Final Results

Merrill Lynch World Mining Tst PLC
6 February 2002



FOR IMMEDIATE RELEASE                                   6 February 2002



                      MERRILL LYNCH WORLD MINING TRUST plc


           Preliminary announcement of results in respect of the year

                             ended 31 December 2001




Over the year to 31 December 2001 the Company has outperformed, and was one of
only a handful of investment trusts to report a positive return.

Performance to 31 December 2001                             12 months             3 years            5 years
(with net income reinvested)
Net asset value per share                                       11.1%              106.9%              30.5%
-  share capital changes (buy backs)                             0.5%                   -                  -
-  underlying investment performance                            10.6%                   -                  -
Ordinary share price                                             6.9%               83.2%              22.2%
HSBC Global Mining Index*                                        8.2%               64.0%               3.5%
MSCI World Equity Index                                        -14.6%                3.1%              52.7%



*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.



•               During the year, the NAV touched 141p, the highest level since
the inception of the Company.  At 121.6p the NAV is also the highest year end
figure in the Company's history.



•               Revenue for the year, after tax, was 3.82p per share, compared
with 1.63p per share in 2000.



•               Due to an exceptionally high level of dividend income received
from the platinum companies held in the portfolio, the Board has declared a
special dividend for the year of 1.70p per share (2000: nil) and is recommending
a final dividend of 1.45p per share (2000: 1.30p).



For further information please contact:


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


The Chairman, Peter Wilmot-Sitwell, comments:



'2001 was a successful year for the Company.  It was one of only a handful of
investment trusts to report a positive return over the year despite the very
turbulent world equity markets.  By the end of the year the Company's net asset
value per share ('NAV') had increased by 11.1%, compared with an 8.2% rise in
its benchmark index and a 14.6% fall in world equities, as measured by the MSCI
World Equity index (with net income reinvested).



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 the
fact that your Company represents one of the few ways in which investors can
gain exposure to a diversified mining portfolio, we hope that you will again
vote in favour of this proposal.'


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


'The production cuts of 2001 are going to filter through in early 2002 and
hopefully these will bring metal markets back into balance.  A second half
recovery in metals demand could then help lift prices later in the year.
Against this background of industry discipline and improving demand there is
less chance of a repeat of the 2001 metal price weakness.  Under this scenario,
mining industry earnings should trough in the first half and improve somewhat
towards the end of the year.  In the meantime we expect the undemanding
valuations in the sector (low P/E multiples and high dividends) to be a
supportive factor in what might well be another difficult year for equities
generally.



Uncertainty is likely to remain at high levels.  While this will probably
prevent mining share prices from moving ahead of the fundamentals, it is
favourably impacting the level of gold equities in the portfolio which, as at
the end of January 2002, had risen to 29% of NAV.



As we rightly argued last year, the Company's portfolio was well positioned to
achieve a respectable performance in comparison with the broad equity markets,
and we believe that this also remains the case for 2002.'






CONSOLIDATED REVENUE STATEMENT

for the year ended 31 December 2001
                                                                             Year ended           Year ended
                                                                            31 December          31 December
                                                                                   2001                 2000
                                                                                  £'000                £'000
                                                                              (audited)            (audited)
                                                          Note

Income                                                    3                      11,650            7,970
Less:
Investment management fees                                5                     (1,938)          (1,918)
Operating expenses                                        6                       (494)            (504)
                                                                                -------          -------
Net return before finance costs and taxation                                      9,218            5,548
Interest payable and similar charges                                              (383)          (1,550)
                                                                                -------          -------
Revenue on ordinary activities before taxation                                    8,835            3,998
Taxation on ordinary activities                                                 (2,401)          (1,059)
                                                                                -------          -------
Revenue on ordinary activities after taxation                                     6,434            2,939
Dividends in respect of equity shares                     4                     (5,148)          (2,198)
                                                                                -------          -------
Transfer to revenue reserve                                                       1,286              741
                                                                                   ====             ====



CONSOLIDATED STATEMENT OF TOTAL RETURN PER ORDINARY SHARE

for the year ended 31 December 2001
                                                                             Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2001                2000
                                                                              (audited)           (audited)
Calculated on weighted average shares:
Earnings per ordinary share                                                       3.82p               1.63p
Capital return per ordinary share                                                 7.85p            (10.33p)
                                                                              ---------            --------
Total return per ordinary share                                                  11.67p             (8.70p)
                                                                                  =====               =====
Calculated on actual shares:
Earnings per ordinary share                                                       3.87p               1.73p
Capital return per ordinary share                                                 7.95p            (10.94p)
                                                                              ---------            --------
Total return per ordinary share                                                  11.82p             (9.21p)
                                                                                  =====               =====
Special dividend per ordinary share                                               1.70p                   -
Final dividend per ordinary share                                                 1.45p               1.30p
                                                                              ---------           ---------
Total dividend per ordinary share                                                 3.15p               1.30p
                                                                                  =====               =====




SUMMARISED CONSOLIDATED BALANCE SHEET

as at 31 December 2001
                                                                            31 December         31 December
                                                                                   2001                2000
                                                                                  £'000               £'000
                                                                              (audited)           (audited)

Fixed assets
Investments at valuation                                                        192,314             202,114
                                                                             ----------          ----------

Current assets
Investments of subsidiary undertakings                                            2,002               2,926
Debtors                                                                           8,659                 893
Cash at bank                                                                      9,850                   -
                                                                               --------             -------
                                                                                 20,511               3,819
                                                                               --------             -------
Creditors - amounts falling due within one
 year
Bank overdraft                                                                        -              15,439
Other creditors                                                                  15,972               4,406
                                                                               --------            --------
                                                                                 15,972              19,845
                                                                               --------            --------
Net current assets/(liabilities)                                                  4,539            (16,026)
                                                                             ----------           ---------
Total assets less current liabilities                                           196,853             186,088
Provision for liabilities and charges                                               127                  66
                                                                             ----------           ---------
Net assets                                                                      196,726             186,022
                                                                                 ======              ======
Capital and reserves
Share capital                                                                     8,302               8,505
Capital redemption reserve                                                       22,617              22,414
Other capital reserves                                                         (45,729)            (58,933)
                                                                              ---------           ---------
                                                                               (14,810)            (28,014)
Special reserve                                                                 206,686             210,472
Revenue reserve                                                                   4,850               3,564
                                                                              ---------           ---------
Total equity shareholders' funds                                                196,726             186,022
                                                                                 ======              ======
Net asset value per ordinary share                                              118.48p             109.36p
                                                                                 ======              ======


CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2001
                                                                        Year ended           Year ended
                                                                       31 December          31 December
                                                                              2001                 2000
                                                                         (audited)            (audited)

Net cash inflow from operating activities                                    9,520                3,790

Returns on investment and servicing of finance:
Interest paid on overdraft facility                                          (383)              (1,550)

Taxation (paid)/recovered                                                  (1,002)                   17

Capital expenditure and financial investment:
Purchase of fixed asset investments                                       (81,508)            (109,184)
Proceeds from the sale of fixed asset investments                          104,914              138,111
Exchange (loss)/gain on foreign currency transactions                        (269)                   15

Equity dividends paid                                                      (2,197)              (2,218)

Purchase of ordinary shares                                                (3,786)             (19,502)
                                                                         ---------           ----------
Increase in cash in the period                                              25,289                9,479
                                                                             =====               ======



RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH FLOW
FROM OPERATING ACTIVITIES
                                                                        Year ended           Year ended
                                                                       31 December          31 December
                                                                              2001                 2000
                                                                         (audited)            (audited)

Net return before finance costs and taxation                                 9,218                5,548
Net sales/(purchases) of investments by
subsidiary undertakings                                                      1,605                (299)
Increase in debtors                                                          (159)                (110)
Decrease in creditors                                                        (142)                 (67)
Tax on investment income included within gross income                        (466)                (709)
Profit on investments by subsidiary undertakings                             (536)                (573)
                                                                          --------             --------
Net cash flow from operating activities                                      9,520                3,790
                                                                             =====                =====


NOTES TO THE PRELIMINARY RESULTS



1. Principal activity



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



The principal activity of its two subsidiary undertakings 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
2001.  Income and operating expenses have been accrued in accordance with the
same principles used in the preparation of the previous year's financial
statements.


3. Income                                                                Year ended            Year ended
                                                                        31 December           31 December
                                                                               2001                  2000
                                                                              £'000                 £'000
                                                                          (audited)             (audited)

Income from investments:
Dividends
UK listed                                                                       752              626
Overseas listed                                                              10,244            6,769
                                                                           --------          -------
                                                                             10,996            7,395
                                                                           --------          -------
Interest receivable and other income:
Profit on investments by subsidiary undertakings                                536              573
Bank interest and other income                                                  118                2
                                                                            -------          -------
                                                                                654              575
                                                                           --------          -------
Total income                                                                 11,650            7,970
                                                                              =====             ====




4. Dividend



The directors have declared a special dividend of 1.70p per share (2000: nil)
and are recommending a final dividend of 1.45p per share (2000: 1.30p).  The
dividend will be paid on 23 April 2002 to shareholders on the register of
members at the close of business on 15 February 2002.  The shares will be quoted
ex-dividend on 13 February 2002.


5. Investment management fees                                                Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2001                2000
                                                                                  £'000               £'000
                                                                              (audited)           (audited)

Investment management fees                                                        1,850               1,848
Irrecoverable VAT thereon                                                            88                  70
                                                                                -------             -------
                                                                                  1,938               1,918
                                                                                   ====                ====

All investment management fees are charged to revenue.


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

Custody fee                                                                     195                  194
Administration fee                                                              114                  114
Auditors' remuneration:
- audit services                                                                 17                   17
- non-audit services                                                             14                   17
Registrars' fee                                                                  22                   21
Directors' emoluments                                                            56                   62
Other administrative costs                                                       76                   79
                                                                              -----                -----
                                                                                494                  504
                                                                                ===                  ===



7. Ordinary shares
                                                                            31 December         31 December
                                                                                   2001                2000
The weighted number of ordinary shares in
 issue during each period, on which the return
 per ordinary share was calculated, was:                                                        180,199,129

                                                                            168,244,008

The number of ordinary shares in issue at the
 end of the period was:                                                     166,045,461         170,099,852

Share price
                                                                                 96.50p              91.50p



8. Gearing ratio.



As at 31 December 2001 the ratio of borrowings to net assets was nil (31.12.2000
: 8.3%).




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 auditors.  The
comparative figures are extracts from the audited financial statements of
Merrill Lynch World Mining Trust plc for the year ended 31 December 2000, which
have been filed with the Registrar of Companies.  The report of the auditors for
the years ended 31 December 2000 and 2001 contain no qualification or statement
under section 237(2) or (3) of the Companies Act 1985.



The 2001 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 27 March 2002 at 2.30pm.




6 February 2002

33 King William Street

London EC4R 9AS





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