Performance at Month End

Merrill Lynch World Mining Tst PLC
15 March 2005

 MERRILL LYNCH WORLD MINING TRUST plc

 All information is at 28 February 2005 and unaudited.

 Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value (undiluted)                                          11.1%      12.0%      22.4%      92.3%     183.6%
Net asset value (diluted)                                             8.6%       9.3%          -          -          -
Share price*                                                          9.4%       9.0%      15.9%     108.0%     198.3%
HSBC Global Mining Index                                             10.8%      10.3%      21.3%      54.3%     122.2%

 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:                          273.15p         Includes net revenue of:                               0.47p
Fully diluted:                      264.12p
Share price:                        236.50p         Discount to diluted NAV:                               10.5%
Warrant price:                       18.50p         Net yield:                                              0.7%
Total assets:                       £463.9m
Gearing:                               4.5%
Ordinary shares in issue:                      162,800,000
Warrants in issue:                              32,559,564




Sector                               % Total Assets            Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                    51.4            Latin America                                   24.4
Base Metals                                    23.9            Global                                          22.5
Gold                                           10.3            Canada                                          15.3
Silver/Diamonds                                 5.3            South Africa                                    10.3
Platinum                                        5.2            Australasia                                     10.2
Industrial Minerals                             4.4            Europe                                           4.3
Other                                           0.8            China                                            3.7
Net current liabilities                         (1.3)          Other Africa                                     3.3
                                                               USA                                              2.8
                                                               India                                            2.3
                                                               Indonesia                                        1.4
                                                               Laos                                             0.8
                                                               Net current liabilities                        (1.3)
                                              100.0                                                           100.0
Ten Largest Equity Investments
Company                           % of Total Assets          Region of Risk
CVRD                                           11.0          Latin America
Rio Tinto                                       8.4          Global
BHP Billiton                                    8.0          Global
Falconbridge                                    5.0          Canada
Minas Buenaventura                              4.6          Latin America
Impala Platinum                                 4.6          South Africa
Alumina                                         4.3          Australia
Teck Cominco                                    4.3          Canada
Xstrata                                         3.8          Global
Aber Diamond                                    3.5          Canada
Total                                          57.5




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


Following mixed performance in January, mining shares enjoyed a strong February
as base metal prices moved higher and record price increases were announced in
iron ore.  The two iron ore heavy weights, CVRD and Rio Tinto, announced price
increases of 71.5% for iron ore to customers in Japan and China for the 2005/
2006 contract year. This was well ahead of expectations (consensus was for a 20%
to 40% rise) and as a result CVRD (11.0% of the portfolio) rose 15.7% during the
month and Rio Tinto (8.4%) was up 13.6% (both in USD terms). BHP Billiton (8.0%
of the portfolio) has not yet announced new price levels and is thought to be
holding out for a higher price.  As a result, the shares ended the month up
20.7% in USD terms.


Anglo American (2.0%) reported a 59% increase in headline earnings, driven
primarily by higher commodity prices.  The best performing divisions were Base
Metals, which saw a blistering 406% increase in year on year earnings, and the
Ferrous Metals & Industries division which saw an equally impressive 349%
earnings increase.  In both cases, strong production performances meant the
divisions were able to fully benefit from the high commodity price environment.
The company also announced a 30% dividend increase over 2003, which was higher
than market expectations and compared favourably to Rio Tinto's 20% dividend
increase.  This is a strong reflection of Anglo's confidence in the future and
that commodity markets are likely to stay 'stronger for longer'.  Unlike Rio
however, Anglo was silent on the idea of any future share buybacks.



A star performer this month was Southern Peru Copper (1.0% of the portfolio).
Southern Peru has been going through a restructuring with its parent company
Grupo Mexico (0.2%). This involved Grupo Mexico selling its mining assets to
Southern Peru in return for increased ownership in the latter. The deal was
agreed by US regulators during the last week of February and now the deal is set
to go ahead it has allowed both shares to move higher with Southern Peru up 33%
last month and Grupo Mexico up 15%.


During the month we took advantage of the speculation surrounding the future of
WMC Resources, in light of Xstrata's bid, to take profits in the bulk of the
Trust's position.


Global economic growth in 2005 should be sufficiently robust to ensure that
supply/demand balances in the metals and minerals markets remain favourable,
with positive implications for prices.  Balance sheets have already strengthened
markedly during 2004 and it is likely that many companies in the portfolio will
report record earnings and cash flow.  These strong cash flows will translate
into higher dividends and more share-buybacks.  There is also the possibility of
additional 'corporate activity' providing further support for the market.  China
should continue to be a key factor in the commodity markets and while it seems
likely that demand growth will moderate it should still be sufficient to support
higher commodity prices across - especially the bulk commodities iron ore and
coal.



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 March 2005






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