                         =====                           =====

Ten Largest Equity Investments
Company          % Investments     Country of Risk
Impala Platinum            9.6     South Africa
Anglo American Platinum    6.4     South Africa
De Beers Centenary         5.9     South Africa
Cominco                    5.4     Canada
Gold Fields                5.4     South Africa
Vale Rio Doce              4.9     Brazil
Billiton                   4.7     UK
Minas Buenaventura         4.6     Peru
Phelps Dodge               4.6     USA
Pechiney                   4.4     France
                          ----
Total                     55.9
                          ====

Commenting on the markets, Graham Birch, representing the Investment Manager
noted :
After a sorry month of performance in November, December was a welcome finish
to the year, both in absolute and relative terms.  The sector enjoyed a return
to favour as investors rotated funds into equities with strong cashflow and
good earnings transparency.  Mining shares as a whole rallied 4.7% over the
month but the Trust's NAV beat the Index thanks to the 10% gearing and a
recovery in the Fund's largest Latin American investment, Buenaventura.

As with the rest of the year, corporate activity was again a feature in the
month.  Rio Tinto announced a cash bid for the Labrador Iron Trust and
Aquarius Platinum announced a cash bid for Kroondal Platinum.  This is the
third time in 2000 that Rio Tinto has bid for one of the Trust's holdings and
each time Rio has offered a substantial premium to the Trust's average entry
price.
 
As we start the new year economists are uncertain on whether the US will have
a soft or hard landing but whatever happens in the US the world looks set to
endure a slower rate of growth.  Despite the weak demand outlook metal markets
are nicely positioned.  Growth in new supply is limited and with continued
disruptions to existing supply, most notably in aluminium, the leading base
metals look set to remain in deficit for the year as a whole.  Platinum group
metals prices have once again moved to new highs and with the US dollar
weakening gold bulls are calling for a rally in the yellow metal.  We hope to
deliver another year of strong relative performance and if the sector permits
absolute gains on top.


Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index

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). 

11 January 2000