Final Results

Rio Tinto PLC
31 January 2002

                               
            Strong result despite tough conditions
  

  *    Record  earnings of $1,662 million before  exceptional
       items, despite the deteriorating economic environment
  *    Margins maintained at nearly 30 per cent
  *    Good progress in the integration of recent acquisitions


Rio  Tinto's chairman Sir Robert Wilson, said, 'We are pleased
to have achieved very strong earnings in 2001, even though the
world  economic  environment  has  not  been  favourable.  Our
financial  results  reflect the quality of  both  Rio  Tinto's
assets  and  people,  and the benefits  of  a  consistent  and
successful long-term strategy.'

'The  bulk  commodities,  iron ore and  coal,  were  the  main
drivers  behind our strong performance, as a result  of  their
higher  prices  and  the  recent  acquisitions.  In  addition,
currency movements partly mitigated weakness in metal  prices.
Improvements in operating performance continue to underpin our
results,' said Sir Robert.


Full year to 31 December             2001      2000   Change

Group turnover                   $10,438m   $9,972m      +5%

Profit before tax (after          $1,983m   $2,509m     -21%
exceptional items)
Adjusted earnings (before        $1,662m*   $1,507m     +10%
exceptional items)
Net earnings (after              $1,079m*   $1,507m     -28%
exceptional items)
Adjusted earnings per share -      120.9*     109.8     +10%
cents
Earnings per share - cents           78.5     109.8     -29%

Total dividends - US cents per       59.0      57.5      +3%
share

All $ are US$, unless otherwise stated.

*  2001 net earnings are stated after an exceptional charge of
$583  million  relating to asset write downs, which  has  been
added  back  in  arriving at adjusted  earnings  and  adjusted
earnings per share.


FULL YEAR 2001 REVIEW

Mr  Leigh Clifford, Rio Tinto's chief executive said,  'In  an
environment  of  generally declining metal prices  and  weaker
demand, we maintained our margins at nearly 30 per cent.  This
was  achieved  largely through stronger bulk commodity  prices
and favourable currency movements.

'Our  businesses  responded quickly  to  the  changing  market
circumstances,  several by diverting tonnage to  new  markets,
which  mitigated the reduced demand evident  in  some  of  our
traditional markets.

'Iron  ore  contributed  strongly to the  robust  result  with
higher prices, record iron ore production and record shipments
into China. The recently announced iron ore joint venture with
Shanghai  Baosteel  Group Corporation will further  strengthen
Hamersley's relationship with China's largest iron  and  steel
maker in the fastest growing market for iron ore.

'Increases  in seaborne traded coal prices and higher  volumes
resulting  from  the coal mines acquired in  New  South  Wales
benefited  our  coal  business. Our copper  business  remained
robust and strongly cash positive despite declining prices.

'We  took  decisive  action  to  address  underperformance  at
Kennecott  Utah  Copper  in  the  US,  by  closing  the  North
concentrator  permanently and outsourcing smelter maintenance,
as   part   of  a  programme  to  reduce  costs  and   improve
efficiencies,' Mr Clifford said.

'The significant investment we made in Australian coal in 2001
is   beginning  to  deliver  operational  cost   savings   and
efficiencies  across  the combined Hunter  Valley  operations.
More  significant value-enhancing opportunities remain  before
us  as we progress with mine integration and work through more
complex joint venture issues.

'We  made a number of acquisitions in salt, alumina and  talc,
all in Australia.

'Excellent   progress  was  made  on  major   projects   under
construction, all of which remain on track. Most notably,  the
West  Angelas  iron  ore  mine and port facilities  progressed
towards  first shipment of iron ore in mid 2002.  Construction
is  underway at Hail Creek in Queensland where first  shipment
of  hard coking coal is expected in the third quarter of 2003.
In  the Northwest Territories, Canada, good progress was  made
at  the  Diavik diamond mine with dyke construction  completed
during 2001.

'Construction  work  began  on  the  $750  million  greenfield
Comalco alumina refinery in Gladstone, Queensland, which  will
transform  Comalco  into  a  significant  third-party  alumina
supplier as well as adding further value to the Weipa  bauxite
deposit.  Initial shipments are expected in early 2005,'  said
Mr Clifford.


OUTLOOK

Sir Robert said, 'As far as Rio Tinto's business is concerned,
the economic downturn in the US began well before 11 September
and  was,  in fact, apparent even before the year  began.  For
2002  we  simply  do not know what will happen  in  the  world
economy.  The signals are mixed with the more favourable  ones
implying that the US economy has begun to stabilize. We  shall
have   to   wait  and  see  but,  in  any  event,  significant
improvement still seems unlikely before the middle of the year
at  the  earliest. Neither Europe nor, especially,  Japan  are
expected to lead the recovery.

'The   mineral  industry's  response  to  supply  and   demand
imbalances has been positive, especially for copper  and  some
of  the other base metals. This may be evidence of an industry
which  is  now  more  committed  than  hitherto  to  improving
shareholder returns.

'Looking  forward, I believe that Rio Tinto will  continue  to
benefit   from  the  quality  of  the  asset  base   and   new
investments. Our aim remains to deliver returns which not only
outperform  our industry, but compare well with other  sectors
of the world economy,' said Sir Robert.


FULL YEAR 2001 FINANCIAL RESULTS

NET EARNINGS

Adjusted  earnings,  at  $1,662  million,  increased  by  $155
million or ten per cent compared with $1,507 million in 2000.

Net  earnings of $1,079 million, compared with $1,507  million
in  2000,  include  an  exceptional  charge  of  $583  million
relating   to   the  impairment  of  asset  carrying   values,
principally at Kennecott Utah Copper. The impairment provision
at  Kennecott was triggered by reductions in the Group's  long
term metal price assumptions. The lower price assumptions have
had  a  greater effect on Kennecott Utah Copper than on non-US
producers because they are associated with a strong US dollar,
which  mitigates  their  impact on the  margins  of  producers
outside the US.

The  increase  in adjusted earnings was achieved  despite  the
adverse  impact  of lower quoted metal prices,  which  reduced
earnings  by $280 million. Average copper prices were  13  per
cent below the 2000 average, and average aluminium prices were
down  six  per  cent.  Improvements in bulk  commodity  prices
benefited earnings by $121 million.

Favourable  movements  in  exchange  rates  contributed   $140
million  to earnings. The 10 per cent reduction in the average
value  of  the Australian dollar and the 14 per cent reduction
in  the  South African rand strengthened the margins of  those
operations whose costs are denominated in those currencies and
whose selling prices are US dollar based.

Higher  volumes  contributed $119 million to the  increase  in
earnings.  This  reflected  the  full  year  benefit  of   the
acquisitions  made in 2000 and early 2001, principally  North,
the  minority  interests in Comalco, the  Lemington  mine  and
Peabody's   Australian  coal  operations.  These  acquisitions
contributed over $210 million to earnings before interest  and
some $120 million after interest charges.

Sales  volumes  from  the  Freeport  joint  venture  increased
significantly with higher gold grades. Offsetting this, borate
and  titanium dioxide volumes declined and diamond sales  were
substantially lower.

Real  terms reductions in cash costs (excluding fuel and other
energy  costs)  were $57 million but these only partly  offset
the  effects of inflation and higher energy prices,  totalling
$89 million. Overall, higher costs, including increases in non-
cash costs, reduced earnings by $46 million.

Adjusted earnings include the $54 million gain on disposal  of
the  Group's  50 per cent interest in Norzink. In 2000,  there
was  a gain of a similar amount resulting from the sale of the
Group's Colombian coal interests.

Interest charges increased by $29 million after tax, with  the
effects of increased debt, following the acquisitions in  2000
and 2001, partly offset by lower interest rates.

The  Group's  effective tax rate was 31.5 per cent,  excluding
exceptional  items, compared with 32.6 per cent in  2000.  The
tax  charge  benefited from the lower tax rate  in  Australia,
where 2001 earnings were taxed at 30 per cent compared with 34
per cent in 2000.

Adjusted earnings in the second half of 2001 were $20  million
lower  than  the first half. This was mainly as  a  result  of
further  weakening in quoted metal prices, largely  offset  by
increases in bulk commodity prices and by higher volumes.

CASH FLOW

Cash  flow  from operating activities, together with dividends
from  joint  ventures and associates, totalled $3,415  million
compared with $3,440 million in 2000. An increase in dividends
from   joint  ventures  and  associates  largely  offset   the
reduction in cash flow from operating activities.

The  reduction in operating cash flow includes the  impact  of
increases  of $227 million in inventories and $126 million  in
accounts  receivable.  The  inventory  increase  reflected   a
measured  response to cyclical changes in market  demand.  The
increase in receivables included the effect of higher  selling
prices  for coal and iron ore, and changes in customer mix  in
response to weakening demand.

Expenditure of $1,351 million on property, plant and equipment
was  $533  million higher than for 2000, reflecting investment
in the iron ore projects acquired with North and in the Diavik
diamond project.

Acquisitions net of disposals involved a cash outlay  of  $659
million, compared with $3,191 million in 2000. Acquisitions in
2001  included  the  purchase  of  Peabody's  Australian  coal
operations  for  $455  million,  an  increased  stake  in  the
Queensland  Alumina  refinery, and the purchase  of  the  Port
Hedland  salt  and  Three Springs talc  businesses.  Disposals
included  the  North  forestry  operations  and  the   Group's
interest in the Norzink smelter.

As  a  result of these further acquisitions and investment  in
current operations, the net cash outflow before management  of
liquid resources and financing was $590 million.

BALANCE SHEET

During the year, shareholders' funds decreased by $168 million
to $7,176 million. After the exceptional charge and dividends,
profits of $267 million were retained. However, the decline in
exchange  rates,  particularly for the Australian  dollar  and
South African rand, resulted in a reduction of $449 million in
net asset values on translation into US dollars.

Net  debt  increased by $661 million to $5,711  million  as  a
result  of  capital expenditure and acquisitions during  2001.
The ratio of net debt to total capital increased from 38.1 per
cent  at 31 December 2000 to 41.6 per cent at the end of 2001.
The balance sheet remained in a strong condition with interest
charges covered eight times.

DIVIDENDS

A  final  dividend equivalent to 39 US cents per share  (2000:
38.5 US cents) has been declared by Rio Tinto Limited and  Rio
Tinto  plc. This, together with the interim dividend of 20  US
cents per share, makes a total for the year of 59 US cents per
share (2000: 57.5 US cents per share).

Dividends  are  determined in US currency. Rio  Tinto  Limited
dividends are declared and paid in Australian dollars and  Rio
Tinto  plc dividends are declared and paid in pounds sterling,
converted at exchange rates applicable on Tuesday, 29  January
2002.

Rio  Tinto  plc shareholders will be paid a final dividend  of
27.65 pence per ordinary share (2000: 26.21 pence).

Rio  Tinto Limited shareholders will be paid a final  dividend
of   75.85   Australian  cents  per  ordinary   share   (2000:
69.76 Australian cents) that will be fully franked at the  tax
rate  of  30 per cent. The directors consider that  there  are
sufficient franking credits available for paying fully franked
dividends for at least the next year.

The  respective dividends will be paid on Monday, 8 April 2002
to  Rio Tinto plc shareholders registered at close of business
on  Friday, 8 March 2002 and to Rio Tinto Limited shareholders
registered  at close of business on Wednesday, 13 March  2002.
The  ex-dividend  date for both Rio Tinto plc  and  Rio  Tinto
Limited  will  be  Wednesday, 6 March 2002. Dividends  to  Rio
Tinto ADR holders will be paid on Tuesday, 9 April 2002.

As announced in August 2001, the interim dividend for 2002 and
subsequent  years  will  be  set at  one  half  of  the  total
dividends  for  the previous year.  The interim  dividend  for
2002 will therefore be 29.5 US cents per share.

As  usual,  Rio  Tinto will operate its Dividend  Reinvestment
Plan,  details  of  which  can be obtained  from  the  Company
Secretaries' offices.


REVIEW OF RIO TINTO OPERATIONS

(Production shown is the product group share of output unless
otherwise stated. Comparatives are with the comparable period
of 2000 unless otherwise stated.)


IRON ORE

                    2001 earnings $502 million, up 37 per cent
    Iron ore production at 89.9 million tonnes, up 25 per cent

Rio  Tinto  Iron Ore group contributed 16 per  cent  of  Group
turnover and 30 per cent of adjusted earnings in 2001.

Hamersley Iron, Australia, achieved record iron ore production
of  69.9  million  tonnes,  of which  Rio  Tinto's  share  was
65.5  million  tonnes.  The  increase  in  production  allowed
Hamersley  to  rebuild port stockpiles, which  were  at  their
lowest-ever levels. Total shipments, including sales from  the
Channar  joint venture, were 65.4 million tonnes, the  second-
highest  level in Hamersley's history. Shipments to  China  of
23.7  million  tonnes  were a record.  China  was  the  single
largest destination for Hamersley shipments.

Despite  some softness in the second half of 2001, demand  for
Hamersley's products remained strong due largely to  increased
pig  iron production and replacement of domestic iron  ore  in
China.  Earnings of $441 million were 28 per cent higher  than
2000   and  benefited  from  modestly  increased  prices   and
significant   operational   improvements,   including    lower
operating costs.

Earnings  from  Robe River Iron Associates in  Australia  were
$45  million  for  the year, also benefiting from  the  modest
price  rise.  Total  production was 30.7 million  tonnes  (Rio
Tinto  16.3  million tonnes), with shipments of  31.1  million
tonnes  (Rio Tinto 16.5 million tonnes). Demand for  Robe  ore
was  strong  in  all  major  markets,  especially  Japan.   In
addition, low-margin sales into Europe were reduced. A  number
of  significant process improvement initiatives undertaken  in
2001  resulted  in  improved operating costs and  productivity
gains, including improved lump production.

Iron Ore Company of Canada contributed $16 million to earnings
in  a  difficult  year  characterised  by  declining  economic
conditions and a protracted downturn in the US steel industry.
Total  shipments of pellets and concentrate were 13.1  million
tonnes (Rio Tinto 7.3 million tonnes).


ENERGY

                    2001 earnings $373 million, up 41 per cent
         Coal production at 149 million tonnes, up 13 per cent
      Uranium oxide production at 4,691 tonnes, up 38 per cent

Rio  Tinto  Energy group accounted for 22 per  cent  of  Group
turnover  and contributed 22 per cent of adjusted earnings  in
2001.

Rio  Tinto's  share of production of Powder River  Basin  coal
from  Kennecott Energy in the US was 107 million tonnes.  This
was  higher  than  for 2000, in response to improved  domestic
demand.  Spot market coal prices eased during the second  half
of  2001 following significant price increases from late 2000.
Earnings  of $84 million were broadly in line with 2000.  Cost
reduction   initiatives   focused  on  improving   maintenance
performance  which resulted in higher equipment  availability,
increased productivity and reduced maintenance costs.

Kennecott  Energy  varies  its  production,  and  commits   to
contracts,   in   response  to  changing  market   conditions.
Kennecott  Energy's output is effectively fully  committed  in
2002, with contracts for 95 per cent of production.

In  New  South  Wales,  Coal & Allied more  than  doubled  its
managed  capacity with the acquisition of the  Lemington  mine
and  Peabody's  Australian operations. Rio  Tinto's  share  of
production was 122 per cent higher at 19 million tonnes whilst
safety  was  significantly  improved.  Increased  earnings  of
$102  million  benefited  from the  lower  Australian  dollar,
higher   contract  prices  and  a  continued  focus  on   cost
reduction.

At  Pacific  Coal  in  Queensland  earnings  of  $117  million
benefited  from the increase in seaborne traded  coal  prices,
offset  to  some  extent  by  higher  costs  at  Blair  Athol,
associated with mining through old underground workings. Total
production  at Blair Athol of 10.6 million tonnes  (Rio  Tinto
7.5  million tonnes) was marginally down on 2000 whilst  lower
shipments  of  10.3  million tonnes  (Rio  Tinto  7.3  million
tonnes) were affected by port and rail congestion following  a
major  train  derailment in the third quarter and  operational
problems  at  several  customers'  plants  which  resulted  in
deferral of ships.

Total  production of 3.3 million tonnes (Rio Tinto 2.6 million
tonnes)  and  shipments of 3.5 million tonnes (Rio  Tinto  2.8
million tonnes) of coking and thermal coal from Pacific Coal's
Kestrel  mine  were  broadly in line  with  2000.  At  Tarong,
production  increased  to  5.3 million  tonnes  in  line  with
increased  demand from the nearby power station. During  2001,
Tarong  began a new ten-year coal supply agreement with Tarong
Energy.

Earnings  from Kaltim Prima Coal in Indonesia of  $42  million
improved  significantly  compared  with  2000  resulting  from
higher  coal  prices  and increased sales volumes.  Production
shortfalls   caused  by  a  strike  at  a  major   maintenance
contractor and illegal mine blockades by land claimants in the
first half of 2001 were recovered in the second half.

Production  of  uranium  oxide  at  Rossing  in  Namibia   was
adversely  affected as a result of mining limitations  in  the
pit  and  the  matching of production to market conditions  in
order  to rationalise inventory levels. The business continued
to  benefit  from a strong contract position and  the  savings
flowing from the business improvement program begun in 2000.

At   Energy   Resources  of  Australia,  uranium   concentrate
production  and  sales  were  in  line  with  2000  reflecting
continuing soft demand.


INDUSTRIAL MINERALS

               2001 earnings $323 million,consistent with 2000           
          Borate production at 564,000 tonnes, down 5 per cent
    Titanium dioxide feedstock production at 1,427,000 tonnes, 
                                                 up 4 per cent

Rio  Tinto Industrial Minerals businesses accounted for 17 per
cent of Group turnover and contributed 19 per cent of adjusted
earnings in 2001.

Rio  Tinto Borax's earnings of $102 million were 14  per  cent
lower than 2000. Sales suffered in most major markets from the
global  economic slowdown and from competitive  pressures.  In
addition,  perborate substitution adversely affected  European
market  demand.  Cost  reduction gained  momentum  and  partly
offset the effects of the downturn in sales. Multi-year labour
agreements  providing additional operational  flexibility  and
efficiency were negotiated at Borax's operations in the US.

Earnings from Rio Tinto Iron & Titanium (RIT) at $180  million
were  four  per  cent  higher than 2000, benefiting  from  the
decline in the value of the rand against the US dollar in  the
latter part of 2001. RIT's robust underlying performance, in a
difficult  year for the industry, demonstrated the quality  of
its  asset  base.  Steadily  deteriorating  market  conditions
during 2001 led to weaker demand for TiO2 feedstocks resulting
in  increased  current  market  oversupply,  particularly  for
conventional  slag product. Shipments of TiO2 feedstocks  were
lower  and production was adjusted in line with demand as  the
year  progressed. The market environment for  RIT's  iron  and
steel  co-products  remained difficult.  Zircon  markets  were
strong for most of 2001.

Operations in Canada and South Africa performed well  and  new
cost  reduction  initiatives  were  begun  that  will  further
strengthen the competitive position of the business.

Luzenac's  talc  production  was  marginally  higher  at  1.27
million tonnes, enhanced by production from the Three Springs,
Western  Australia  operation  acquired  in  September   2001.
Sustained  sales  volume  growth  was  achieved  in   European
markets,  in  particular  paper and  specialties,  although  a
decline was noted towards year-end. The North American markets
reflected  the  weak  economy with sales  down  in  all  major
business sectors, especially paper.

Total  salt  production for 2001 at 6.5  million  tonnes  (Rio
Tinto  4.2  million tonnes) was 1.9 million tonnes or  42  per
cent higher than in 2000 largely due to the acquisition of the
Port  Hedland  salt operation in Western Australia  in  August
2001.  Production levels at Dampier and Lake MacLeod benefited
from  favourable growing conditions throughout 2001, following
the effects of Cyclone Steve in 2000.


ALUMINIUM

                   2001 earnings $313 million, down 7 per cent
      Bauxite production at 11.8 million tonnes, up 7 per cent
      Alumina production at 1.8 million tonnes, up 15 per cent
        Aluminium production at 695,000 tonnes, up 12 per cent
                                        
Comalco,   Rio  Tinto's  wholly  owned  Australian   aluminium
subsidiary,  accounted for 14 per cent of Group  turnover  and
contributed  19  per cent of adjusted earnings  in  2001.  Rio
Tinto's  weighted average interest in Comalco was 89 per  cent
for 2000.

The   aluminium  price  averaged  66  cents/lb  compared  with
70  cents/lb  in 2000. Alumina prices also softened.  Earnings
benefited  from  the continued weakness in the Australian  and
New Zealand currencies.

Softer  traded bauxite demand and lower production  levels  at
the  Queensland  Alumina refinery (QAL) in Australia  and  the
Eurallumina   refinery  in  Italy  resulted  in  lower   Weipa
shipments   of  11.0  million  tonnes.  Total  Weipa   bauxite
production  at 11.3 million tonnes was marginally  lower  than
2000, in line with reduced demand.

Intermittent  equipment and process problems at  the  QAL  and
Eurallumina  refineries adversely affected alumina  production
levels.  This impact was offset partly by Comalco's  increased
share  of production from the QAL refinery. By year-end,  both
refineries  were  producing at capacity. Higher  caustic  soda
prices  and  increased maintenance costs affected earnings  at
the refineries unfavourably.

Total  aluminium production from Comalco's three smelters  was
similar to 2000. Total metal shipments of 690,000 tonnes  were
largely  unaffected  by  the slow down  in  Asian  consumption
during  2001  as  some sales were redirected  to  the  US  and
Europe.  Smelter  earnings were adversely affected  by  higher
cell  reconstruction costs, lost production at the Tiwai Point
smelter  in  New  Zealand due to power  shortages  and  higher
freight  costs  associated with redirecting sales  to  US  and
European markets.


COPPER

                  2001 earnings $262 million, down 19 per cent
      Mined copper production at 904,000 tonnes, up 1 per cent
  Refined copper production at 361,000 tonnes, down 8 per cent
     Mined gold production at 2,342,000 ounces, up 42 per cent

Rio  Tinto  Copper group accounted for 22 per  cent  of  Group
turnover,  of  which  12  per cent was  from  copper  and  the
remainder  mostly  from  gold  co-product.  The  Copper  group
contributed  16  per cent of adjusted earnings  in  2001.  The
copper price averaged 72 cents/lb, 13 per cent lower than  the
82  cents/lb  average  for 2000. The average  gold  price  was
$271/oz compared with $279/oz in 2000.

A  significant increase in copper and gold grades at Kennecott
Utah  Copper,  in  the  US, resulted in higher  production  of
metals  in concentrate, except for molybdenum. Refined  copper
and  gold  production  was  lower  due  to  major  maintenance
undertaken  on  the  flash converter and  the  anode  refining
furnace.   Lower  metal  prices  were  the  main  reason   for
Kennecott's  lower earnings of $81 million.  This  was  offset
partly by initiatives that generated cost savings during 2001.
Further cost savings and productivity improvements will be the
focus for 2002.

During  the second half of 2001, Kennecott permanently  closed
the  North  Concentrator,  following temporary  suspension  of
operations  in  June.  This, together  with  the  decision  to
outsource smelter maintenance, is part of a program to  reduce
costs and improve efficiencies.

At  the  Grasberg  copper  and  gold  mine  in  Papua,  higher
recoveries and grades contributed to a significant increase in
total gold production. Rio Tinto's overall share of production
declined  by eight per cent for copper to 187,900  tonnes  and
increased by 72 per cent for gold to 1,267,000 ounces.

Lower  copper production from Escondida in Chile  was  due  in
part  to the lower ore grade and mill recoveries. Late in  the
second  half, Escondida announced production cutbacks  due  to
the  poor  market conditions. Earnings benefited from realised
cost  savings but were adversely affected by the  weak  copper
price.

At  Palabora,  South Africa, the weakness of the rand  against
the  US  dollar  partly offset the impact of declining  copper
prices. Total production of refined copper was lower than  for
2000 due mainly to a strike by mine and smelter workers in the
first half of 2001.

In  Australia, the Northparkes copper-gold operation benefited
from   higher  copper  and  gold  grades  and  improved   mill
recoveries.  The  mine  experienced  a  number  of  production
challenges as it neared the end of its first block cave. Lower
production  at the Peak Gold mine resulted from  lower  grades
and the transition to new mining areas.

At  Alumbrera,  Argentina, higher head grades for  copper  and
gold  benefited  production whilst  a  number  of  operational
improvements  resulted in lower cash operating  costs.  Copper
production  at  Neves Corvo in Portugal was marginally  higher
than last year.

Production from the Anglesey Aluminium smelter in the  UK  was
slightly lower than for 2000 due to the high cell failure rate
in  the  second half of the year. Lower grades for zinc,  lead
and  silver and a declining zinc price led to reduced earnings
from Zinkgruvan in Sweden.


DIAMONDS & GOLD

                  2001 earnings $133 million, down 18 per cent
     Mined gold production at 1,235,000 ounces, up 15 per cent

Rio  Tinto Diamonds & Gold group accounted for 8 per  cent  of
turnover and contributed 8 per cent of adjusted earnings.  The
average gold price was $271/oz compared with $279/oz in 2000.

Argyle's  total diamond production of 26.1 million carats  was
marginally  lower  than  in 2000. This reflected  reduced  ore
production  at Argyle where the ore grade improved during  the
year in accordance with pit development plans. Earnings of $58
million,  including  the approximate 40  per  cent  additional
interest  in  the  Argyle  mine following  the  Ashton  Mining
acquisition  in  2000, were 15 per cent lower.  Major  factors
contributing to lower earnings were the absence of sales  from
inventories, which had increased revenue in the first half  of
2000, and reduced allocations to customers towards the end  of
2001  resulting  from  a  decline in consumer  confidence  and
weaker demand.

Improved  demand for diamonds will depend on recovery  in  the
key  US  and  Japanese markets, which account for  about  two-
thirds of world jewellery sales.

Earnings at Kennecott Minerals in the US were affected by  low
prices  for  gold,  silver and zinc, partly  offset  by  lower
production  costs and increased concentrate sales from  Greens
Creek.

Continuing weak prices for nickel adversely affected  earnings
from the Fortaleza nickel mine and smelter in Brazil. At Morro
do Ouro, lower gold production and higher costs as a result of
major   maintenance  impacted  earnings  performance.  Reduced
demand  for Corumba's lump iron ore had an adverse  effect  on
production and earnings.

Increased  production from the Kelian gold mine  in  Indonesia
was due to the higher head grade and improved ore throughput.

At  Rio Tinto Zimbabwe, gold production was in line with  2000
levels  and  efforts  continued to  reduce  costs  in  a  high
inflation environment.

Production at Lihir Gold, Papua New Guinea, benefited from the
improved  gold  grade  and  ongoing reliability  of  autoclave
performance.  The  autoclave heat  recovery  plant,  installed
towards  the end of 2000, demonstrated improved process  plant
efficiency  and flexibility. De-bottlenecking of  the  process
plant  resulted in production levels in excess of the targeted
600,000  ounces of gold per year. The change from contract  to
owner  mining in 2000 resulted in significant cost savings  in
2001.

ACQUISITIONS

During 2001, Coal & Allied completed the purchase of Peabody's
Australian  coal  operations  for  $455  million  and  further
increased  its interest in the Warkworth Mining Joint  Venture
from 43.75 to 55.57 per cent for $27 million.

Comalco  acquired  an  additional 8.3  per  cent  interest  in
Queensland Alumina for $189 million, including $30 million  of
assumed debt.

In  Western  Australia, Cargill Australia's Port Hedland  salt
operations  were  acquired  for $95  million  plus  contingent
performance-based payments not exceeding $15 million, and  the
Three Springs talc mine was purchased for $28 million.

Rio  Tinto  acquired a 20.3 per cent interest in the  Labrador
Iron  Ore  Royalty Income Fund for $56 million, an  additional
1.83  per  cent  interest in Coal & Allied and  an  additional
0.7 per cent in Palabora Mining Company.

Following the issue of a compulsory acquisition notice in  May
2001  and  the  receipt  of objections,  as  required  by  the
Australian Corporations law, Rio Tinto applied to the  Supreme
Court  of  Victoria  for approval of the  acquisition  of  the
1,983,752  Western Australian Diamond Trust  units  (3.05  per
cent)  that  it does not already own. The court hearings  were
completed at the end of 2001. A decision is expected shortly.

NEW PROJECT DEVELOPMENT

Construction work progressed well and to schedule at the  West
Angelas  iron ore project in Australia, where the  port,  mine
and  rolling stock are close to 80 per cent complete  and  the
railway  work 25 per cent complete. The ship loader  is  being
commissioned  in readiness for operation at  the  end  of  the
first quarter. The first ore shipment is expected early in the
second half of the year.

Hamersley  reached  agreement  with  Shanghai  Baosteel  Group
Corporation, China's largest iron and steel maker, to form  an
unincorporated joint venture to supply ten million  tonnes  of
standard  Hamersley iron ore products per year over  20  years
from  2002. Hamersley will hold a 54 per cent equity share  in
the  joint  venture that will develop and operate a  new  mine
located ten kilometres east of Paraburdoo by about 2004, at  a
cost of $64 million.

Due  to deteriorating conditions in the US steel industry, the
$240   million   Sept-Iles  pellet  plant  refurbishment   and
expansion was suspended.

Cost  and  other studies, including environmental  assessment,
continued  for  a  commercial sized HIsmelt  direct  smelting
technology plant capable of producing up to 800,000 tonnes  of
hot metal per year in Western Australia.

Construction work began on the $210 million Hail Creek  coking
coal   development  in  Queensland.  The  open  cut   dragline
operation will produce 5.5 million tonnes of high quality hard
coking coal per year and is expected to start up in 2003.

Construction   of   the  Palabora  underground   copper   mine
development in South Africa remained on track to achieve  full
production of 30,000 tonnes of ore per day by the end of 2002.
The  expansion will extend the life of the operation when  the
current  open  pit  is  exhausted  this  year.  Work  on   the
$1.1 billion Phase 4 expansion at the Escondida copper mine in
Chile continued towards completion in 2002. Production will be
increased by an average of 400,000 tonnes, taking total annual
production to 1.2 million tonnes of copper in concentrate.

Following  approval in October 2001, large-scale  construction
work  began on the $750 million first stage greenfield alumina
refinery  at  Gladstone, Queensland, in January 2002.  Initial
shipments are expected in the first quarter of 2005  and  full
capacity  by  the end of 2006. There is potential to  increase
refinery  capacity to over four million tonnes per  year  when
market conditions allow.

Construction progressed on schedule at the Diavik diamond mine
in  the Northwest Territories, Canada. The project is on track
to  begin  production, averaging over six million  carats  per
year, in April 2003.

DIVESTMENTS

The  Norzink  zinc  smelter in Norway was  sold  during  2001,
resulting in an after tax gain of $54 million for Rio  Tinto's
50 per cent share. The North Forest Products business was sold
in May for $171 million. Rio Tinto also sold its 34.8 per cent
interest in Aurora Gold as well as other interests acquired as
part of the takeover of Ashton Mining in 2000.

Rio  Tinto  has agreed to sell its stake in Somincor  for  $78
million,  including  some  deferred payments.  Coal  &  Allied
reached agreement, subject to certain conditions, to sell  the
wholly owned Ravensworth operations and its 50 per cent  share
of the Narama mine, both in New South Wales. Completion of the
sale  is  expected by the second quarter, 2002.  A  number  of
selected  parties  began due diligence  for  Coal  &  Allied's
55  per cent share of the Moura coal mine, in Queensland,  and
the sale process is expected to conclude in 2002.

EXPLORATION

Total  pre-tax exploration expenditure charged to  the  profit
and  loss  account  for 2001 was $130 million,  compared  with
$136 million in 2000. Since 1997, the exploration program  has
been restructured to focus on fewer but larger programs ranked
according to target value, chance of discovery and the cost to
test.

Drilling commenced on a high-grade porphyry copper project  in
Arizona,  US,  and  six  deep holes were  completed.  Drilling
continued  on early stage copper and gold projects in  Turkey,
Iran and Peru.

Further  delineation drilling was conducted  at  the  Simandou
lump  haematite  property in southeast Guinea  and  the  Kazan
trona deposit in Turkey.

In  diamonds, three kimberlites were discovered on the  Tahera
joint  venture  property,  265 kilometres  north-northeast  of
Diavik  in the Northwest Territories of Canada. Assay  results
from  the  pipes  indicate that two of  the  three  pipes  are
significantly diamondiferous.

Near-mine  exploration  programmes continued  in  the  Pilbara
region  of Western Australia, where new iron ore targets  were
drilled, and at Freeport, where drilling continued on porphyry
copper-gold  mineralisation within the Ertsberg intrusion  and
on extensions of the Kucing Liar skarn system.


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]
                                  Daphne Morros
                                  [phone]
                                  
Website: www.riotinto.com


PROFIT AND LOSS ACCOUNT
Years ended 31 December

  2001   2000   2001   2000                            2001   2000
   A$m    A$m     £m     £m                            US$m   US$m
                              Gross turnover
                               (including share of
                               joint ventures and
 20,187 17,212  7,249  6,582    associates)           10,438  9,972

                              Share of
                               joint ventures'
(3,118)(2,570)(1,119)  (983)   turnover              (1,612) (1,489)

                              Share of associates'
(1,304)(1,049)  (468)  (401)   turnover                (674)   (608)

                              Consolidated
15,765 13,593  5,662  5,198    turnover               8,152   7,875

(12,745)(9,816)(4,576)(3,753)  Net operating costs   (6,590) (5,687)

                              Group operating
 3,020  3,777  1,086  1,445    profit                 1,562   2,188

                              Share of operating
                               profit of joint
 1,071    885    385    339    ventures                 554     513

                              Share of operating
   420    364    151    139    profit of associates     217     211

 4,511  5,026  1,622  1,923                           2,333   2,912

                              Profit on disposal
                               of interest in
   104      -     38      -    joint venture             54      -

                              Profit on ordinary
                               activities before
 4,615  5,026  1,660  1,923    interest               2,387   2,912

                              Net interest
  (671)  (587)  (241)  (224)   payable                 (347)   (340)

                              Amortisation of discount
  (110)  (109)   (40)   (42)   related to provisions    (57)    (63)

                              Profit on ordinary
                               activities before
 3,834  4,330  1,379  1,657    taxation               1,983   2,509

(1,389)(1,414)  (499)  (541)  Taxation                 (718)   (819)

                              Profit on ordinary
                               activities after
 2,445  2,916    880  1,116    taxation               1,265   1,690

                              Attributable to
                               outside
  (360)  (316)  (129)  (121)   shareholders (equity)   (186)   (183)

                              Profit for the
                               financial year
 2,085  2,600    751    995    (net earnings)         1,079   1,507

                              Dividends to
(1,570)(1,364)  (564)  (521)   shareholders            (812)   (790)

                              Retained profit
                               for the financial
   515  1,236    187    474    year                     267     717

                              Earnings per
                               ordinary
151.6c 189.4c  54.6p  72.5p    share                  78.5c  109.8c

                              Adjusted earnings
233.6c 189.4c  84.1p  72.5p    per ordinary share(d) 120.9c  109.8c

                              Dividends per share

              41.68p 38.87p   -  Rio Tinto plc        59.0c   57.5c

115.27c 102.44c                -  Rio Tinto Limited   59.0c   57.5c


(a) Diluted earnings per share figures are US 0.2 cents (2000: US 0.1
cents) lower than the earnings per share figures above.

(b)  For the purpose of calculating earnings and adjusted earnings per
share, the weighted average number of Rio Tinto plc and Rio Tinto
Limited shares outstanding during the period was 1375.2 million, being
the average number of Rio Tinto plc shares outstanding (1,064.3
million) plus the average number of Rio Tinto Limited shares
outstanding not held by Rio Tinto plc (310.9 million).

(c) Joint ventures acquired in 2001 contributed US$129 million to
gross turnover and US$30 million to operating profit.

(d) The profit for the financial year is stated after exceptional
asset write-downs; these are added back in the table below to arrive
at adjusted earnings.

  2001   2000   2001   2000                            2001   2000
   A$m    A$m     £m     £m                            US$m   US$m

                             Profit for the
                              financial year
 2,085  2,600    751    995   (net earnings)          1,079   1,507

                             Exceptional asset write-
                              Downs impact on items
                              in the above profit and
                              loss account as follows:

 1,383      -    497      -   Group operating profit    715      -

  (255)     -    (92)     -   Taxation                 (132)     -

 1,128      -    405      -  Net exceptional charge     583      -

 3,213  2,600  1,156    995  Adjusted earnings        1,662   1,507


CASH FLOW STATEMENT
Years ended 31 December

  2001   2000  2001    2000                            2001   2000
   A$m    A$m    £m      £m                            US$m   US$m
                             Cash flow
                              from operating
 5,350  5,133 1,922   1,962   activities(see below)    2,767  2,973

                             Dividends from
                              joint ventures
 1,253    806   450     308   and associates             648    467
 
 6,603  5,939 2,372   2,270                            3,415  3,440

  (524)  (397) (188)   (151) Net interest paid          (271)  (230)

                             Dividends paid to
  (153)  (264)  (55)   (101)  outside shareholders       (79)  (153)

                             Returns on investment
  (677)  (661) (243)   (252)  and servicing of finance  (350)  (383)

(1,189)  (797) (427)   (305) Taxation                   (615)  (462)

                             Purchase of
                              property, plant
(2,613)(1,412) (938)   (540)  and equipment           (1,351)  (818)

                             Funding of Group
                              share of joint ventures'
                              and associates'
  (153)   (38)  (55)    (15)  capital expenditure        (79)   (22)

                             Other funding of joint
                              ventures and associates
    25     69     9      26   repaid                      13     40

                             Exploration and
                              evaluation
  (255)  (257)   (92)   (98)  expenditure               (132)  (149)

                             Sale of property,
                              plant and
    48     72     17     28    equipment                  25     42

                             Purchase less sales
  (104)     2    (38)     -    of other investments      (54)     1

                             Capital expenditure and
(3,052)(1,564)(1,097)  (599)   financial investment   (1,578)  (906)

                             Purchase of subsidiaries,
                              joint ventures
(1,853)(5,751)  (665)(2,199)  and associates            (958)(3,332)

                             Sale of subsidiaries,
                              joint ventures and
   578    243    208     93   associates                 299    141

                             Acquisitions less
(1,275)(5,508)  (457)(2,106)  disposals                 (659)(3,191)

                             Equity dividends paid to
(1,553)(1,362)  (558)  (521)  Rio Tinto shareholders    (803)  (789)

                             Cash outflow before
                              management of liquid
                              resources and
(1,143)(3,953)  (410)(1,513)  financing                 (590)(2,291)

                             Net cash (outflow)/inflow
                              from management of
   (35)   173    (13)    66   liquid resources           (18)   100

                             Ordinary shares
    14      5      5      2   issued                       7      3

     -    (57)     -    (22) Shares repurchased            -    (33)

                             Loans received
 1,240  3,758    445  1,437   less repaid                641  2,177

                             Management of liquid
                              resources and
 1,219  3,879    437  1,483   financing                  630  2,247

    76    (74)    27    (30) Increase/(decrease) in cash  40    (44)

                             Cash flow from
                             operating
                             activities

                             Group operating profit
                              from continuing
 3,020  3,777   1,086 1,445   activities               1,562  2,188

                             Exceptional asset
 1,383      -     497     -   write-downs                715      -

                             Depreciation and
 1,797  1,465     645   560   amortisation               929    849

                             Exploration and
                              evaluation charged
   251    234      90    90   against profit             130    136

   193    159      69    61  Provisions                  100     92

                             Utilisation of
  (286)  (205)   (103)  (79)  provisions                (148)  (119)

                             Change in
  (439)    54    (158)   20   inventories               (227)    31

                             Change in accounts
                              receivable and
  (244)  (418)    (88) (160)  prepayments               (126)  (242)

                             Change in accounts
                              payable and
   (93)   283     (33)  108   accruals                   (48)   164

  (232)  (216)    (83)  (83) Other items                (120)  (126)

                             Cash flow from
 5,350  5,133   1,922 1,962   operating activities     2,767  2,973


(a) Net debt at 31 December 2001 of US$5,711 million compares with
US$5,050 million at 31 December 2000.  The increase of US$661 million
comprises the cash outflow before management of liquid resources and
financing of US$590 million, net debt of acquired companies of US$125
million and other items of US$54 million, which includes the effect of
exchange rate movements.


BALANCE SHEET
At 31 December

  2001    2000   2001   2000                           2001    2000
   A$m     A$m     £m     £m                           US$m    US$m
                             Intangible fixed assets

 1,998   1,802    704    670  Goodwill                1,022   1,001

                             Exploration and
   108     302     38    112   evaluation                55     168

 2,106   2,104    742    782                          1,077   1,169

                             Tangible fixed assets

                             Property, plant
22,674  21,886  7,993  8,134   and equipment         11,598  12,159

                             Investments

                             Share of gross assets
 5,490   4,189  1,935  1,557   of joint ventures      2,808   2,327

                             Share of gross
                              liabilities
(2,199) (1,895)  (775)  (704)  of joint ventures     (1,125) (1,053)

 3,291   2,294  1,160    853                          1,683   1,274

                             Investments in
                              associates/
 1,167     932    411    347   other investments        597     518

 4,458   3,226  1,571  1,200  Total investments       2,280   1,792

29,238  27,216 10,306 10,116  Total fixed assets     14,955  15,120

                             Current assets

 2,897   2,581  1,021    959  Inventories             1,482   1,434

                             Accounts receivable
                              and prepayments

                             Falling due within
 3,546   2,801  1,250  1,041  one year                1,814    1,556

                             Falling due after
 1,320   1,055    465    392   more than one year       675      586

 4,866   3,856  1,715  1,433                          2,489    2,142

    22      27      8     10  Investments                11       15

                             Cash at bank
 1,327   1,318    468    490   and in hand              679      732

 9,112   7,782  3,212  2,892                          4,661    4,323

                             Creditors due within
                              one year

                             Short term
(7,497)  (7,670)(2,643)(2,851)  borrowings           (3,835)  (4,261)

                              Accounts payable
(4,057)  (3,953)(1,430)(1,469)  and accruals         (2,075)  (2,196)

(11,554)(11,623)(4,073)(4,320)                       (5,910)  (6,457)

                              Net current
(2,442) (3,841)  (861)(1,428)  liabilities         (1,249)  (2,134)

                              Total assets less
                               current
26,796  23,375  9,445  8,688   liabilities          13,706   12,986

                              Creditors due after
                              one year

                              Medium and long term
(5,017) (2,765)(1,768)(1,028)  borrowings           (2,566)  (1,536)

                              Provisions for
                               liabilities and
(6,133) (5,836)(2,162)(2,169)  charges              (3,137)  (3,242)

                              Outside shareholders'
(1,617) (1,555)  (570)  (578)  interests (equity)     (827)    (864)

14,029  13,219  4,945  4,913                         7,176    7,344

                             Capital and reserves

                             Share capital

   301    277     106    103 - Rio Tinto plc           154      154

                             - Rio Tinto Limited
                              (excl. Rio Tinto
 1,431  1,429     504    531    plc interest)          732      794

                             Share premium
 3,128  2,857   1,103  1,062   account               1,600    1,587

   575    536     203    199  Other reserves           294      298

                             Profit and loss
 8,594  8,120   3,029  3,018  account                4,396    4,511

                             Equity shareholders'
14,029 13,219   4,945  4,913  funds                  7,176    7,344


(a)  At 31 December 2001, Rio Tinto plc had 1,064.6 million ordinary
shares in issue and Rio Tinto Limited had 311 million shares in issue,
excluding those held by Rio Tinto plc.

(b)  In accordance with Financial Reporting Standard 4, all commercial
paper is classified as short term borrowings though US$1.9 billion is
backed by medium term facilities.  Under US and Australian GAAP, this
amount would be grouped within non-current borrowings at 31 December
2001.

(c) Capitalised exploration and evaluation expenditure is now shown as
an intangible fixed asset, where previously it was reported within
tangible fixed assets.  The directors believe that this classification
better reflects the nature of the asset, which represents the
potential for future development of particular mineral rights.


RECONCILIATION WITH AUSTRALIAN GAAP
At 31 December

  2001   2000   2001   2000                            2001   2000
   A$m    A$m    £m     £m                             US$m   US$m
                             Adjusted earnings
                              reported under
 3,213  2,600  1,156    995   UK GAAP                 1,662  1,507

                             Exceptional asset
(1,128)     -   (405)     -   write-downs              (583)     -

                             Net earnings under
 2,085  2,600    751    995   UK GAAP                 1,079  1,507

                             Increase/(decrease)
                             net of tax in
                             respect of:

                               Goodwill
  (327)  (250)  (117)   (96)    amortisation           (169)  (145)

     6      3      2      1    Taxation                   3      2

                               Higher cost of sales
                                resulting from
    (8)   (43)    (3)   (17)    acquisition accounting   (4)   (25)

    (4)    17     (4)     7   Other                      (3)     9

                             Net earnings under
 1,752  2,327    629    890   Australian GAAP           906  1,348

                             Earnings per ordinary
                              share under
127.4c 169.5c  45.7p  64.8p   Australian GAAP         65.9c  98.2c


Diluted earnings per share under Australian GAAP are US 0.1 cents
(2000: US 0.1 cents) less than the above earnings per share figures.

Net earnings under UK and Australian GAAP are stated after exceptional
asset write-downs of US$583 million.  For UK GAAP this charge is
excluded from adjusted earnings.  For Ausralian reporting this is
disclosed as an 'individually significant item'.

                             Shareholders' funds
14,029 13,219  4,945  4,913   under UK GAAP           7,176  7,344

                             Increase/(decrease) net
                             of tax in respect of:

 2,399  2,520    846    937    Goodwill               1,227  1,400

   (90)   (88)   (32)   (33)   Taxation                 (46)   (49)

   (43)   (34)   (15)   (13)   Other                    (22)   (19)

                             Shareholders' funds under
16,295 15,617  5,744  5,804  Australian GAAP          8,335  8,676


The Group's financial statements have been prepared in accordance with
generally accepted accounting principles in the United Kingdom (UK
GAAP), which differ in certain respects from generally accepted
accounting principles in Australia (Australian GAAP).  These
differences relate principally to the following items, and the effect
of each of the adjustments to net earnings and shareholders' funds
that would be required under Australian GAAP is set out above.

Goodwill
For 1997 and prior years, UK GAAP permitted the write off of purchased
goodwill on acquisition directly against reserves. Under Australian
GAAP, goodwill is capitalised and amortised by charges against income
over the period during which it is expected to be of benefit, subject
to a maximum of 20 years. Goodwill previously written off directly to
reserves in the UK GAAP accounts has been reinstated and amortised for
the purpose of the reconciliation statements.  For acquisitions in
1998 and subsequent years, goodwill is capitalised under UK GAAP, in
accordance with FRS 10.  Adjustments are required for Australian GAAP
purposes where such capitalised goodwill is amortised over periods
exceeding 20 years in the UK GAAP accounts.

Taxation
Under UK GAAP, provision is made for deferred tax under the liability
method to the extent that, in the opinion of the directors, it is
probable that a tax liability will become payable within the
foreseeable future.  Under Australian GAAP deferred tax is provided
for in full.

Higher cost of sales resulting from acquisition accounting
Under UK GAAP, the inventories of acquired companies are valued at the
lower of replacement cost and net realisable value.  Under Australian
GAAP, such inventories are recognised at the time of acquisition on
the basis of expected net sales proceeds.  Earnings for the year are
lower under Australian GAAP as a result of the higher cost of sales
relating to inventories that were held at the date of acquisition.


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

  2001   2000   2001   2000                            2001   2000
   A$m    A$m     £m     £m                            US$m   US$m

                             Profit for the
 2,085  2,600    751    995   financial year          1,079  1,507

(1,570)(1,364)  (564)  (521) Dividends                 (812)  (790)

   515  1,236    187    474                             267    717

                             Adjustment on
   268  1,074   (165)   (29)  currency translation     (449)  (561)

                             Share capital issued
    27    102     10     39   less repurchased           14     59

                             Goodwill relating to
     -     57      -     22   disposals written back      -     33

   810  2,469     32    506                            (168)   248

                             Opening shareholders'
13,219 10,750  4,913  4,407   funds                   7,344  7,096

                             Closing shareholders'
14,029 13,219  4,945  4,913   funds                   7,176  7,344


PRIMA FACIE TAX RECONCILIATION

  2001   2000   2001   2000                            2001   2000
   A$m    A$m     £m     £m                            US$m   US$m

                             Profit on ordinary
                              activities before
 3,834  4,330  1,379  1,657   taxation                1,983  2,509

                             Actual taxation charge
(1,389)(1,414)  (499)  (541)  for the year             (718)  (819)

                             Prima facie tax
                              payable at UK
                              rate of 30%
 1,151  1,300    413    497  (2000-30%)                 595    753

                             Higher rate of taxation
     -    102      -     39   on Australian earnings      -     59

                             Impact of exceptional
   159      -     57      -   asset write-downs          82      -

   (79)   (12)   (29)    (5) Adverse variation          (41)    (7)

                             The above variation is
                             explained as follows:

                             Other tax rates
                              applicable outside the
  (184)  (123)   (66)   (47)  UK and Australia          (95)   (71)

                             Resource depletion
                              and other depreciation
   101     91     36     35   allowances                 52     53

                             Permanently disallowed
  (101)   (60)   (36)   (23)  amortisation/depreciation (52)   (35)

                             Research, development
                              and other investment
    25     14      9      5   allowances                 13      8

    80     66     28     25  Other                       41     38

                             Total adverse variation
   (79)   (12)   (29)    (5)  in taxation charge        (41)    (7)


EXPLORATION AND EVALUATION

  2001   2000   2001   2000                             2001   2000
   A$m    A$m     £m     £m                             US$m   US$m
                             At cost less amounts
                             written off

 1,413  1,197    525    491  At 1 January                785    790

                             Adjustment on
    38    100    (13)   (10)  currency translation       (42)   (72)

     -     81      -     31  Subsidiaries acquired         -     47

   255    257     92     98  Expenditure in year         132    149

                             Charged against
   (89)   (86)   (32)   (33)  profit for the year        (46)   (50)

                             Disposals, transfers
  (292)  (136)  (105)   (52)  and other movements       (151)   (79)

 1,325  1,413    467    525  At 31 December              678    785

                             Provision

(1,111)  (988)  (413)  (405) At 1 January               (617)  (652)

                             Adjustment on
   (29)  (111)    11     (3)  currency translation        34     42

                             Charged against profit
  (162)  (148)   (58)   (57)  for the year               (84)   (86)

                             Disposals, transfers and
    85    136     31     52   other movements             44     79

(1,217)(1,111)  (429)  (413) At 31 December             (623)  (617)

                             Net balance sheet
   108    302     38    112   amount                      55    168


RIO TINTO FINANCIAL INFORMATION BY BUSINESS UNIT

                      Net           Gross      Operating        Capital
        Rio Tinto   earnings      turnover      assets     expenditure
         Interest  2001   2000   2001   2000   2001   2000    2001  2000
                %  US$m   US$m   US$m   US$m   US$m   US$m    US$m  US$m
Iron Ore
Hamersley
(incl HISmelt)100   441    344  1,118  1,100    762     857     58    76
Robe River     53    45     16    193     90  1,221   1,153    203    35
Iron Ore
 Company of
 Canada      56.1    16      7    380    179    612     425    242    62

                    502    367  1,691  1,369  2,595   2,435    503   173

Energy
Kennecott
 Energy       100    84     81    882    817    530     404     54   33
Pacific Coal  100   117     93    362    341    275     306     20   11
Kaltim Prima 
 Coal          50    42     18    212    150     55      33      4    6
Coal &
 Allied      72.7   102     49    647    340    786     280     31   14
Rossing        69    21     19    115    124     25      35     (1)   7
Energy
 Resources of
 Australia   68.4     7      4     90     33    165     179      2    1
Other energy          -      -      1      1     (3)     (1)     -    -

                    373    264  2,309  1,806  1,833   1,236    110   72

Industrial
 Minerals           323    324  1,768  1,869  2,086   1,958    146  194

Aluminium -
 Comalco      (g)   313    338  1,499  1,589  1,893   1,740     99   52

Copper
Kennecott Utah
 Copper       100    81    100    675    804  1,902   2,381    115   84
Escondida      30    41     97    289    388    432     416    188   68
Freeport     16.6     4      2    296    307     99      95     25   42
Freeport Joint
 Venture       40    88     71    316    273    378     412     57   18
Palabora     49.2    14     15    233    252    207     250     83   76
Peak/
 Northparkes  (d)    13      7     87     58    102      93     31   17
Other copper         10      8    145     83    155     146     13    7
Other metals         11     23    251    252    150     149     13    9

                    262    323  2,292  2,417  3,425   3,942    525  321

Diamonds and
 Gold
Argyle               58     68    278    261    493     464     52   11
Diavik         60     -      -      -      -    318     130    182   94
Kennecott
 Minerals     100    33     43    196    185    166     201     21   22
Kelian         90     1     (9)   127     90     48     101      4    2
Rio Tinto
 Zimbabwe      56     3      2     43     38     17      10      2    3
Brazil               26     45    111    148    119     126     22   16
Other Diamonds
 and Gold            12     14     63    131    101     136      7   15

                    133    163    818    853  1,262   1,168    290  163

Other items          27    (26)    61     69   (207)    (85)     3   (1)
Exploration and
 evaluation        (104)  (108)
Net interest       (167)  (138)
Adjusted earnings 1,662  1,507

Exceptional asset
 write-downs       (583)     -
Less joint ventures
 and associates                                               (271)(176)

Total             1,079  1,507 10,438  9,972 12,887  12,394  1,405  798

Less: net debt                               (5,711)(5,050)

Net assets                                    7,176  7,344

(a)  Net earnings represent after tax earnings attributable to the Rio
Tinto Group.  Earnings of subsidiaries are stated before interest
charges and asset write-downs, but after the amortisation of the
discount related to provisions. Earnings attributable to joint
ventures and associates include interest charges.

(b)  Gross turnover includes 100 per cent of subsidiaries' turnover
and the Group's share of the turnover of joint ventures and
associates.

(c)  Operating assets of subsidiaries comprise net assets before
deducting net debt. For joint ventures and associates, Rio Tinto's net
investment is shown.  Previously operating assets of subsidiaries were
stated before deduction of taxation liabilities and provisions.  The
2000 comparative figures for operating assets have been restated.
For joint ventures and associates shown above, Rio Tinto's shares of
operating assets, defined as for subsidiaries are as follows:
Escondida US$840 million (2000 - US$686 million), Freeport joint
venture US$378 million (2000 - US$412 million), Freeport associate
US$439 million (2000 - US$448 million), Kaltim Prima US$140 million
(2000 - US$150 million).

(d) Rio Tinto has a 100 per cent interest in Peak and an 80 per cent
interest in the Northparkes joint venture.

(e)  Capital expenditure comprises the net cashflow on purchases less
disposals of property, plant and equipment.  The details provided
include 100 per cent of subsidiaries' capital expenditure and include
Rio Tinto's share of the capital expenditure of joint ventures and
associates.  Amounts relating to joint ventures and associates not
specifically funded by Rio Tinto are deducted before arriving at total
capital expenditure.

(f)  Business units have been classified above according to the
Group's management structure.  Generally, this structure has regard to
the primary product of each business unit but there are exceptions.
For example, the Copper group includes the gold revenues of Kennecott
Utah Copper and Freeport (Rio Tinto share) and the businesses of Rio
Tinto Aluminium and Zinkgruvan.  This summary differs, therefore, from
the Product Analysis in which the contributions of individual business
units are attributed to several products as appropriate.

(g) Rio Tinto's weighted average interest in Comalco for the year was
100 per cent compared with 89 per cent in 2000.


PRODUCT ANALYSIS

  2001   2000  2001  2000   2001  2000                 2001    2000
   A$m    A$m    £m    £m      %     %                 US$m    US$m
                                       Gross Turnover

 2,470  2,637   887 1,008   12.2  15.3 Copper         1,277   1,528

 1,911  1,348   686   515    9.5   7.8 Gold             988     781
                                        (all sources)

 3,296  2,391 1,183   914   16.3  13.9 Iron ore       1,704   1,385

 4,065  2,844 1,460 1,088   20.1  16.5 Coal           2,102   1,648

 3,315  3,136 1,190 1,199   16.4  18.2 Aluminium      1,714   1,817

                                       Industrial
                                        Minerals
                                        (incl.
 4,067  3,804 1,460 1,455   20.1  22.1  diamonds)     2,103   2,204

 1,063  1,052   383   403    5.4   6.2 Other products   550     609

20,187 17,212 7,249 6,582  100.0 100.0 Total         10,438   9,972

                                       Net earnings

                                       Copper, gold and
   576    576   207   220   15.6  18.9  by-products     298     334

   975    633   350   242   26.4  20.6 Iron ore         504     367

   667    418   240   160   18.1  13.6 Coal             345     242

   638    620   229   237   17.3  20.2 Aluminium        330     359

                                       Industrial
                                        Minerals
                                        (incl.
   754    696   271   266   20.5  22.7  diamonds)       390     403

    75    126    28    49    2.1   4.1 Other products    39      74

 3,685  3,069 1,325 1,174  100.0 100.0                1,906   1,779

                                       Exploration and
  (201)  (186)  (72)  (71)              evaluation     (104)   (108)

  (323)  (238) (116)  (91)             Net interest (b)(167)   (138)

    52    (45)   19   (17)             Other items       27     (26)

                                       Adjusted
 3,213  2,600 1,156   995               earnings      1,662   1,507

                                       Exceptional
                                        asset write-
(1,128)     -  (405)    -               downs          (583)      -

 2,085  2,600   751   995               Total         1,079   1,507


GEOGRAPHICAL ANALYSIS

  2001   2000  2001  2000   2001  2000                 2001    2000
   A$m    A$m    £m    £m      %     %                 US$m    US$m
                                       Turnover by
                                        country of
                                        origin

 6,079  5,351 2,183 2,046   30.1  31.1 North America  3,143   3,100

                                       Australia and
 8,483  6,731 3,046 2,574   42.0  39.1   New Zealand  4,386   3,900

 1,013  1,025   364   392    5.0   6.0 South America    524     594

 1,657  1,562   595   597    8.2   9.1 Africa           857     905

 1,839  1,415   660   541    9.1   8.2 Indonesia        951     820

                                       Europe and
 1,116  1,128   401   432    5.6   6.5  other countries 577     653

20,187 17,212 7,249 6,582  100.0 100.0 Total         10,438   9,972

                                       Net earnings
                                        by origin

   694    685   249   262   19.6  24.1 North America    359     397

                                       Australia and
 2,035  1,412   731   540   57.5  49.7  New Zealand   1,052     818

   108    300    39   115    3.1  10.6 South America     56     174

   277    198    99    76    7.8   7.0 Africa           143     115

   248    126    89    48    7.0   4.4 Indonesia        128      73

                                       Europe and
                                        other
   174    117    65    45    5.0   4.2  countries        91      68

 3,536  2,838 1,272 1,086  100.0 100.0                1,829   1,645

  (323)  (238) (116)  (91)             Net interest (b)(167)   (138)

                                       Adjusted
 3,213  2,600 1,156   995               earnings      1,662   1,507

                                       Exceptional
                                        asset write-
(1,128)     -  (405)    -               downs          (583)      -

 2,085  2,600   751   995              Total          1,079   1,507

                                       Turnover by
                                        destination

 5,678  5,028 2,039 1,923   28.1  29.2 North America  2,936   2,913

 4,599  4,065 1,651 1,554   22.8  23.6 Europe         2,378   2,355

 4,413  3,184 1,585 1,218   21.9  18.5 Japan          2,282   1,845

 3,756  3,400 1,349 1,300   18.6  19.8 Other Asia     1,942   1,970

                                       Australia and
   895    832   322   318    4.4   4.8  New Zealand     463     482

   846    703   303   269    4.2   4.1 Other            437     407

20,187 17,212 7,249 6,582  100.0 100.0 Total         10,438   9,972


(a) The above analyses include the Rio Tinto share of the results of
joint ventures and associates including interest.

(b) The amortisation of discount related to provisions is included in
the applicable product category and geographical area.  All other
financing costs of subsidiaries are included in 'net interest'.


RECONCILIATION WITH US GAAP
At 31 December

  2001   2000   2001   2000                             2001   2000
   A$m    A$m    £m     £m                              US$m   US$m
                             Adjusted earnings under
 3,213  2,600  1,156    995   UK GAAP                  1,662  1,507

                             Exceptional asset
(1,128)     -   (405)     -   write-downs               (583)     -

                             Net earnings under
 2,085  2,600    751    995    UK GAAP                 1,079  1,507

                             Increase/(decrease) net
                              of tax in respect of:

                               Goodwill
  (255)  (180)   (92)   (69)    amortisation            (132)  (104)

                               Pensions/post
   (95)   (88)   (34)   (34)    retirement benefits      (49)   (51)

   768     (5)   276     (2)   Asset write-downs         397     (3)

  (186)   (68)   (67)   (26)   Other                     (96)   (39)

                               Exchange differences
                                taken to earnings under
  (337)  (212)  (121)   (81)    US GAAP                 (174)  (123)

                               Net income under
 1,980  2,047    713    783    US GAAP                 1,025  1,187

                              US GAAP earnings before
                               asset write-downs
                               and exchange
                               differences taken to
 2,673  2,259    960    864    earnings under US GAAP  1,382  1,310

                              Basic earnings per
                               ordinary share
                               under US GAAP

                              Net income under
144.0c 149.1c  51.8p  57.0p    US GAAP                 74.5c  86.5c

                              Net income before
                               asset write-downs
                               and exchange
                               differences taken to
194.4c 164.6c  69.8p  62.9p    earnings under US GAAP 100.5c  95.4c

                              Shareholders' funds
14,029 13,219  4,945  4,913    under UK GAAP           7,176  7,344

                              Increase/(decrease)
                               net of tax in
                               respect of:

 3,476  3,469  1,225  1,289     Goodwill               1,778  1,927

   (90)   (88)   (32)   (33)    Taxation                 (46)   (49)

 1,050    952    370    354     Proposed dividends       537    529

   962    171    339     64     Asset write-downs        492     95

                                Reversal of additional
                                provisions under
   362    355    127    132     FRS 12                   185    197

  (125)  (110)   (44)   (41)    Start-up costs           (64)   (61)

                                Mark to market of
  (336)  (121)  (119)   (45)    derivative contracts    (172)   (67)

                                Pensions/post
  (354)   (94)  (125)   (35)     retirement benefits    (181)   (52)

  (262)   (68)   (92)   (26)    Other                   (134)   (38)

                               Shareholders' funds
18,712 17,685  6,594  6,572     under US GAAP          9,571  9,825

Diluted earnings per share under US GAAP are US 0.1 cents (2000: US
0.1 cents) less than the above earnings per share figures.

The Group's financial statements have been prepared in accordance with
generally accepted accounting principles in the United Kingdom (UK
GAAP), which differ in certain respects from those in the United
States (US GAAP).  The effect of adjusting net earnings and
shareholders' funds for the following differences in treatment under
US GAAP is set out above.

Financial Reporting Standard 12 (FRS 12):  In 1999, changes in
accounting policy on introduction of FRS 12 led to a prior year
adjustment under UK GAAP.  There was no corresponding change in US
accounting standards.  The residue of this prior year adjustment is
therefore reversed in the calculation of shareholders' funds under US
GAAP.

Goodwill:  For 1997 and prior years, UK GAAP permitted the write off
of purchased goodwill on acquisition, directly against reserves.
Under US GAAP, goodwill is capitalised and amortised by charges
against income over the period during which it is expected to be of
benefit, subject to maximum of 40 years.  Goodwill previously written
off directly to reserves in the UK GAAP accounts has been reinstated
and amortised for the purpose of the reconciliation statements.  For
acquisitions in 1998 and subsequent years, goodwill is capitalised
under UK GAAP in accordance with FRS 10.

Pensions/post retirement benefits:  This adjustment reflects the
difference in pension accounting principles between UK and US GAAP.
The reduction in shareholders' funds at 31 December 2001 includes the
effect of the US GAAP requirement to make immediate provision for
pension fund deficits through other comprehensive income.  The
provision reflects the recent reduction in equity values.

Asset write-downs: Following the implementation of FRS 11 in 1998,
impairment of fixed assets under UK GAAP is recognised and measured by
reference to the discounted cash flows expected to be generated by the
asset.  Under US GAAP, impairment is recognised only when the
anticipated undiscounted cash flows are insufficient to recover the
carrying value of the asset.  Where an asset is found to be impaired
under US GAAP, the amount of such impairment is generally similar
under US GAAP to that computed under UK GAAP.  The 2001 US GAAP
impairment write-down is US$183 million.  Before charging US$3 million
of amortisation, this is US$400 million below the charge of US$583
million included under UK GAAP.

Exchange differences under US GAAP:
Debt:  The Group finances its operations primarily in US dollars and a
significant proportion of the Group's US dollar debt is located in its
Australian operations. Under UK GAAP, this debt is dealt with in the
context of the currency status of the Group as a whole and exchange
differences reported by the Australian operations are adjusted through
reserves.  US GAAP permits such exchange gains and losses to be taken
to reserves only to the extent that the US dollar debt hedges US
dollar assets in the Australian group.  Net exchange losses of US$148
million on US dollar debt that do not qualify for hedge accounting
under US GAAP have therefore been recorded in US GAAP earnings.
Derivatives: The Group is party to derivative contracts in respect of
some of its future transactions in order to hedge its exposure to
fluctuations in exchange rates against the US dollar.  Under UK GAAP,
these contracts are accounted for as hedges: gains and losses are
deferred and subsequently recognised when the hedged transaction
occurs.  Prior to 1 January 2001, some of these transactions did not
qualify for hedge accounting under FAS 52 principally because they
were not yet contractual commitments.  Provision for unrealised losses
of US$67 million on derivatives relating to such transactions was
therefore recognised in shareholders' funds under US GAAP at 31
December 2000.  Under FAS 133, which applies to Rio Tinto from 1
January 2001, all derivative instruments are included in the balance
sheet as assets or liabilities measured at fair value.  Certain of the
Group's derivative contracts do not qualify for hedge accounting under
FAS 133, principally because the hedge is not located in the entity
with the exposure.  Unrealised losses of US$26 million on such
derivatives have therefore been taken to US GAAP earnings.


METAL PRICES AND EXCHANGE RATES
Years ended 31 December
                                              Year    Year
Metal prices                                  2001    2000    Change

Average market prices for the year were:

Copper                      - US cents/lb      72c     82c     (13%)

Aluminium                   - US cents/lb      66c     70c      (6%)

Gold                        - US$/troy oz   US$271  US$279      (3%)

Exchange Rates in US$
                Annual Average                  Year end
                2001     2000    Change       2001     2000   Change

Sterling        1.44     1.52     (5%)        1.45     1.49    (3%)

Australia       0.52     0.58    (10%)        0.51     0.56    (9%)

Canada          0.65     0.67     (3%)        0.63     0.67    (6%)

South Africa    0.12     0.14    (14%)        0.08     0.13   (38%)


ACCOUNTING PRINCIPLES

The financial information included in this report has been prepared in
accordance with United Kingdom Accounting Standards and an Order under
section 340 of the Australian Corporations Act 2001 issued by the
Australian Securities and Investments Commission on 9 April 2001.
Except for the reclassification of Exploration and Evaluation, the
financial information is drawn up on the basis of accounting policies
consistent with those applied in the accounts for the year to 31
December 2000.

FINANCIAL INFORMATION

This preliminary announcement contains financial information which has
been extracted from the latest financial statements.  This
announcement does not constitute the full financial statements, which
will be approved by the Board and reported on by the auditors on 22
February 2002 and subsequently filed with the Registrar of Companies
and the Australian Securities and Investments Commission.  The
accounts of Rio Tinto plc and Rio Tinto Limited for 2000 were the
subject of an unqualified audit report and have been delivered to the
Registrar of Companies in the UK and the Australian Securities and
Investments Commission respectively.



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