Performance at Month End

Mercury World Mining Trust PLC
7 November 2000


All information is at 31st October 2000 and unaudited
Performance at month end with net income reinvested
                          One     Three     One     Three     Five
                        Month    Months    Year     Years     Years
Net asset value          -0.9%      1.9%    4.8%     30.9%     11.5%
Share price              -8.7%      0.6%    0.8%     29.6%      7.5%
HSBC Global Mining
 Index (Capital Only)     1.2%      1.7%    0.9%     10.7%    -14.4%

At month end
Net asset value 102.62p    including current year net revenue of  1.6p
Share price:     83.75p    Discount to NAV:                      18.4%
                           Net yield:                             1.4%
Total assets:   £193.1m
Gearing:          10.2%
Ordinary shares in issue:      170,968,803
(1,225,000 shares were repurchased during the month)

Sector                 % Total   Country               % Total
Analysis                Assets   Analysis               Assets
Diversified               26.9   South Africa             37.3
Base Metals               25.2   Europe                   17.0
Platinum                  19.5   Canada                   13.8
Gold                      15.5   Latin America            13.8
Silver/Diamonds           10.5   Australia                11.4
Industrial Minerals        2.7   USA                       6.7
Net current liabilities   (0.3)  Africa                    0.3
                                 Net current liabilities  (0.3)
                         -----                           -----
                         100.0                           100.0
                         =====                           =====

Ten Largest Equity Investments
Company          % Investments     Country of Risk
Impala Platinum            9.1     South Africa
De Beers Centenary         6.9     South Africa
Anglo American Platinum    6.2     South Africa
Phelps Dodge               5.2     USA
Minas Buenaventura         5.0     Peru
Billiton                   4.8     UK
Vale Rio Doce              4.7     Brazil
Cominco                    4.4     Canada
Gold Fields                4.3     South Africa
Pechiney                   4.0     France
                          ----
Total                     54.6
                          ====

Commenting on the markets, Graham Birch, representing the Investment Manager
noted :
Metal markets remained rather soggy in October with base metals down by over
7% and gold slipping below US$270/oz for the first time since September 1999. 
Once again the market is shrugging off the reasonably good global demand
picture (especially China) and is preferring to focus on the cooling US
economy and the consequent adverse inventory adjustment taking place in that
market.  As 'fundamentalists' we remain sanguine about the outlook and feel
that the commodity markets are too complacent about the potential for upside
volatility.  LME inventories continued to decline in October and some metals
markets are looking quite tight - hardly consistent with the gloomy picture
that one reads about in the newspapers.

We have to admit however that our optimism cost the portfolio some
performance.  Global mining shares rose by 1.2% during the month and the
Trust's NAV fell by 0.9%.  This is largely attributable to our stubbornness in
remaining around 10% geared during treacherous markets.

In other respects the portfolio is in good shape.  There were no third quarter
earnings catastrophes and the majority of the results from our key holdings
were in-line or ahead of expectations. Cominco and Phelps Dodge delivered
particularly good surprises.  Political risks are perhaps a little higher than
usual as (despite trimming holdings back) the good performance of the platinum
shares has nudged the South African exposure up to about 40%.  Our Peruvian
exposure (7%) is a source of some concern given the power vacuum that has
developed in that country.

October saw the Trust 'wave goodbye' to its holding in Alcoa - a stock that
has seldom been outside our 'top ten' over the years.  Alcoa has been a good
investment for the Trust - providing that rare combination of sound
management, attractive returns on capital and hence growth plus income.  We
re-invested some of the proceeds of this sale into fellow aluminium company
Pechiney - which being euro-zone based is helped by the weak currency and also
does not have to contend with high power costs in the US.  The sale of Alcoa
was part of a 'macro' strategy to reduce US dollar assets and invest in weaker
currency areas.  Our US exposure is now only around 6% of the portfolio - half
the level at the start of the year.

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index

Latest information is available by typing www.mlim.co.uk on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV
terminal). 

6th November 2000