Merrill Lynch World Mining Tst PLC
11 January 2006
MERRILL LYNCH WORLD MINING TRUST plc
All information is at 31 December 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) 7.5% 10.5% 63.0% 172.8% 286.0%
Share price* 5.7% 11.2% 63.0% 179.9% 319.1%
HSBC Global Mining Index 8.0% 11.9% 58.6% 151.7% 179.4%
Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream
*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 bonus warrant entitlement per share was sold and reinvested on
the first day of trading.
At month end
Net asset value
Undiluted: 396.24p Includes net revenue of: 3.45p
Share price: 351.50p Discount to NAV: 11.29%
Total assets: £661.06m Net yield: 0.5%
Gearing: Nil
Ordinary shares in issue: 168,298,906
Sector % Total Assets Country % Total Assets
Analysis Analysis
Diversified 48.9 Latin America 22.7
Base Metals 23.0 Global 20.4
Gold 9.5 Canada 18.8
Industrial Minerals 5.4 South Africa 11.4
Platinum 5.4 Australasia 10.4
Silver/Diamonds 4.6 Europe 3.6
Other 4.6 USA 3.4
Net current liabilities (1.4) Other Africa 3.3
India 2.5
China 2.4
Laos 1.1
Indonesia 1.0
Mongolia 0.4
Net current liabilities (1.4)
100.0 100.0
Ten Largest Equity Investments
Company Region of Risk
Alumina Australasia
BHP Billiton Global
CVRD Latin America
Falconbridge Canada
First Quantum Minerals Canada
Impala Platinum South Africa
Minas Buenaventura Latin America
Rio Tinto Global
Teck Cominco Canada
Zinifex Australasia
Commenting on the markets, Graham Birch, representing the Investment Manager
noted:
The Merrill Lynch World Mining Trust closed the year at its highest ever level,
with an NAV of 396.24p. December was another strong month and the Company's NAV
rose by 7.5% (in Sterling terms). The greatest contributors to performance were
Rio Tinto which rose by 13.5% benefiting from general positive sentiment towards
the mining sector, and Zinifex, the Australian integrated zinc producer which
rose by 28.5% on the back of the zinc price hitting a record high. Other strong
performers were Griffin Mining, a small zinc producer in China, which rose by
38.6% and First Quantum, a copper producer with assets in the DRC and Zambia
whose share price rose by 26.9% (all performance in Sterling terms).
The Company initiated a position in Energy Resources of Australia, the Third
World's third largest uranium producer. The Company also initiated a position
in Ridge Mining, a platinum exploration company in the Eastern Bushveld.
Global economic growth should be sufficiently robust to ensure that supply/
demand balances in the metals and minerals markets remain favourable. The
recent 17% upgrade to China's economy by the Chinese government now ranks it as
the fourth largest economy in the world, emphasising the pivotal role it will
play in the commodity markets going forward. Higher commodity prices have meant
many of the Company's holdings are translating their strong balance sheets and
high cash flows into higher dividends and increased share buybacks. There is
also the continued possibility of further corporate activity as mining companies
seek to grow quickly and cost effectively.
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 January 2006
This information is provided by RNS
The company news service from the London Stock Exchange
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