Performance at Month End

Merrill Lynch World Mining Tst PLC
11 February 2003


MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 January 2002 and unaudited.

Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value                                                      -4.1%       8.7%      10.0%      35.7%     108.7%
Share price                                                          -5.7%      10.0%      15.9%      39.4%     119.0%
HSBC Global Mining Index (capital only)                              -5.6%       2.3%     -16.0%      -1.3%      20.5%
MSCI World Metals & Mining Index (capital only)                      -6.4%      -2.3%     -23.9%     -21.9%     -12.4%


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


At month end

Net asset value:                      145.41p               Discount to NAV:                                       14.6%
Share price:                          124.25p               Net historic yield:                                     2.5%
Total assets:                         £235.2m
Gearing:                              1.1%                  Effective gearing:                                      3.5%
Ordinary shares in issue:             162,800,000




Sector Analysis                             % Total          Country Analysis                          % Total Assets
                                             Assets

Diversified                                    31.1          South Africa                                        31.3
Gold                                           30.0          Europe                                              21.3
Base Metals                                    17.1          Canada                                              14.9
Platinum                                       11.9          Latin America                                       14.3
Silver/Diamonds                                 6.4          Australasia                                         14.0
Industrial Minerals                             5.9          USA                                                  4.4
Net current liabilities                        (2.4)         China                                                1.9
                                                             Vietnam                                              0.3
                                                             Net current liabilities                             (2.4)
                                              100.0                                                             100.0



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

Broad equity markets were weak in January, exerting a downwards pull on mining
shares.  Even gold shares were disappointing despite a fresh surge from bullion
which, galvanised by war fears, reached a new six-year high in excess of $380/
oz.

Commodity markets have started 2003 well, with most base metals close to, or at,
twelve-month highs.  Platinum was the star, reaching towards $700/oz - the
highest level in a generation.  CVRD and Rio Tinto both briefed the market on
positive iron ore developments, with CVRD predicting a 10% increase in price for
the new contract year.  This bodes well for the earnings of companies in the
portfolio during 2003.

Derivatives

The weakness in mining shares during January gave us the opportunity to write '
puts' covering shares in Rio Tinto and Anglo American.  If exercised, the
Trust's holding in Anglo would rise to about 2.3% of net asset value ('NAV') and
the holding in Rio Tinto would rise to about 6.4% of NAV.

Outlook

With a little help from better commodity prices, mining shares could continue
their pattern of steady outperformance against world equities.

Annual Report

The annual report for the year to 31 December 2002 will be mailed to
shareholders on 14 February 2003 and will be available on the Merrill Lynch
Investment Managers website (address below).

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 February 2003




                      This information is provided by RNS
            The company news service from the London Stock Exchange