AGM Statement

Rio Tinto PLC
17 April 2003

                             Annual General Meeting

   
At today's Annual General Meeting of Rio Tinto plc in London, chairman Sir
Robert Wilson told shareholders continued caution about an upturn in markets had
proved well founded.

'This time last year, I said that we remained cautious about the strength and
pace of the recovery in the United States. I also noted that Europe and Japan
remained some way behind the US in their respective cycles, but that growth in
China continued to provide welcome support for our markets, particularly in iron
ore and copper.

'Unfortunately, our caution proved to be well founded.  In 2002, most of our
markets were depressingly flat. The primary exceptions were iron ore, demand for
which grew strongly, and gold, the price of which rose, probably because of
geopolitical and currency uncertainties.  Despite these lacklustre markets we
delivered our second best earnings performance.

'One outstanding plus for us in 2002 was the growing importance of China in the
mineral markets.  Whilst industrial production at best stagnated elsewhere,
China's grew by 12 per cent.  Because of the materials intensive nature of this
growth, the Chinese market has become more important to the mining industry than
to other industrial sectors.

'Our strategy has been substantially unchanged for well over a decade. The
underlying principle is very simple: we are in business to create value for our
shareholders, responsibly and sustainably.  For this purpose, we define value as
the net present value of Rio Tinto shares.  As I said in the annual report, by
its nature, this is a long term optimisation exercise, not focused on maximising
the near term share price nor, necessarily, one year's earnings.  We believe
that if we make the right decisions to maximise the long term value of the
business, then this will ultimately be reflected in our share price, even if
short term share price movements sometimes seem to contradict that.

'The result has been that we have a consistent record of outperforming our
sector in total shareholder returns.

'We intend to maintain Rio Tinto's leadership position not only in commercial
terms, but also by ensuring our business activities contribute to sustainable
development.  We believe that acting responsibly in the social and environmental
arena adds economic value by creating opportunities, minimising risk, and
attracting the best employees.

'This approach, together with our business strategy and our world class team of
employees, who are at the heart of the implementation process, should ensure
that we remain the best performer in our industry.

'As far as the outlook is concerned, forecasts are obviously clouded by the
uncertain economic and political consequences of the war in Iraq.  However, even
leaving aside the war, it is difficult to see what might cause significant
improvement in the main economies of the OECD in the near term.  Further
progress towards global trade liberalisation may also be at risk.  This is
partly a reaction to weak economic conditions but is also a consequence of the
refusal by western countries, notably in the European Union, to open their
markets to fair competition in agriculture from the developing world.  Rather
more positively, China's economic performance continues to look impressive.  So
we remain of the view outlined at the time of our results statement at the end
of January that our industry might see a recovery earlier than usual in the
economic cycle.

'Of course, in many sectors of industry, China's growth represents a threat. The
increasing use of modern technology, combined with its very low labour costs, is
establishing a competitive advantage for China.  But in most instances it lacks
the raw materials to support this growth.  Comparative advantage in the
production of many of these requirements therefore lies outside China, with
suppliers such as Rio Tinto.

'I hesitate to forecast when we will see a major improvement in overall demand
and prices.  Other than for iron ore, it will probably not be this year.
Meanwhile volatility in foreign exchange markets is adding a further element of
uncertainty to the near term outlook.

'I've worked for this company for over 33 years altogether.  I am certainly
going to miss the outstanding, talented and dedicated men and women around the
world who have been my colleagues and who have made Rio Tinto the success that
it is.

'It has also been my privilege to lead this company as chief executive or
chairman for the past 12 years.  I have enjoyed the job enormously but of course
every job has its pluses and minuses.  I've never been quite sure on which side
of the ledger to put these annual general meetings.  But I will probably miss
them too.

'One of the most important tasks for a retiring chairman is to ensure that
strong succession plans are made.  I am delighted that the board has appointed
Paul Skinner to succeed me in November.  Paul has enjoyed a highly successful
and distinguished career with Shell, from which he is retiring at the end of
September.  Although his role with Rio Tinto will not be executive in the same
way as mine, I have no doubt that the contribution of Paul with Leigh Clifford
as chief executive and the very strong team that support them, will lead this
company to new heights in the years to come.'


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 Cunningham                                   Dave Skinner
+ 44 (0) 20 7753 2401                              [phone]
Richard Brimelow                                   Daphne Morros
+ 44 (0) 20 7753 2326                              [phone]


Website: www.riotinto.com


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