Acquisition

Rio Tinto PLC
9 May 2001


                       Western Australian Diamond Trust                       
                                                                              
              Compulsory Acquisition of Units at A$2.00 per unit              
                                                                              
 
Rio Tinto Limited (through its wholly owned subsidiary, Capricorn Diamonds
Investments Pty Limited) intends to compulsorily acquire all of the
outstanding units in Western Australian Diamond Trust (WADT) that it does not
already own, as permitted by the Corporations Law.
 
Rio Tinto currently has a beneficial interest in 96.95% of the issued units
of WADT, whose principal asset is a 5% interest in the Argyle Diamond Mines
Joint Venture.
 
Rio Tinto believes that the cash acquisition price of A$2.00 per unit is
extremely fair for unitholders because:
 
* it represents a significant premium of 72% to the preferred valuation of
A$1.16 per unit ascribed to the units by an Independent Expert commissioned
to provide a valuation of WADT; 

* the Independent Expert has concluded that Rio Tinto's cash offer provides
fair value for the units; 

* it provides unitholders an opportunity to realise a return on securities
that have exhibited a volatile trading history. Over the 12 months to 30
April 2001, the unit price has traded as low as A$1.26 and as high as A$2.40.
Rio Tinto considers the volume-weighted average price for this period of
A$2.0085 to be a reasonable benchmark for its offer of A$2.00 per unit; and 

* it provides unitholders an opportunity to realise full value for securities
that have limited liquidity. Trading volumes on ASX for WADT units are very
poor. In the period from 1 January 2001 to 30 April 2001, average weekly
trading volume for the units was less than 4,000 units per week.  
The Notice of Compulsory Acquisition and an Independent Expert's Report
prepared by AMC Corporate Pty Ltd (an expert nominated by the Australian
Securities & Investments Commission) is being mailed to WADT unitholders.
 
WADT is registered as a managed investment scheme under the Corporations Law
for which the responsible entity is AML Nominees Limited, a wholly owned
subsidiary of Ashton Mining Limited. Rio Tinto acquired all of the issued
shares in Ashton in early 2001.
 
 
For further information, please contact:
 

                                                                  
              LONDON                     AUSTRALIA                
              Media Relations            Media Relations          
              Lisa Cullimore             Ian Head                 
              + 44 (0) 20 7753 2305      [phone]      
              Investor Relations         Investor Relations       
              Peter Jarvis               Dave Skinner             
              + 44 (0) 20 7753 2401      [phone]      
              Jonathan Murrin            Daphne Morros            
              + 44 (0) 20 7753 2326      [phone]      
 
Website: www.riotinto.com