Final Results

Merrill Lynch World Mining Tst PLC
19 February 2004


                                                         19 February 2004


                      MERRILL LYNCH WORLD MINING TRUST plc

           Preliminary announcement of results in respect of the year
                             ended 31 December 2003



• The Company was again one of the best performing investment trusts in
  2003, winning 'Best Specialist Trust' awards from Investment Week (second year
  running), Bloomberg Money and What Investment.

Performance to 31 December 2003                                12 months          3 years           5 years
(with net income reinvested)
Net asset value per share                                         +61.2%          +128.1%           +324.6%
Ordinary share price                                              +67.1%          +150.3%           +329.0%
HSBC Global Mining Index*                                         +52.1%           +68.8%           +168.6%



*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 2003 was 239.09p (2002: 149.48p).


•  Weaker dollar and strong demand from China have increased metal prices
   over the year.


•  Earnings of 1.73p per share (2002: 2.52p).  The directors recommend the
   payment of a final dividend of 1.70p per share payable on 31 March 2004 to 
   those shareholders on the register on 27 February 2004.


•  The Company announces a bonus issue of warrants, on the basis of one
   warrant for every five shares held.  Further details are set out in a
   separate announcement released today.



For further information please contact:


Lynn Ruddick                                 -      020 7743 2427
                                             -      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:


' December 2003 marked the Company's tenth anniversary since launch and although
there have been trials and tribulations along the way, the overall returns have
been impressive.  At inception, the Company's NAV stood at 97.20p per share and
by the end of December 2003 this had risen to 239.09p - a rise of 146.0% (in
capital only terms).  By comparison, the HSBC Global Mining Index rose by 48.3%
and the FT All-Share Index rose by only 31.2%.


'The Board has considered a proposal from Merrill Lynch Investment Managers
Limited to make a bonus issue of new warrants on the Company's tenth
anniversary.  The Board has decided that it is appropriate to make such an
issue, as a result of the Company's continuing strong performance and the
prevailing favourable outlook for commodity markets.  The issue is subject to
shareholder approval and you will have a chance to vote upon it at an
Extraordinary General Meeting which will be held immediately following the
Annual General Meeting.'


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


' Although the major mining equities are no longer on depressed ratings (i.e.
below average p/e multiples), they have in our view the potential to continue
attracting investor interest.  The mining sector has traditionally been viewed
as a 'cyclical value' segment of the stockmarket.  However given the bright
outlook for commodity prices and the long term potential of China as a demand
centre, we believe that investors may increasingly look at the mining sector as
'cyclical growth', a categorisation which could justify a higher rating.


'China is likely to be the theme of the year in commodity markets.  Although
economists differ widely in their economic growth assumptions for China there is
little doubt that its rank in the global economy will increase.  We expect that
the demand from China will help support higher commodity prices across a broad
front.  Furthermore, as China's capital markets open up we expect to see more
opportunities for direct investment.


'We expect to see a continuation of the uptrend in the gold market.  The key
factors which have fuelled the rise in the gold price such as low interest
rates, a weakening dollar and rising investment demand are likely to remain
largely intact in 2004.   Attention will however focus on Central Bank activity,
as the Washington Agreement on gold sales signed in 1999 had an initial life of
five years and will therefore have to be either renewed or terminated in
September 2004.  Failure to renew the agreement could damage sentiment towards
gold.


'Our portfolio strategy at the start of 2004 is three pronged;



•  Fully invested portfolio in cash-generative major metals and
   minerals equities and tactical use of gearing.

•  Selective investment in small/developing mining equities with high
   performance and growth potential.

•  A bias towards producers of those commodities which China lacks
   especially alumina, nickel, copper and iron ore and selective direct 
   investment in Chinese equities.



Overall we believe that the mining sector will continue its outperformance
against broader equity markets.'



CONSOLIDATED REVENUE STATEMENT
for the year ended 31 December 2003                                          Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2003                2002
                                                                                  £'000               £'000
                                                                              (audited)           (audited)


Income                                                                            7,657               8,484
Investment management fees                                                      (2,969)             (2,278)
Operating expenses                                                                (705)               (586)
                                                                                -------             -------
Net revenue before finance costs and taxation                                     3,983               5,620
Interest payable and similar charges                                              (495)               (329)
                                                                                -------             -------
Revenue on ordinary activities before taxation                                    3,488               5,291
Taxation on ordinary activities                                                   (672)             (1,181)
                                                                                -------             -------
Revenue on ordinary activities after taxation                                     2,816               4,110
Dividends in respect of equity shares                                           (2,768)             (3,419)
                                                                                -------             -------
Transfer to revenue reserve                                                          48                 691
                                                                                   ====                ====



CONSOLIDATED STATEMENT OF TOTAL RETURN PER ORDINARY SHARE
for the year ended 31 December 2003
                                                                             Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2003                2002
                                                                              (audited)           (audited)
Calculated on weighted average shares:
Earnings per ordinary share                                                       1.73p               2.52p
Capital return per ordinary share                                                89.58p              30.28p
                                                                              ---------           ---------
Total return per ordinary share                                                  91.31p              32.80p
                                                                                  =====               =====
Calculated on actual shares:
Earnings per ordinary share                                                       1.73p               2.52p
Capital return per ordinary share                                                89.58p              30.33p
                                                                              ---------           ---------
Total return per ordinary share                                                  91.31p              32.85p
                                                                                  =====               =====
Final dividend per ordinary share                                                 1.70p               1.60p
Special dividend per ordinary share                                                   -               0.50p
                                                                              ---------           ---------
Total dividend per ordinary share                                                 1.70p               2.10p
                                                                                  =====               =====



SUMMARISED CONSOLIDATED BALANCE SHEET
as at 31 December 2003
                                                                        31 December          31 December
                                                                               2003                 2002
                                                                              £'000                £'000
                                                                          (audited)            (audited)

Fixed assets
Listed investments at mid-market valuation                                  419,488              239,830
Unlisted investments at directors' valuation                                  4,042                    -
                                                                         ----------           ----------
                                                                            423,530              239,830
                                                                         ----------           ----------
Current assets
Investments of subsidiary undertakings                                        3,513                2,131
Debtors                                                                       1,254                  164
Cash                                                                              -                6,569
                                                                         ----------           ----------
                                                                              4,767                8,864
Creditors - amounts falling due within one year                            (39,043)              (5,327)
                                                                         ----------           ----------
Net current (liabilities)/assets                                           (34,276)                3,537
                                                                         ----------           ----------
Total assets less current liabilities                                       389,254              243,367
Provision for liabilities and charges                                          (10)                 (17)
                                                                         ----------           ----------
Net assets                                                                  389,244              243,350
                                                                             ======               ======
Capital and reserves
Share capital                                                                 8,140                8,140
Capital redemption reserve                                                   22,779               22,779
Other capital reserves                                                      149,492                3,646
                                                                         ----------           ----------
                                                                            180,411               34,565
Special reserve                                                             203,244              203,244
Revenue reserve                                                               5,589                5,541
                                                                         ----------           ----------
Total equity shareholders' funds                                            389,244              243,350
                                                                             ======               ======
Net asset value per ordinary share                                          239.09p              149.48p
                                                                             ======               ======



SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2003
                                                                               Year ended          Year ended
                                                                              31 December         31 December
                                                                                     2003                2002
                                                                                (audited)           (audited)

Net cash flow from operating activities                                             2,519               5,503

Returns on investment and servicing of finance:
Interest paid on overdraft facility
                                                                                    (495)               (329)

Taxation paid                                                                     (1,122)             (1,347)

Capital expenditure and financial investment:
Purchase of fixed asset investments                                             (127,945)            (84,921)
Proceeds from the sale of fixed asset investments                                  90,006              86,558
Exchange gain/(loss) on foreign currency transactions                               1,035               (154)
                                                                                ---------           ---------
Net cash (outflow)/inflow from capital expenditure and
   financial investment                                                          (36,904)               1,483
                                                                                ---------           ---------
Equity dividends paid                                                             (3,419)             (5,149)
                                                                                ---------           ---------
Cash (outflow)/inflow before financing                                           (39,421)                 161
                                                                                ---------           ---------
Financing:
Purchase of ordinary shares                                                             -             (3,442)
                                                                                ---------           ---------
Net cash outflow from financing                                                         -             (3,442)
                                                                                ---------           ---------
Decrease in cash in the period                                                   (39,421)             (3,281)
                                                                                    =====               =====



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


                                                                               Year ended          Year ended
                                                                              31 December         31 December
                                                                                     2003                2002
                                                                                (audited)           (audited)

Net return before finance costs and taxation                                        3,983               5,620
Net (purchases)/sales of investments by subsidiary
   undertakings                                                                   (1,035)               1,230
Decrease in debtors                                                                    11                 259
Increase in creditors                                                                 525                 106
Tax on investment income included within gross income                               (464)               (271)
Profit on investments by subsidiary undertakings                                    (501)             (1,441)
                                                                                  -------             -------
Net cash flow from operating activities                                             2,519               5,503
                                                                                     ====                ====



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
2003.  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
                                                                               2003                  2002
                                                                              £'000                 £'000
                                                                          (audited)             (audited)

Income from investments:
Dividends:
UK listed                                                                     1,232              810
Overseas listed                                                               5,836            6,118
                                                                           --------         --------
                                                                              7,068            6,928
                                                                           --------         --------
Interest receivable and other income:
Deposit interest and other income                                                88              115
Profit on investments by subsidiary undertakings                                501            1,441
                                                                           --------         --------
                                                                                589            1,556
                                                                           --------         --------
Total income                                                                  7,657            8,484
                                                                              =====            =====



4. Dividend


The directors are recommending a final dividend of 1.70p per share (2002: final
dividend of 1.60p per share plus a special dividend of 0.50p per share).  The
dividends will be paid on 31 March 2004 to the shareholders on the register of
members at the close of business on 27 February 2004.  The shares will be quoted
ex-dividend on 25 February 2004.


5. Investment management fees                                                Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2003                2002
                                                                                  £'000               £'000
                                                                              (audited)           (audited)

Investment management fees                                                        2,821               2,243
Irrecoverable VAT thereon                                                           148                  35
                                                                                -------             -------
                                                                                  2,969               2,278
                                                                                   ====                ====

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                                                        Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2003                2002
                                                                                  £'000               £'000
                                                                              (audited)           (audited)

Custody fee                                                                         297                 236
Administration fee                                                                  174                 139
Auditor's remuneration:
- audit services                                                                     17                  17
- non-audit services (interim review and
   taxation compliance)
                                                                                     14                  14
Registrar's fee                                                                      23                  24
Directors' emoluments                                                                70                  73
Charitable donation                                                                   5                   -
Other administrative costs                                                          105                  83
                                                                                  -----               -----
                                                                                    705                 586
                                                                                    ===                 ===



7. Ordinary shares
                                                                           31 December 2003         31 December 2002
The weighted average number of ordinary shares in issue
during each period, on which the return per ordinary share
was calculated, was:                                                            162,800,000              163,068,062

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              162,800,000

Share price                                                                         217.00p                  131.75p



8. Gearing ratio.



As at 31 December 2003 the ratio of borrowings to net assets was 8.8%
(31.12.2002 : 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 2002, which
have been filed with the Registrar of Companies.  The report of the auditor for
the years ended 31 December 2002 and 2003 contain no qualification or statement
under section 237(2) or (3) of the Companies Act 1985.



The 2003 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 25 March 2004 at 2.30pm.







19 February 2004
33 King William Street
London EC4R 9AS




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