Performance at Month End

Merrill Lynch World Mining Tst PLC
10 September 2004

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 31 August 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)                                           4.8%       6.4%      18.1%      90.5%     140.2%
Net asset value (diluted)                                             3.9%       5.2%          -          -          -
Share price                                                          -0.7%       2.6%      19.8%     105.3%     145.3%
HSBC Global Mining Index                                              5.0%       8.8%      12.1%      47.8%      71.0%

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

At month end
Net asset value
Undiluted:                          213.45p         Includes current year net revenue of:                        1.75p
Fully diluted:                      214.37p
Share price:                        187.75p         Discount to undiluted NAV:                                   12.0%
Warrant price:                        4.44p         Net yield:                                                    0.9%
Total assets:                       £376.23m
Gearing:                            9.2%            Effective gearing:                                           10.0%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564




Sector                               % Total Assets            Country                               % Total Assets
Analysis                                                       Analysis

Diversified                                    47.2            Latin America                                   21.6
Base Metals                                    22.5            Canada                                          20.5
Gold                                           14.0            Global                                          19.3
Silver/Diamonds                                 6.0            South Africa                                    13.1
Platinum                                        5.8            Australasia                                     11.3
Industrial Minerals                             3.8            China                                            5.7
Other                                           1.9            Europe                                           2.8
Net current liabilities                         (1.2)          USA                                              2.4
                                                               Other Africa                                     2.3
                                                               India                                            1.4
                                                               Laos                                             0.8
                                                               Net current liabilities                        (1.2)
                                              100.0                                                           100.0


Ten Largest Equity Investments
Company                            % of Investments          Country of Risk
CVRD                                            7.6          Latin America
Rio Tinto                                       7.2          Global
BHP Billiton                                    6.9          Global
Minas Buenaventura                              6.1          Latin America
Falconbridge                                    5.2          Canada
Impala Platinum                                 4.8          South Africa
Aber Diamond                                    4.1          Canada
Alumina                                         3.9          Canada
Noranda                                         3.8          Australia
Xstrata                                         3.6          Global
Total                                          53.2




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



Performance



Despite the seasonally weaker summer months, the declining trend in base metal
inventories has continued.  Total LME Inventories were down by 3.6% in August,
with the largest draw downs occurring in tin (-14.6%) and aluminium (-12.6%).
The decline in aluminium inventories witnessed in recent months has helped lift
the Trust's holdings with exposure to the metal: e.g. Alcan (1.7%) which rose by
10.8% in Sterling terms.  Though overall metal inventories were down, the MG
Base Metal Index fell by 1.9% (in Sterling terms), partly due to a surprise
one-off increase in copper inventories over the month.



Following on from last month's record earnings from Rio Tinto, the majority of
the Trusts's holdings have now released results for their prior six and twelve
month reporting periods.  Of note were some of the Trust's largest holdings:
CVRD (7.6% of the Trust), BHP Billiton (6.9%), Xstrata (3.6%) and Anglo American
(1.0%).  All four companies beat market consensus estimates, emphasising the
impact sustained high commodity prices have had on mining companies' earnings.
CVRD reported record levels of cash flow and earnings for H12004, driven by
record operating margins, higher commodity prices (particularly iron ore) and
contributions from new projects.  BHP Billiton reported an 82% increase in
attributable profit, a 27% increase in the interim dividend and a capital
management programme which will return US$2bn to shareholders.  Xstrata
announced a near fivefold increased in H1 profits, a 20% increase in the interim
dividend and a share buyback programme of up to 10% of the shares in issue.
Anglo American announced a 52% increase in H1, driven by not only the high
commodity prices but also cost efficiency gains and volume growth from the base
metals division.  They also announced a 27% increase in the interim dividend.
All four mining companies were positive on the outlook for commodities both in
the short term and over the longer term, and see commodity prices being '
sustained at higher levels than experienced in recent years'.



The continued decline in base metals inventories over the quieter summer period
when inventories typically rise should exert pressure on commodity prices in the
coming months.  Chinese growth, albeit at a reduced rate, supply-side
constraints and a gradual pick up in global economic growth may see the effect
of supply deficits becoming more exaggerated towards the end of the year.  With
this in mind, mining shares appear attractively priced and we anticipate a
stronger finish to the year.  As a result, the Trust's gearing has been
maintained and the Trust is structured to perform well in a buoyant environment.



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).



10 September 2004




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