Performance at Month End

Merrill Lynch World Mining Tst PLC
16 April 2004

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 March 2004 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years

Net asset value (undiluted)                                           1.5%      -4.2%      71.3%      14.0%     250.8%
Share price                                                          -3.4%      -6.1%      69.5%     132.0%     248.9%
HSBC Global Mining Index (capital only)                               1.0%      -2.4%      57.0%      56.7%     133.2%

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

At month end
Net asset value
Undiluted:                          228.80p         Includes current year net revenue of:                        0.89p
Fully diluted:                      227.17p
Share price:                        201.75p         Discount to fully diluted NAV:                               11.2%
Warrant price:                       11.25p         Net yield:                                                    0.8%
Total assets:                       £400.1m
Gearing:                            7.8%            Effective gearing:                                            8.5%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564




Sector                                % Total Assets            Country                               % Total Assets

Analysis                                                        Analysis
Diversified                                     41.5            Canada                                          23.5
Base Metals                                     27.3            Europe                                          20.2
Gold                                            17.1            Latin America                                   19.6
Silver/Diamonds                                  6.6            South Africa                                    16.7
Platinum                                         5.0            Australasia                                     11.5
Industrial Minerals                              3.8            China                                            5.7
Net current liabilities                         (1.3)           USA                                              3.0
                                                                India                                            0.8
                                                                SE Asia                                          0.3
                                                                Net current liabilities                        (1.3)
                                               100.0                                                           100.0

Ten Largest Equity Investments

Company                             % of Investments          Country of Risk

Minas Buenaventura                               7.4          Peru
CVRD                                             6.7          Brazil
Rio Tinto                                        5.8          Global
BHP Billiton                                     5.5          Global
Falconbridge                                     5.3          Canada
Impala Platinum                                  4.3          South Africa
Aber Diamond                                     4.1          Canada
Aluminium Corp of China                          4.1          China
Alumina                                          4.0          Australia
Noranda                                          3.9          Canada
Total                                           51.1




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



We have noticed a tendency for mining equities to be rather weak this year and
this means that their performance has diverged somewhat from commodity markets
which in general have continued to be strong.  Sector rotation out of resource
stocks appears to be to blame and investors have been reluctant to believe in
commodity demand strength, preferring to take the view that USA will slip back
into recession and that China will cool rapidly.  This view is held despite
recent economic statistics being mostly buoyant.



There appears to be little evidence of weak demand - yet.  LME inventories
declined in March and base metals consolidated rather than retreating.  Precious
metals leaped higher with gold pushing back towards its highs for the year and
silver reaching new multi year highs.



Mining equities at the end of the month finished in positive territory - helped
by gold equities and a late rally in the broader market.



Against this background we have kept the portfolio aggressively positioned in
the expectation that a further rebound in mining shares will occur.  This means
that we have persevered with utilising gearing in the portfolio and if our
optimism proves correct then the portfolio is well positioned.



Warrant Issue



Following the Company's EGM in March, 32.6 million warrants were issued to all
registered shareholders on a one for five basis.  The exercise price was set at
219 pence per share and by month end the NAV of the portfolio had moved to a
higher level of 228 pence per share.






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 April 2004




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