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Merrill L.World Mng (BRWM)

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Wednesday 05 February, 2003

Merrill L.World Mng

Final Results

Merrill Lynch World Mining Tst PLC
05 February 2003

FOR IMMEDIATE RELEASE
                                      5 February 2003


                      MERRILL LYNCH WORLD MINING TRUST plc

           Preliminary announcement of results in respect of the year
                             ended 31 December 2002

•        The Company was one of the best performing investment trusts in 2002
and it received 'The Specialist Investment Trust of the Year' award from both
Investment Week and Investment Trusts magazines.

Performance to 31 December 2002                                12 months          3 years           5 years
(with net income reinvested)
Net asset value per share                                         +27.4%           +34.0%           +119.4%
Ordinary share price                                              +40.1%           +37.9%           +145.9%
HSBC Global Mining Index*                                          -3.6%            -6.8%            +33.4%
MSCI World Index                                                  -27.6%           -42.1%             -8.2%



*capital only, adjusted for exchange rates relative to sterling.

Performance based on mid-market values with net income reinvested on ex-dividend
date.

Source:  Merrill Lynch Investment Managers, Datastream.



•       The net asset value per share at 31 December 2002 was 149.48p.

•       The overweighting of gold mining company shares in the portfolio
continued to be a substantial contributor to the material outperformance against
benchmark.

•       Earnings of 2.52p per share were less than last year's high level of
3.82p per share (which was due to that year's exceptional level of income from
the platinum companies in the portfolio) but, nonetheless, are higher than in
previous years.  The directors recommend the payment of an increased final
dividend of 1.60p per share and have declared a special dividend of 0.50p per
share, both payable on 23 April 2003 to those shareholders on the register on 14
February 2003.



For further information please contact:


Ian Barby                                    -      020 7743 5224
                                             -      020 7743 2690
Graham Birch                                 -      020 7743 5938
Nigel Webb
Merrill Lynch Investment Managers
or
William Clutterbuck
The Maitland Consultancy                     -      020 7379 5151



The Chairman, Peter Wilmot-Sitwell, comments:



'2002 was a successful year for the Company, and it was one of the best
performing investment trusts over the period.  In this context, we were
particularly pleased to receive 'The Specialist Investment Trust of the Year'
award from both Investment Week and Investment Trusts magazines.  In the twelve
months to 31 December 2002, the Company's net asset value per share increased by
27.4% (in sterling terms and with net income reinvested), ending 2002 at
149.48p.  This compares with a 3.6% fall in its benchmark index (capital only)
and a 27.6% fall in world equities, as measured by the MSCI World Index (with
net income reinvested).  The overweighting of gold mining company shares in the
portfolio continued to be a substantial contributor to the material
outperformance against benchmark.



'Shareholders have the opportunity to vote on the continuation of the Company at
each Annual General Meeting.  Given the success of this year's activity, and our
belief that the Company is well placed to outperform broader equity markets
again in 2003, we hope that you will vote in favour of this proposal.  Also,
your Company still remains one of the very few ways in which investors can gain
exposure to a diversified mining portfolio.



'It is the Company's policy for directors to retire at the first Annual General
Meeting ('AGM') after they reach the age of 70, and generally not seek
re-election.  Lionel Stopford Sackville, who has been a director of the Company
and Chairman of the Audit and Management Engagement Committee since its launch
in 1993, will be retiring from the Board at the forthcoming AGM, having attained
this age.  We thank him for his valuable contribution to the Company.'



Commenting upon the outlook for the Company, Graham Birch of Merrill Lynch
Investment Managers, the Investment Manager, notes:



'The global stockmarket remains in a state of shock following three consecutive
years of falling share prices.  As we stated in the interim report, sentiment is
going to take a long time to recover, and we believe that investors will
continue to focus on sectors with transparent business activities and good cash
generative characteristics.   Not only does the mining sector fit this profile,
but it is also a cyclical sector that can benefit from the eventual rebound in
economic activity, whenever this occurs.



'With so much economic and political turmoil evident, gold might again enjoy
favourable pricing conditions.  If this proves to be the case then the Company's
gold share portfolio could provide more good returns.

'Overall, we believe that the mining sector is poised to continue its
outperformance against the broader world equity markets.'

CONSOLIDATED REVENUE STATEMENT
for the year ended 31 December 2002
                                                                             Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2002                2001
                                                                                  £'000               £'000
                                                                              (audited)           (audited)


Income                                                                            8,484              11,650
Investment management fees                                                      (2,278)             (1,938)
Operating expenses                                                                (586)               (494)
                                                                                -------             -------
Net revenue before finance costs and taxation                                     5,620               9,218
Interest payable and similar charges                                              (329)               (383)
                                                                                -------             -------
Revenue on ordinary activities before taxation                                    5,291               8,835
Taxation on ordinary activities                                                 (1,181)             (2,401)
                                                                                -------             -------
Revenue on ordinary activities after taxation                                     4,110               6,434
Dividends in respect of equity shares                                           (3,419)             (5,148)
                                                                                -------             -------
Transfer to revenue reserve                                                         691               1,286
                                                                                   ====                ====



CONSOLIDATED STATEMENT OF TOTAL RETURN PER ORDINARY SHARE
for the year ended 31 December 2002
                                                                             Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2002                2001
                                                                              (audited)           (audited)
Calculated on weighted average shares:
Earnings per ordinary share                                                       2.52p               3.82p
Capital return per ordinary share                                                30.28p               7.85p
                                                                              ---------           ---------
Total return per ordinary share                                                  32.80p              11.67p
                                                                                  =====               =====
Calculated on actual shares:
Earnings per ordinary share                                                       2.52p               3.87p
Capital return per ordinary share                                                30.33p               7.95p
                                                                              ---------           ---------
Total return per ordinary share                                                  32.85p              11.82p
                                                                                  =====               =====
Final dividend per ordinary share                                                 1.60p               1.45p
Special dividend per ordinary share                                               0.50p               1.70p
                                                                              ---------           ---------
Total dividend per ordinary share                                                 2.10p               3.15p
                                                                                  =====               =====



SUMMARISED CONSOLIDATED BALANCE SHEET

as at 31 December 2002
                                                                        31 December          31 December
                                                                               2002                 2001
                                                                              £'000                £'000
                                                                          (audited)            (audited)

Fixed assets
Listed investments at mid-market valuation                                  239,830              191,619
Unlisted investments at directors' valuation                                      -                  695
                                                                         ----------           ----------
                                                                            239,830              192,314
                                                                         ----------           ----------
Current assets
Investments of subsidiary undertakings                                        2,131                2,002
Debtors                                                                         164                8,659
Cash                                                                          6,569                9,850
                                                                         ----------           ----------
                                                                              8,864               20,511
Creditors - amounts falling due within one year                             (5,327)             (15,972)
                                                                         ----------           ----------
Net current assets                                                            3,537                4,539
                                                                         ----------           ----------
Total assets less current liabilities                                       243,367              196,853
Provision for liabilities and charges                                          (17)                (127)
                                                                         ----------           ----------
Net assets                                                                  243,350              196,726
                                                                             ======               ======
Capital and reserves
Share capital                                                                 8,140                8,302
Capital redemption reserve                                                   22,779               22,617
Other capital reserves                                                        3,646             (45,729)
                                                                         ----------           ----------
                                                                             34,565             (14,810)
Special reserve                                                             203,244              206,686
Revenue reserve                                                               5,541                4,850
                                                                         ----------           ----------
Total equity shareholders' funds                                            243,350              196,726
                                                                             ======               ======
Net asset value per ordinary share                                          149.48p              118.48p
                                                                             ======               ======



SUMMARISED CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2002
                                                                               Year ended          Year ended
                                                                              31 December         31 December
                                                                                     2002                2001
                                                                                (audited)           (audited)

Net cash flow from operating activities                                             5,503               9,520

Returns on investment and servicing of finance:
Interest paid on overdraft facility                                                 (329)                (383)

Taxation paid                                                                     (1,347)             (1,002)

Capital expenditure and financial investment:
Purchase of fixed asset investments                                              (84,921)            (81,508)
Proceeds from the sale of fixed asset investments                                  86,558             104,914
Exchange loss on foreign currency transactions                                      (154)               (269)

Equity dividends paid                                                             (5,149)             (2,197)

Purchase of ordinary shares                                                       (3,442)             (3,786)
                                                                                ---------           ---------
(Decrease)/increase in cash in the period                                         (3,281)              25,289
                                                                                    =====               =====



RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH FLOW
FROM OPERATING ACTIVITIES


                                                                               Year ended          Year ended
                                                                              31 December         31 December
                                                                                     2002                2001
                                                                                (audited)           (audited)

Net return before finance costs and taxation                                        5,620               9,218
Net sales of investments by subsidiary undertakings                                 1,230               1,605
Decrease/(increase) in debtors                                                        259               (159)
Increase/(decrease) in creditors                                                      106               (142)
Tax on investment income included within gross income                               (271)               (466)
Profit on investments by subsidiary undertakings                                  (1,441)               (536)
                                                                                  -------             -------
Net cash flow from operating activities                                             5,503               9,520
                                                                                     ====                ====



NOTES TO THE PRELIMINARY RESULTS



1. Principal activity



The principal activity of the Company is that of an investment trust company
within the meaning of section 842 of the Income and Corporation Taxes Act 1988.



The principal activity of its two subsidiary undertakings, Merrill Lynch Gold
Limited and World Mining Investment Company Limited, is investment dealing.



2. Basis of preparation



The preliminary financial statements have been prepared on the basis of the
accounting policies set out in the Company's financial statements at 31 December
2002.  Income and operating expenses have been accrued in accordance with the
same principles used in the preparation of the previous year's financial
statements.  The taxation charge has been calculated by applying an estimate of
the annual effective tax rate to the profit for the period.


3. Income                                                                Year ended            Year ended
                                                                        31 December           31 December
                                                                               2002                  2001
                                                                              £'000                 £'000
                                                                          (audited)             (audited)

Income from investments:
Dividends:
UK listed                                                                       810              752
Overseas listed                                                               6,118           10,244
                                                                           --------         --------
                                                                              6,928           10,996
                                                                           --------         --------
Interest receivable and other income:
Deposit interest and other income                                               115              118
Profit on investments by subsidiary undertakings                              1,441              536
                                                                           --------         --------
                                                                              1,556              654
                                                                           --------         --------
Total income                                                                  8,484           11,650
                                                                              =====            =====



4. Dividend



The directors are recommending an increased final dividend of 1.60p per share
and have declared a special dividend of 0.50p per share (2001: final dividend of
1.45p per share plus a special dividend of 1.70p per share).  The dividends will
be paid on 23 April 2003 at the close of business on 14 February 2003.  The
shares will be quoted ex-dividend on 12 February 2003.


5. Investment management fees                                                Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2002                2001
                                                                                  £'000               £'000
                                                                              (audited)           (audited)

Investment management fees                                                        2,243               1,850
Irrecoverable VAT thereon                                                            35                  88
                                                                                -------             -------
                                                                                  2,278               1,938
                                                                                   ====                ====

The investment management fee is levied quarterly, based on the gross assets on
the last day of the quarter.  All investment management fees are charged to
revenue.


6. Operating expenses                                                             £'000               £'000
                                                                              (audited)           (audited)

Custody fee                                                                         236                 195
Administration fee                                                                  139                 114
Auditor's remuneration:
- audit services                                                                     17                  17
- non-audit services (interim review and
   taxation compliance)
                                                                                     14                  14
Registrar's fee                                                                      24                  22
Directors' emoluments                                                                73                  56
Other administrative costs                                                           83                  76
                                                                                  -----               -----
                                                                                    586                 494
                                                                                    ===                 ===



7. Ordinary shares
                                                                            31 December         31 December
                                                                                   2002                2001
The weighted average number of ordinary shares in issue
during each period, on which the return per ordinary
share was calculated, was:                                                  163,068,062         168,244,008

The actual number of ordinary shares in issue at the end
of the period on which the net asset value per ordinary
share was calculated was:                                                   162,800,000         166,045,461

                                                                            
Share price                                                                     131.75p              96.50p



8. Gearing ratio.



As at 31 December 2002 the ratio of borrowings to net assets was nil (31.12.2001
: nil).



9. Publication of non-statutory accounts



The financial information contained in this preliminary statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.



10. The figures set out above have been reported upon by the auditor.  The
comparative figures are extracts from the audited financial statements of
Merrill Lynch World Mining

Trust plc for the year ended 31 December 2001, which have been filed with the
Registrar of Companies.  The report of the auditor for the years ended 31
December 2001 and 2002 contain no qualification or statement under section 237
(2) or (3) of the Companies Act 1985.



The 2002 annual report will be filed with the Registrar of Companies after the
Annual General Meeting.



11. Copies of the annual report will be sent to members shortly and will be
available from the registered office, c/o The Company Secretary, Merrill Lynch
World Mining Trust plc, 33 King William Street, London EC4R 9AS.  This report
will also be available on the Merrill Lynch Investment Manager's website at
www.mlim.co.uk/its



12. The Annual General Meeting of the Company will be held at 33 King William
Street, London EC4R 9AS on Wednesday 19 March 2003 at 2.30pm.













5 February 2003

33 King William Street

London EC4R 9AS




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