Hamersley Iron Joint Venture

Rio Tinto PLC
21 June 2002

         Hamersley Iron formalises joint venture with China's Baosteel



Hamersley Iron (Rio Tinto 100%) will tomorrow sign formal documents with China's
largest steel maker, Shanghai Baosteel Group Corporation (Baosteel), to form an
unincorporated iron ore joint venture operation in Western Australia.



At a ceremony in Perth, senior representatives of Rio Tinto Iron Ore, Hamersley
Iron, Baosteel, the People's Republic of China, and the Commonwealth and Western
Australian Governments, will witness the finalisation of the joint venture
arrangements. Under this agreement Hamersley will supply Baosteel with a total
of 200 million tonnes of iron ore products, averaging ten million tonnes per
year over the joint venture's 20-year life.



The arrangement includes the development of a new mine, 10 kilometres east of
Hamersley's established Paraburdoo mine in the Pilbara region of Western
Australia, with an initial capital outlay of A$124 million (US$64 million).
Hamersley will hold a 54% equity share in the joint venture, with the remaining
46% held by Baosteel. Hamersley will build and operate the new mine through the
joint venture.



Mr Chris Renwick, Chairman of Hamersley Iron, said: 'I am delighted to finalise
this new alliance with our partners at Baosteel, which marks the beginning of
the next phase of our already strong relationship. I am confident that this
joint venture will be a platform for further cooperation between our two
organisations, and our two countries.'



'It is further evidence of Hamersley's tradition of working in partnership with
major Chinese customers for the mutual benefit of both sides, and it will
consolidate Hamersley's position as a leading supplier of iron ore to China, the
world's fastest growing iron ore market.'



Subject to all relevant government approvals, construction of the mine will
begin later this year, and production will begin in about 2004.



Media are invited to attend the signing ceremony, which will take place in the
Swan Room at the Parmelia Hilton in Perth, beginning at 11.30 am on Saturday 22
June 2002.



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





                      This information is provided by RNS
            The company news service from the London Stock Exchange