Energy Resources - Finals

Rio Tinto PLC
16 August 2001


Energy Resources of Australia Ltd, an Australian public company which is 68.4
per cent owned by Rio Tinto, issued the following in Australia today.  All
dollars are Australian except where otherwise shown.
                                 
          Profit Announcement to 30 June 2001 (unaudited)

              Current year   Current year   Previous year    Previous year
                  3 months      12 months        3 months        12 months
                     ended          ended           ended            ended 
              30 June 2001   30 June 2001    30 June 2000     30 June 2000
                    
Sales revenue         66.4          149.1            64.9            181.8
($ million)
Earnings before        8.1           26.2            19.9             46.3
interest and
tax ($ million)
Profit after           3.7           13.1            12.5             34.7
tax ($ million)
Production -           973          4,612             911            4,144
drummed
(tonnes U3O8)


Profit  after  tax  for the June quarter was $3.7  million  (2000:
$12.5  million).  Earnings before interest and tax  for  the  June
quarter was $8.1 million (2000: $19.9 million).

Profit  after  tax for the twelve months ended 30  June  2001  was
$13.1  million  (2000:  $22.4 million pre  abnormal  items).   The
decrease  is  mainly  the result of lower sales  volumes  and  the
weaker  spot price (reflected in the lower sales revenue  for  the
period).

A hedge loss of $28.9m has been recognised as a reduction in sales
revenue  for  the  period.   There are US$31  million  of  forward
exchange contracts at an average rate of 59 cents due to mature in
the  remainder  of the current year and US$79 million  of  forward
exchange contracts at an average rate of 63 cents due to mature in
2002.   In  addition,  the Company has hedge contracts  comprising
approximately  US$45 million per year at an  average  rate  of  65
cents  maturing during the period 2003-2008.  The Company has  not
entered into any new hedges during the period.

During the period, Energy Resources of Australia Ltd (ERA) changed
its year-end balance date from 30 June to 31 December to align its
year-end with its parent entity Rio Tinto.

The  Company  expects the current difficult market  conditions  to
continue into next year.
                                                     
Market

Sales levels for the twelve-month period decreased to 3,998 tonnes
U3O8  (1999/00:  4,514 tonnes U3O8).  This  reduction  is  due  to
existing   customers  nominating  lower  flexibilities   to   take
advantage of the lower spot price for on-market purchases and some
deferral of deliveries due to improved reactor operating practices
at nuclear electricity utilities.

During  the period ERA signed two new long-term contracts and  two
contract extensions.

Production

Production  (drummed)  for the twelve-month  period  increased  to
4,612 tonnes (1999/00: 4,144 tonnes U3O8).

The  present level of production has been reduced to  be  in  line
with current sales forecasts.

Dividends

ERA  Directors  today declared a second interim dividend  for  the
period of 3.0 cents per share, fully franked at 30 per cent.   The
record  date for the dividend is 7 September 2001 and it  will  be
paid on 21 September 2001.

The first interim dividend was paid in February 2001 resulting  in
dividends  for  the  twelve month period of 6.0  cents  per  share
(1999/00: 49 cents per share).

Developments

Discussions have continued with the Northern Land Council and  the
Commonwealth  Government  as part of the  re-negotiations  arising
from the renewal in January 2000 of ERA's authority to operate the
Ranger Project.  As requested, ERA has been providing both the NLC
and  the  Commonwealth with information about its business  on  an
ongoing  basis  in order that the processes under  the  Aboriginal
Land  Rights  (Northern  Territory) Act  are  respected  and  that
informed decisions can be made.

As  part  of  normal operational planning, ERA  has  continued  to
review   possible   development  options  and  is   committed   to
consultation with key stakeholders where their interests  will  be
affected.


For further information, please contact:

   LONDON                         AUSTRALIA
   Media Relations                Media Relations
   John Hughes                    Ian Head
   + 44 (0) 20 7753 2331          [phone]
   Investor Relations             Investor Relations
   Jonathan Murrin                Dave Skinner
   + 44 (0) 20 7753 2326          [phone]
                                  Daphne Morros
                                  [phone]
                                  
Website: www.riotinto.com