Performance at Month End

Mercury World Mining Trust PLC
8 August 2000


All information is at 31st July 2000 and unaudited.
Performance at month end with net income reinvested

                           One     Three     One     Three      Five
                         Month    Months    Year     Years     Years
Net asset value           0.8%      9.5%   12.6%      0.4%      3.4%
Share price               3.2%     13.3%    7.9%      1.6%     -2.8%
HSBC Global Mining
 Index (Capital Only)    -1.8%      5.9%   -0.5%    -14.8%    -19.3%

At month end
Net asset value 100.75p    including current year net revenue of 0.64p
Share price:     83.25p    Discount to NAV:                      17.4%
                           Net yield:                             1.4%
Total assets:   £206.8m
Gearing:          12.7%  
Ordinary shares in issue:      182,199,852
(There were no share repurchases during the month).

Sector                 % Total   Country               % Total
Analysis                Assets   Analysis               Assets
Base Metals               30.1   South Africa             31.2
Diversified               25.7   Europe                   17.0
Gold                      18.5   Latin America            15.3
Platinum                  14.5   USA                      14.7
Silver/Diamonds            7.4   Australia                11.5
Industrial Minerals        3.4   Canada                    9.5
Gold Bullion               0.9   Africa                    0.4
Net current liabilities   (0.5)  Gold Bullion              0.9
                                 Net current liabilities  (0.5)
                         -----                           -----
                         100.0                           100.0
                         =====                           =====

Ten Largest Equity Investments
Company          % Investments     Country of Risk
Impala Platinum            8.0     South Africa
Alcoa                      7.6     USA
Minas Buenaventura         5.9     Peru
De Beers Centenary         5.0     South Africa
Vale Rio Doce              4.6     Brazil
Anglo American Platinum    4.4     South Africa
Cominco                    4.4     Canada
Billiton                   3.9     UK
Gold Fields                3.9     South Africa
Rio Tinto                  3.9     UK 
                          ----
Total                     51.6
                          ====


Commenting on the markets, Evy Hambro, representing the Investment Manager
noted :

Demand for metals and minerals normally slackens off during July and August as
the 'summer lull' takes hold. This year, however, the demand from the world
economy has been stronger than usual and the regular seasonal patterns have
been rather muted.  As a result, inventories of metal in LME warehouses have
continued to decline during July and have now reached levels where the markets
are beginning to notice.  This unseasonable depletion of inventory is having a
modest positive impact on metal prices, with both copper and aluminium up on
the month.  These moves have helped to underpin sentiment in the market and
mining shares finished the month on a reasonably firm trend.

The precious metals component of the Fund had mixed performance for the month.
The gold equities softened considerably post the rash of corporate activity
earlier in the month.  In contrast to this, both platinum and palladium moved
higher and we expect key holdings in this sector to report stellar results
next month.
 
We are now in the midst of the reporting season and, so far, most companies
have released results inline or better than expectations.  Additionally,
companies are generally telling us that business conditions remain good.  For
example, Rio Tinto, at their half year results presentation, highlighted the
upwards revision to global growth forecasts for 2000 and 2001 as well as
mentioning the recent pick up in demand for metals in China.  We see such
comments as a vindication of our relatively aggressive portfolio strategy.

Corporate action has continued to help the portfolio.  Anglo American 
surprised many investors when it 'trumped' Rio Tinto's hostile A$3.80/share
bid for the Australian iron ore company North with a higher offer of
A$4.20/share.  Rio Tinto has come back with a recommended bid of A$4.75/share
and Anglo American has withdrawn. We have held on to our holding (3.5% of 
NAV).  July also saw the launch of an agreed scrip bid by Aquarius Platinum
for Kroondal Platinum.  Kroondal makes up about 1% of the Company's NAV.  We
have recently disposed of the Aquarius holding at what we consider to be an
attractive price. We continue to monitor the situation carefully.


Sources: Mercury, HSBC Global Mining Index

Latest information is available by typing www.mam.com/its on the internet,
'MAMINDEX' on Reuters, 'MAMI' on Bloomberg or '8800' on Topic 3 (ICV
terminal).