Performance at Month End

Merrill Lynch World Mining Tst PLC
15 December 2004

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 30 November 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)                                           5.8%      15.3%      13.7%     119.7%     150.1%
Net asset value (diluted)                                             4.9%      13.2%          -          -          -
Share price*                                                         10.3%      16.8%       8.9%     147.8%     171.1%
HSBC Global Mining Index                                              5.3%      11.4%      13.1%      60.8%      85.4%

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

*Performance includes the warrant reinvestment, assuming the bonus warrant
entitlement per share was sold and reinvested on the first day of trading.

At month end
Net asset value
Undiluted:                          246.20p         Includes net revenue of:                                     3.02p
Fully diluted:                      241.67p
Share price:                        219.25p         Discount to diluted NAV:                                      9.3%
Warrant price:                       13.00p         Net yield:                                                    0.8%
Total assets:                       £417.9m
Gearing:                               5.6%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564




Sector                               % Total Assets            Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                    47.4            Latin America                                   22.2
Base Metals                                    24.5            Global                                          19.8
Gold                                           12.8            Canada                                          15.9
Silver/Diamonds                                 6.2            Australasia                                     12.4
Platinum                                        5.5            South Africa                                    11.9
Industrial Minerals                             4.5            China                                            5.8
Other                                           1.1            Europe                                           4.3
Net current liabilities                         (2.0)          USA                                              3.6
                                                               Other Africa                                     2.9
                                                               India                                            1.9
                                                               Laos                                             1.0
                                                               Indonesia                                        0.3
                                                               Net current liabilities                        (2.0)
                                              100.0                                                           100.0

Ten Largest Equity Investments
Company                           % of Total Assets          Region of Risk
CVRD                                            8.8          Latin America
Rio Tinto                                       7.3          Global
BHP Billiton                                    6.6          Global
Minas Buenaventura                              5.5          Latin America
Falconbridge                                    5.0          Canada
Impala Platinum                                 4.7          South Africa
Aber Diamond                                    4.3          Canada
WMC                                             4.1          Australia
Xstrata                                         4.0          Global
Alumina                                         3.9          Canada
Total                                          54.2




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


Metals markets performed strongly during November.  Metal prices rallied from
their October lows, apparently driven by the end of hedge fund related selling
in October and a return in demand from consumers.  The MG Base Metal Index
closed the month up by 6.3%.  LME inventories continued their decline, with
copper stocks having the largest fall (down 26%).  Mining shares were buoyed by
the higher commodity prices, such that the HSBC Global Mining Index closed up
5.3% (in sterling terms).

Corporate activity dominated the mining sector this month.  Harmony's hostile
takeover bid for Gold Fields continued to develop with the company obtaining
11.8% of Gold Fields.  With Norilsk's 20% holding in Gold Fields, Harmony is
going ahead with an offer on the remainder of Gold Fields' stock.  Harmony
constitutes 1.8% and Gold Fields 3.2% of the Trust.  The other key transaction
is Xstrata's offer for WMC Resources. During the month Xstrata tabled their full
offer which was again rejected by the Board of WMC Resources. With the shares of
WMC trading well above the A$6.35 per share cash offer it appears the market
does not expect the existing offer to be successful.  WMC continues to update
the market on the development options for its expansion at Olympic Dam. As part
of this process the company announced a 29% increase in resources at this key
asset. WMC (4.1% of Trust) rose by 6.8% during the month and Xstrata (4.0% of
the Trust) rose by 12.5%.

Of other interest to the Trust, Iluka Resources, an Australian mineral sands
producer, released encouraging exploration drilling results in the South
Australian Eucla Basin.  As a result, the company's share price rose by 19.4%
over the month.  Iluka makes up 2.7% of the Trust.

Declining inventories, limited supply-side growth and seasonally stronger demand
have lead to considerable tightness in the market for most base metals.  Despite
the higher than normal volatility, metal prices remain at attractive levels and
with deficits likely to continue into next year, mining equities still appear
attractively priced.  As a result, the Trust's gearing has been maintained and
the Trust is structured to perform well in a buoyant environment, although
December so far has been somewhat disappointing.


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).

15 December 2004



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