Final Results

Merrill Lynch World Mining Tst PLC
14 February 2005


                                                            14 February 2005


                      MERRILL LYNCH WORLD MINING TRUST plc

           Preliminary announcement of results in respect of the year
                             ended 31 December 2004


Performance to 31 December 2004                                12 months          3 years           5 years
(with net income reinvested)

Undiluted net asset value per share                                +2.7%          +110.8%           +121.8%

Ordinary share price                                               +2.8%          +140.6%           +136.8%

HSBC Global Mining Index*                                          +4.4%           +58.2%            +61.8%


*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 undiluted net asset value per share at 31 December 2004 was 242.85p
   (2003: 239.09p).



•  Increased earnings of 3.01p per share (2003: 1.73p), which includes the
   benefit of some investment trading.



•  The directors recommend the payment of an increased final dividend of
   1.75p (2003: 1.70p) and have declared a special dividend of 0.75p, both 
   payable on 31 March 2005 to shareholders on the register on 25 February 2005.



•  Bonus warrants become exercisable on 29 April 2005 at a share price of
   219p compared to the price at going to press of 227.50p.  The warrant price 
   at this time is 10.50p.


For further information please contact:


Jonathan Ruck Keene, Managing Director Investment Trusts     -     020 7743 2178
Graham Birch, Managing Director Natural Resources            -     020 7743 2690
Nigel Webb, Director Media & Communications                  -     020 7743 5938
Merrill Lynch Investment Managers

Or

William Clutterbuck
The Maitland Consultancy                                     -     020 7379 5151


The Chairman, Peter Wilmot-Sitwell, comments:



Commodity markets experienced a strong year in 2004 as the global economy
continued to prosper, led in the main by China.  In particular, metal prices
surged in US dollar terms although the weakness of the currency served to reduce
the benefits to sterling investors.



Although the pace of economic expansion may well moderate during the year ahead,
the outlook for demand growth in the metals and minerals sector continues to be
encouraging. Once again China should help lead the way, with commodity prices
predicted to strengthen further.  We are hopeful that this will lead to the
mining sector outperforming global equities generally. Your Company is fully
invested to benefit from these conditions.



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



We believe that global economic growth in 2005 will be sufficiently robust to
ensure that supply/demand balances in the metals and minerals markets remain
favourable with positive implications for prices.  If we are right about the
pricing environment then many companies in the portfolio will report record
earnings and cash flow.  Given that balance sheets have already strengthened
markedly during 2004 there is every likelihood that 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.



We expect China to continue to be a key theme in the 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 continue to
increase.  While it seems likely that demand growth will moderate from the high
levels of recent years it should still be sufficient to support higher commodity
prices across a broad front - especially the bulk commodities iron ore and coal.




We expect to see a continuation of the uptrend in gold.  Mine supply fell 4% in
2004 and is likely to fall further.  Meanwhile investment demand is growing and
central bank sales are likely to decline.  This is a good environment for gold
especially if the dollar weakens again and the Federal Reserve keeps rate rises
on a slow track.



Our portfolio strategy at the start of 2005 is three pronged:



1) Fully invested portfolio.  Emphasis on companies with strong cashflow and
the potential to lift returns to shareholders through higher dividends and share
buybacks.

2) Emphasis on companies producing those commodities in short supply in
China i.e. iron ore and coking coal.

3) Tactical investment in commodities.



Overall we expect that the mining sector will resume its outperformance against
broader global equities after the lull in 2004.


CONSOLIDATED REVENUE STATEMENT
for the year ended 31 December 2004                                          Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2004                2003
                                                                                  £'000               £'000
                                                                              (audited)           (audited)


Income                                                                           12,672               7,657
Investment management fees                                                      (3,797)             (2,969)
Operating expenses                                                                (697)               (705)
                                                                                -------             -------
Net return before finance costs and taxation                                      8,178               3,983
Interest payable and similar charges                                            (1,817)               (495)
                                                                                -------             -------
Return on ordinary activities before taxation                                     6,361               3,488
Taxation on ordinary activities                                                 (1,462)               (672)
                                                                                -------             -------
Return on ordinary activities after taxation                                      4,899               2,816
Dividends in respect of equity shares                                           (4,070)             (2,768)
                                                                                -------             -------
Transfer to reserves                                                                829                  48
                                                                                   ====                ====





CONSOLIDATED STATEMENT OF TOTAL RETURN PER ORDINARY SHARE

for the year ended 31 December 2004
                                                                             Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2004                2003
                                                                              (audited)           (audited)

Earnings per ordinary share                                                       3.01p               1.73p
Capital return per ordinary share                                                 3.25p              89.58p
                                                                              ---------           ---------
Total return per ordinary share                                                   6.26p              91.31p
                                                                                  =====               =====
                                                                              ---------           ---------
Dividend per ordinary share                                                       1.75p               1.70p
                                                                                  =====               =====
Special dividend per ordinary share                                               0.75p                   -
                                                                                  =====               =====



SUMMARISED CONSOLIDATED BALANCE SHEET
as at 31 December 2004
                                                                        31 December          31 December
                                                                               2004                 2003
                                                                              £'000                £'000
                                                                          (audited)            (audited)


Fixed assets
Listed investments at mid-market valuation                                  414,349              419,488
Unlisted investments at directors' valuation                                  3,769                4,042
                                                                         ----------           ----------
                                                                            418,118              423,530
                                                                         ----------           ----------
Current assets
Investments of subsidiary undertakings                                        4,886                3,513
Debtors                                                                       2,145                1,254
                                                                         ----------           ----------
                                                                              7,031                4,767
Creditors - amounts falling due within one year                            (29,707)             (39,043)
                                                                         ----------           ----------
Net current liabilities                                                    (22,676)             (34,276)
                                                                         ----------           ----------
Total assets less current liabilities                                       395,442              389,254
Provision for liabilities and charges                                          (85)                 (10)
                                                                         ----------           ----------
Net assets                                                                  395,357              389,244
                                                                             ======               ======
Capital and reserves
Share capital                                                                 8,140                8,140
Capital redemption reserve                                                   22,779               22,779
Other capital reserves                                                      154,776              149,492
                                                                         ----------           ----------
                                                                            185,695              180,411
Special reserve                                                             203,244              203,244
Revenue reserve                                                               6,418                5,589
                                                                         ----------           ----------
Total equity shareholders' funds                                            395,357              389,244
                                                                             ======               ======
Net asset value per ordinary share - undiluted                              242.85p              239.09p
                                                                             ======               ======
Net asset value per ordinary share - diluted                                238.87p                    -
                                                                             ======               ======


SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2004
                                                                               Year ended          Year ended
                                                                              31 December         31 December
                                                                                     2004                2003
                                                                                (audited)           (audited)

Net cash flow from operating activities                                             7,824               2,519

Returns on investments and servicing of finance:
Interest paid on overdraft facility
                                                                                  (1,817)               (495)

Taxation paid                                                                       (261)             (1,122)

Capital expenditure and financial investment:
Purchase of fixed asset investments                                             (121,186)           (127,945)
Proceeds from the sale of fixed asset investments                                 131,609              90,006
Exchange (loss)/gain on foreign currency transactions                                (46)               1,035
                                                                                ---------           ---------
Net cash inflow/(outflow) from capital expenditure and

   financial investment                                                            10,377            (36,904)
                                                                                ---------           ---------
Equity dividends paid                                                             (2,768)             (3,419)
                                                                                ---------           ---------
Cash inflow/(outflow) before financing                                             13,355            (39,421)
                                                                                ---------           ---------
Financing:
Warrant issue costs                                                                 (305)                   -
                                                                                ---------           ---------
Net cash outflow from financing                                                     (305)                   -
                                                                                ---------           ---------
Increase/(decrease) in cash in the period                                          13,050            (39,421)
                                                                                    =====               =====


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


                                                                               Year ended          Year ended
                                                                              31 December         31 December
                                                                                     2004                2003
                                                                                (audited)           (audited)

Net return before finance costs and taxation                                        8,178               3,983
Net sales/(purchases) of investments by subsidiary
   undertakings                                                                     2,131             (1,035)
(Increase)/decrease in debtors                                                      (382)                  11
Increase in creditors                                                               2,013                 525
Tax on investment income included within gross income                               (612)               (464)
Profit on investments by subsidiary undertakings                                  (3,504)               (501)
                                                                                  -------             -------
Net cash flow from operating activities                                             7,824               2,519
                                                                                     ====                ====



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
2004.  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
                                                                               2004                  2003
                                                                              £'000                 £'000
                                                                          (audited)             (audited)

Income from investments:
Dividends:
UK listed                                                                     1,446            1,232
Overseas listed                                                               7,367            5,836
                                                                           --------         --------
                                                                              8,813            7,068
                                                                           --------         --------
Interest receivable and other income:
Deposit interest and other income                                               355               88
Profit on investments by subsidiary undertakings                              3,504              501
                                                                           --------         --------
                                                                              3,859              589
                                                                           --------         --------
Total income                                                                 12,672            7,657
                                                                              =====            =====



4. Dividend


The directors are recommending a final dividend of 1.75p per share (2003: final
dividend of 1.70p per share) and have declared a special dividend of 0.75p per
share.  The dividends will be paid on 31 March 2005 to the shareholders on the
register of members at the close of business on 25 February 2005.  The shares
will be quoted ex-dividend on 23 February 2005.


5. Investment management fees                                                Year ended          Year ended
                                                                            31 December         31 December
                                                                                   2004                2003
                                                                                  £'000               £'000
                                                                              (audited)           (audited)


Investment management fees                                                        3,631               2,821
Irrecoverable VAT thereon                                                           166                 148
                                                                                -------             -------
                                                                                  3,797               2,969
                                                                                   ====                ====

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
                                                                                   2004                2003
                                                                                  £'000               £'000
                                                                              (audited)           (audited)


Custody fee                                                                         209                 297
Administration fee                                                                  225                 174
Auditor's remuneration:
- audit services                                                                     17                  17
- non-audit services (interim review and
   taxation compliance)
                                                                                     14                  14
Registrar's fee                                                                      40                  23
Directors' emoluments                                                                74                  70
Charitable donation                                                                   -                   5
Other administrative costs                                                          118                 105
                                                                                  -----               -----
                                                                                    697                 705
                                                                                    ===                 ===


7. Ordinary shares
                                                                            31 December         31 December
                                                                                   2004                2003


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


The number of warrants in issue at the end of the period
was:                                                                         32,559,564                   -
                                                                             

Share price                                                                     218.00p             217.00p
                                                                                



8. Gearing ratio.



As at 31 December 2004 the ratio of borrowings to net assets was 6.0% (2003:
8.8%).



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 2003, which have
been filed with the Registrar of Companies.  The report of the auditor for the years ended 31 December 2003 and 2004
contain no qualification or statement under section 237(2) or (3) of the Companies Act 1985.

The 2004 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 Thursday 17 March 2005 at 2.30pm.

14 February 2005

33 King William Street

London EC4R 9AS

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