Hamersley Iron Joint Venture

Rio Tinto PLC
20 December 2001

          Hamersley Iron forges Joint Venture with China's Baosteel



Hamersley Iron (Rio Tinto 100%) has reached agreement in Shanghai today with
China's largest steel maker, Shanghai Baosteel Group Corporation (Baosteel),
to form an unincorporated iron ore joint venture operation in Western
Australia.



Under the agreement, Hamersley will supply Baosteel with 200 million tonnes of
products, averaging ten million tonnes of ore per year over the 20-year life
of the joint venture. Hamersley will hold a 54% equity share with the
remaining 46% held by Baosteel.



Initial capital outlay by the joint venture will be A$124 million (US$64
million) to develop a new mine, 10 kilometres east of the Paraburdoo mine in
the Pilbara region of Western Australia.



Mr Chris Renwick, Chairman of Hamersley Iron, said, 'The joint venture with
Baosteel continues Hamersley's tradition of working in partnership with major
Chinese customers for the mutual benefit of both sides.  We are delighted to
have secured this agreement in the fastest growing market for imported iron
ore.  The joint venture will consolidate Hamersley's position as the leading
supplier of iron ore to China.'



Implementation of the agreement is subject to various approvals including FIRB
and the Western Australian Government.









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