Performance at Month End

Merrill Lynch World Mining Tst PLC
12 September 2005


MERRILL LYNCH WORLD MINING TRUST plc

All information is at 31 August 2005 and unaudited.

Performance at month end with net income reinvested

                                                                       One      Three        One      Three       Five
                                                                     month     months       year      years      years
Net asset value                                                       3.2%      21.8%      44.4%     138.2%   184.1%
Share price*                                                          1.7%      25.0%      45.4%     150.1%     216.7%
HSBC Global Mining Index                                              2.1%      18.4%      33.9%     104.6%     110.4%

Sources: Merrill Lynch Investment Managers, HSBC Global Mining Index, Datastream

*Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 bonus warrant entitlement per share was sold and reinvested on
the first day of trading.

At month end
Net asset value
Undiluted:                          305.32p         Includes net revenue of:                                     2.86p
Share price:                        270.00p         Discount to NAV:                                             11.6%
Total assets:                       £541.1m         Net yield:                                                    0.6%
Gearing:                               6.3%
Ordinary shares in issue:                      168,298,906






Sector                                 % Total Assets          Country                               % Total Assets
Analysis                                                       Analysis
Diversified                                      51.3          Latin America                                   22.9
Base Metals                                      22.7          Global                                          22.0
Gold                                              8.6          Canada                                          16.4
Industrial Minerals                               6.5          Australia                                       10.4
Silver/Diamonds                                   4.5          South Africa                                     9.0
Platinum                                          4.5          Europe                                           6.0
Other                                             2.7          USA                                              3.9
Net current liabilities                         (0.8)          China                                            3.2
                                                               Other Africa                                     2.8
                                                               India                                            2.0
                                                               Indonesia                                        0.9
                                                               Laos                                             0.9
                                                               Mongolia                                         0.4
                                                               Net current liabilities                        (0.8)
                                                100.0                                                         100.0


Ten Largest Equity Investments
Company                                    Region of Risk
Alumina                                      Australasia
BHP Billiton                                 Global
CVRD                                         Latin America
Falconbridge                                 Canada
Iluka Resources                              Australasia
Impala Platinum                              South Africa
Minas Buenaventura                           Latin America
Rio Tinto                                    Global
Teck Cominco                                 Canada
Xstrata                                      Global


Commenting on the markets, Graham Birch, representing the Investment Manager
noted:

Strong metal prices, encouraging data from China and analyst upgrades to profit
forecasts were supportive for the mining sector in August, despite some
profit-taking earlier in the month.  Copper reached another all time high,
hitting US$1.78/lb irrespective of a 133% increase in LME inventories (albeit
from a very low base), a signal that the market still remains tight.  The zinc
price witnessed a sharp increase towards the end of the month (up 8.7% in August
in US dollar terms), as the market learned that almost half of global zinc
inventories are situated in New Orleans and are therefore inaccessible following
Hurricane Katrina.  This compounded concerns over already declining inventories.

Results season continued with some of the Company's largest holdings reporting.
BHP Billiton, Rio Tinto and Xstrata all released excellent results benefiting
from high prices and strong production volumes.  All three companies were
confident in their outlook for the commodities market, with Rio Tinto and BHP
Billiton stating the iron ore and coking coal markets are likely to be
particularly favourable going forward.  With the benefit of higher iron ore and
coking coal prices only felt for one of the two previous quarters, the second
half of the year should see even better results for our major holdings.

In corporate news, Xstrata announced they had taken a 19.9% stake in
Falconbridge, the third largest zinc and fourth largest copper producer in the
world. They have since increased their holding to just over 20%.   Having failed
in their bid for WMC Resources earlier this year, the market has seen this to be
Xstrata's way of ensuring that they would not be pipped at the post again were
they to bid for the whole company.

Global economic growth should be sufficiently robust to ensure that supply/
demand balances in the metals and minerals markets remain favourable; with
positive implications for prices. The strong balance sheets and high cash flows
of many of the Company's holdings should continue to be translated into higher
dividends and increased share buy-backs.  There is also the possibility of
additional 'corporate activity' providing further support for the market.  China
should continue to be a key factor in the commodity markets and while it seems
likely that demand growth will moderate it should still be sufficient to support
higher commodity prices across the board.

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


12 September 2005



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