Interim Results - Part 2

Rio Tinto PLC
2 August 2001


PART 2


PROFIT AND LOSS ACCOUNT


 First   First  First   First                   First      First
  Half    Half   Half    Half                    Half       Half     Year
  2001    2000   2001    2000                    2001       2000     2000
   A$m     A$m     £m      £m                    US$m       US$m     US$m
                              Gross turnover
                               (including share
                               of joint ventures
10,135   7,513  3,669   2,915  and associates)  5,284      4,573    9,972

                              Share of
                               joint ventures'
(1,649) (1,140)  (597)   (442) turnover          (860)      (694)  (1,489)

                              Share of
                               associates'
  (671)   (439)  (243)   (170) turnover          (350)      (267)    (608)

                              Consolidated
 7,815   5,934  2,829   2,303  turnover         4,074      3,612    7,875

                              Net operating
(5,773) (4,328)(2,090) (1,679) costs           (3,010)    (2,634)  (5,687)

                              Group operating
 2,042   1,606    739     624  profit           1,064        978    2,188

                              Share of
                               operating profit
   610     347    221     134  of joint ventures  318        211      513

                              Share of operating
                               profit of
   251     168     91      65  associates         131        102      211

 2,903   2,121  1,051     823                   1,513      1,291    2,912

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

                              Profit on ordinary
                               activities before
 3,007   2,121  1,089     823  interest         1,567      1,291    2,912

                              Net interest
  (370)   (215)  (134)    (83) payable           (193)      (131)    (340)

                              Amortisation of
                               discount related to
   (61)    (48)   (22)    (18) provisions         (32)       (29)     (63)

                               Profit on ordinary
                                activities before
 2,576   1,858    933     722   taxation        1,342      1,131    2,509

  (823)   (585)  (298)   (227) Taxation          (429)      (356)    (819)

                               Profit on ordinary
                                activities after
 1,753   1,273    635     495   taxation          913        775    1,690

                               Attributable to
                                outside shareholders
  (138)   (161)   (50)    (62)  (equity)          (72)       (98)    (183)

                               Profit for the
                                financial period
 1,615   1,112    585     433   (net earnings)    841        677    1,507

                               Dividends to
  (527)   (429)  (191)   (166)  shareholders     (275)      (261)    (790)

                               Retained profit
                                for the
 1,088     683    394     267   period            566        416      717


                               Earnings per
117.5c   81.1c  42.5p   31.6p   ordinary share  61.2c      49.4c   109.8c

                               Adjusted earnings
                                per ordinary
117.5c   81.1c  42.5p   31.6p   share (c)       61.2c      49.4c   109.8c

                               Dividends
                                per share
                14.03p 12.66p  -Rio Tinto plc   20.0c      19.0c    57.5c
39.42c  32.68c                 -Rio Tinto Ltd   20.0c      19.0c    57.5c

                               Financial ratios

                               - Profit before
                                 interest/
                                 gross turnover  29.7%     28.2%    29.2%

                               - Interest cover
                                 (times)           10        15       11

                               - Tax rate        32.0%     31.5%    32.6%

                               - Adjusted
                                  earnings/
                                  average share-
                                  holders'
                                  funds (d)      22.7%     18.8%    20.9%

                               - Net debt to total
                                  capital        40.5%     28.4%    38.1%

(a) Diluted earnings per share figures for the half year are US0.1 cents
(First half 2000: US0.05 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 1,374.9 million, being the average
number of Rio Tinto plc shares outstanding (1,064 million) plus the average
number of Rio Tinto Limited shares outstanding not held by Rio Tinto plc
(310.9 million).

(c) Adjusted earnings and adjusted earnings per share exclude exceptional
items of such magnitude that their exclusion is necessary in order that
adjusted earnings reflect the underlying performance of the Group.

(d) The half year figures for this ratio have been annualised.

(e) The results for all periods relate wholly to continuing operations.



CASH FLOW STATEMENT


 First   First   First  First                     First     First
  Half    Half    Half   Half                      Half      Half     Year
  2001    2000    2001   2000                      2001      2000     2000
   A$m     A$m      £m     £m                      US$m      US$m     US$m
                               Cash flow from
                                operating
                                activities
 2,534   2,166     917    841   (see below)       1,320     1,319    2,973

                               Dividends from
                                joint ventures
   742     396     269    154   and associates      387       241      467


 3,276   2,562   1,186    995                     1,707     1,560    3,440

    88      69      32     27  Interest received     46        42       72

  (374)   (210)   (135)   (82) Interest paid       (195)     (128)    (302)

                               Dividends paid to
                                outside
   (90)   (168)    (33)   (65)  shareholders        (47)     (102)    (153)

                               Returns on investment
                                and servicing of
  (376)   (309)   (136)  (120)  finance            (196)     (188)    (383)

  (827)   (386)   (299)  (150) Taxation            (431)     (235)    (462)

                               Purchase of property,
                                plant and
(1,158)   (491)   (419)  (191)  equipment          (604)     (299)    (818)

                               Funding of Group
                                share of joint
                                ventures' and
                                associates'
                                capital
  (113)    (18)    (41)    (7)  expenditure         (59)      (11)     (22)

                               Funding to
                                joint ventures
                                and associates
    15      30       6     11   repaid                8        18       40

                               Exploration and
                                evaluation
  (125)    (92)    (45)   (36)  expenditure         (65)      (56)    (149)

                               Sale of property,
                                plant and
    23      18       8      7   equipment            12        11       43

                               Purchases less
                                sales of other
  (111)      -     (40)     -   investments          (58)        -        -

                               Capital expenditure
                                and financial
(1,469)   (553)   (531)  (216)  investment         (766)     (337)    (906)

                               Acquisitions less
  (692) (1,482)   (251)  (575) disposals           (361)     (902)  (3,191)

                               Equity dividends
                                paid - Rio Tinto
  (999)   (843)   (362)  (327)  shareholders       (521)     (513)    (789)

                               Cash outflow before
                                management of
                                liquid resources
(1,087) (1,011)   (393)  (393)  and financing      (568)     (615)  (2,291)

                               Net cash flow from
                                management of liquid
  (175)    320     (63)   124   resources           (91)      195      100

                               Ordinary shares
    21       -       8      -   issued for cash      11         -        3

     -     (53)      -    (20) Shares repurchased     -       (32)     (33)

                               Loans received
 1,061     636     384    247   less repaid         553       387    2,177

                               Management of liquid
                                resources and
   907     903     329    351   financing           473       550    2,247

                               Decrease
  (180)   (108)    (64)   (42)  in cash             (95)      (65)     (44)

                               Cash flow from
                                operating activities

                               Group operating
                                profit from
                                continuing
 2,042   1,606     739   624    activities        1,064       978    2,188

                               Depreciation and
   967     641     350   249    amortisation        504       390      849

                               Exploration and
                                evaluation charged
   104      95      38    37    against profit       54        58      136

    54      49      19    19   Provisions            28        30       92

                               Utilisation of
  (107)    (81)    (39)  (31)   provisions          (56)      (49)    (119)

                               Change in
  (232)     30     (84)   11   inventories         (121)       18       31

                               Change in accounts
                                receivable and
   (56)    (16)    (20)   (6)   prepayments         (29)      (10)    (242)

                               Change in accounts
                                payable and
  (142)    (38)    (51)  (15)   accruals            (74)      (23)     164

   (96)   (120)    (35)  (47)  Other items          (50)      (73)    (126)

                               Cash flow from
                                operating
 2,534    2,166    917   841    activities        1,320     1,319    2,973

Net debt at 30 June 2001 of US$5,712 million compares with US$5,050 million
at 31 December 2000. The increase of US$662 million comprises the cash
outflow before management of liquid resources and financing of US$568
million and other items totalling US$94 million, including debt of acquired
companies.


BALANCE SHEET

 First   First  First   First                     First     First
  Half    Half   Half    Half                      Half      Half     Year
  2001    2000   2001    2000                      2001      2000     2000
   A$m     A$m     £m      £m                      US$m      US$m     US$m

                              Intangible fixed
                               assets

 1,387     338    501     134 Goodwill              705       203    1,001

                              Tangible fixed
                               assets

                              Property, plant
24,120  16,087  8,717   6,378  and equipment     12,256     9,656   12,159

                              Exploration and
                               evaluation
   276     220    100      87  properties           140       132      168

                              Investments

                              Share of gross
                               assets of joint
 5,443   3,847  1,967   1,525  ventures           2,766     2,309    2,327

                              Share of gross
                               liabilities
                               of joint
(1,988) (1,694)  (718)   (672) ventures          (1,010)   (1,017)  (1,053)

 3,455   2,153  1,249     853                     1,756     1,292    1,274

                              Investments in
                               associates/other
 1,167   1,178    422     467  investments          593       707      518

 4,622   3,331  1,671   1,320 Total investments   2,349     1,999    1,792

                              Total fixed
30,405  19,976 10,989   7,919  assets            15,450    11,990   15,120

                              Current assets

 2,798   2,016  1,011     799 Inventories         1,422     1,210    1,434

                              Accounts receivable
                              and prepayments

                              Falling due within
 2,987   1,936  1,080     768  one year           1,518     1,162    1,556

                              Falling due after
                               more than one
  1,181    901    427     357  year                 600      541       586


  4,168  2,837  1,507   1,125                     2,118    1,703     2,142

     26     18      9       7 Investments            13       11        15

                              Cash at bank
  1,368    830    494     329  and in hand          695      498       732

  8,360  5,701  3,021   2,260                     4,248    3,422     4,323

                              Creditors due within
                              one year

                              Short term
 (8,964)(3,509)(3,240) (1,391) borrowings        (4,555)  (2,106)   (4,261)

                              Accounts payable
 (3,424)(2,482)(1,238)   (984) and accruals      (1,740)  (1,490)   (2,196)

(12,388)(5,991)(4,478) (2,375)                   (6,295)  (3,596)   (6,457)

                              Net current
 (4,028)  (290)(1,457)   (115) liabilities       (2,047)    (174)   (2,134)

                              Total assets less
                               current
 26,377 19,686  9,532   7,804  liabilities       13,403   11,816    12,986

                              Creditors due after
                               one year

                              Medium and long term
 (3,670)(2,387)(1,326)   (946) borrowings        (1,865)  (1,433)   (1,536)

                              Provisions for
                               liabilities and
 (6,176)(4,543)(2,232) (1,801) charges           (3,138)  (2,727)   (3,242)

                              Outside
                               shareholders'
 (1,781)  (578)  (644)   (229) interests (equity)  (905)    (347)     (864)

 14,750 12,178  5,330   4,828                     7,495    7,309     7,344

                              Capital and reserves

                              Share capital
    303    267    110     106 - Rio Tinto plc       154      160       154

                              - Rio Tinto Limited
                                (excluding Rio
                                Tinto plc
  1,429  1,363    516     540   interest)           726      818       794

                              Share premium
  3,147  2,754  1,137   1,092   account           1,599    1,653     1,587

    555    197    201      78 Other reserves        282      118       298

                              Profit and loss
  9,316  7,597  3,366   3,012   account           4,734    4,560     4,511

                              Equity share-
 14,750 12,178  5,330   4,828  holders funds      7,495    7,309     7,344


At 30 June 2001, Rio Tinto plc had 1,064.4 million ordinary shares in
issue and Rio Tinto Limited had 310.9 million shares in issue, excluding
those held by Rio Tinto plc.

In July 2001, US$500 million of short term borrowings were refinanced out
of the proceeds of a 5 year Global bond issue.  As at 30 June 2001, the
Group had US$3.8 billion of commercial paper back up facilities, US$3.6
billion of which matured within one year.  Since that date, the facilities
have increased to US$4.5 billion, and include US$1.6 billion with a term of
three years.

As a result of further analysis of acquisitions completed in 2000, an
amount of US$344 million has been recategorised from goodwill to tangible
fixed assets during the period.


RECONCILIATION WITH AUSTRALIAN GAAP

 First   First  First  First                      First    First
  Half    Half   Half   Half                       Half     Half     Year
  2001    2000   2001   2000                       2001     2000     2000
   A$m     A$m     £m     £m                       US$m     US$m     US$m

                              Net earnings
 1,615   1,112    585    433   under UK GAAP        841      677    1,507

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

                               Goodwill
  (152)   (122)   (55)   (47)   amortisation        (79)     (74)    (145)

     -      10      -      4   Taxation               -        6        2

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

     4       8      1      3   Other                  2        5        9

                              Net earnings under
 1,459   1,008    528    393   Australian GAAP      760      614    1,348

                              Earnings per ordinary
                               share under
106.1c   73.5c  38.4p  28.7p   Australian GAAP    55.3c    44.8c    98.2c

                              Shareholders' funds
14,750  12,178  5,330  4,828   under UK GAAP      7,495    7,309    7,344

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

 2,590   2,459    936    975  Goodwill            1,316    1,476    1,400

   (94)    (75)   (34)   (30) Taxation              (48)     (45)     (49)

   (35)      3    (13)     1  Other                 (18)       2      (19)

                              Shareholders' funds
                               under Australian
17,211  14,565  6,219  5,774   GAAP               8,745    8,742    8,676

Diluted earnings per share under Australian GAAP are US0.09 cents (First
half 2000: US0.05 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 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 which 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 acquisitions 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 period 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


 First  First   First   First                     First     First
  Half   Half    Half    Half                      Half      Half    Year
  2001   2000    2001    2000                      2001      2000    2000
   A$m    A$m      £m      £m                      US$m      US$m    US$m
                              Profit for the
 1,615  1,112     585     433  period               841       677   1,507

  (527)  (429)   (191)   (166)Dividends            (275)     (261)   (790)

 1,088    683     394     267                       566       416     717
                              Adjustment on
                               currency
   422    607      15     100  translation         (426)     (287)   (561)

                              Share capital issued
    21     84       8      33  less repurchased      11        51      59

                              Goodwill relating to
                               disposals written
     -     54       -      21  back                   -        33      33

 1,531  1,428     417     421                       151       213     248

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

                              Closing shareholders'
14,750 12,178   5,330   4,828  funds              7,495     7,309   7,344



PRIMA FACIE TAX RECONCILIATION


 First   First  First   First                     First     First
  Half    Half   Half    Half                      Half      Half    Year
  2001    2000   2001    2000                      2001      2000    2000
   A$m     A$m     £m      £m                      US$m      US$m    US$m

                               Profit on ordinary
                                activities before
 2,576   1,858    933     722   taxation          1,342     1,131   2,509

                               Actual taxation
                                charge for
  (823)   (585)  (298)   (227)  the period         (429)     (356)   (819)

                               Prima facie tax
   773     557    280     216   at UK rate of 30%   403       339     753

                               Higher rate of
                                taxation on
     -      48      -      18   Australian earnings   -        29      59

                               (Adverse)/favourable
   (50)     20    (18)      7   variation           (26)       12      (7)

                               The above variation
                               is explained as follows:

                               Other tax rates
                                applicable outside
                                the UK and
   (77)    (30)   (28)    (11)  Australia           (40)      (18)    (71)

                               Research, development
                                and other investment
     6       7      2       3   allowances            3         4       8

                               Resource depletion
                                and other
                                depreciation
    33      20     12       7   allowances           17        12      53

   (12)     23     (4)      8  Other                 (6)       14       3

                               Total (adverse)/
                                favourable
                                variation in
   (50)     20    (18)      7   taxation charge     (26)       12      (7)



EXPLORATION AND EVALUATION PROPERTIES


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

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

                              Adjustment on
                               currency
    62     68       8      11  translation          (36)      (31)    (72)

                              Subsidiaries
     -      -       -       -  acquired               -         -      47

                              Expenditure in
   125     92      45      36  period                65        56     149

                              Charged against
                               profit for
   (35)   (28)    (13)    (11) the period           (18)      (17)    (50)

                              Disposals, transfers
                               and other
   (79)     -     (28)      -  movements            (41)        -     (79)

 1,486  1,329     537     527 At end of period      755       798     785

                              Provision

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

                              Adjustment on
                               currency
   (47)   (54)     (5)     (9) translation           29        27      42

                              Charged against
                               profit for the
   (69)   (67)    (25)    (26) period               (36)      (41)    (86)

                              Disposals, transfers
                               and other
    17      -       6       -  movements              9         -      79

(1,210)(1,109)   (437)   (440) At end of period    (615)     (666)   (617)

                               Net balance sheet
   276    220     100      87  amount               140       132     168


RIO TINTO FINANCIAL INFORMATION BY BUSINESS UNIT


              Rio Tinto     Net       Gross        Operating      Capital
US$ millions  interest   Earnings    Turnover       assets (c)  expenditure
                        First Half  First Half  30 June 30 June  First Half
                %       2001  2000  2001  2000    2001     2000  2001  2000

Iron Ore
Hamersley     100        207   141   538   508     795      941    40    28
(inc. HIsmelt)

Robe River     53         19         103           942             79

Iron Ore Company
 of Canada   56.1          3         196           755             90


                         229   141   837   508   2,492      941   209    28

Industrial
 Minerals                134   134   822   863   1,920    1,893    69   104

Copper
Kennecott
 Utah Copper  100         31    16   352   361   2,387    2,419    49    42
Escondida      30         31    45   167   192     428      419    81    27
Freeport     16.6          8    (5)  159   131     103       88    12     7
Freeport joint
  venture      40         52    20   165   104     365      384    39    18
Palabora     48.6         10     7   141   109     232      217    44    29
Peak/
  Northparkes              7     6    43    21     113       26    15     4
Other copper              14     4    79    30     141       75     6     4
Other metals              10    12   135   133     139        4     6     -

                         163   105 1,241 1,081   3,908    3,632   252   131
Aluminium -
 Comalco       (f)       172   156   764   819   1,689    1,926    31    25

Energy
Kennecott
 Energy       100         43    33   421   388     552      402    23    4
Pacific Coal  100         60    41   188   163     282      362    13    4
Kaltim Prima
 Coal          50         15     5    85    67      48       18     2    2
Coal & Allied  73         38    30   340   165     789      177     7    3
Rossing        69          7     8    46    64      31       29     -    3
ERA          68.4          5          41           171             (1)
Other energy              (1)    -     -     -      (2)      (2)    -    -

                         167   117 1,121   847   1,871      986    44   16
Diamonds & Gold
Argyle                    30    45   165   149     435       65    13    7
Diavik         60          -     -     -     -     226       87    91   31
Kennecott
 Minerals     100         19    28    96    99     195      197     9   15
Kelian         90         (3)   (9)   56    37      86      119     2    -
Rio Tinto
 Zimbabwe      56          1     -    21    18      11        9     1    -
Brazil                    25    33    61    84     122      135    10    7
Other diamonds
 & gold                    8     9    44    64     100      129    11   12

                          80   106   443   451   1,175      741   137   72

Other items               32     7    56     4     152      220     2    -

Exploration and
  evaluation             (41)  (45)

Net interest             (95)  (44)

Less joint ventures and
  associates  (d)                                                 (93) (77)

Total                    841   677 5,284 4,573  13,207   10,339   651  299

Less net debt                                   (5,712)  (3,030)

Net assets                                       7,495    7,309


(a) Net earnings represent after tax earnings attributable to the Rio Tinto
Group.  Earnings of subsidiaries are stated before interest charges 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 definition of
operating assets has now been amended better to reflect the Group's net
investment.  The 2000 comparative figures for operating assets have been
restated.  For joint ventures and associates shown above, Rio Tinto's share
of operating assets, defined as for subsidiaries, are as follows:
Escondida US$752 million (2000: US$732 million), Freeport joint venture
(US$481 million (2000: US$414 million), Freeport associate US$455 million
(2000: US$451 million), Somincor US$109 million (2000: US$134 million),
Kaltim Prima US$ 141 million (2000: US$ 162 million).

(d) Capital expenditure comprises purchases less disposals of property,
plant and equipment.  The details provided include 100 per cent of
subsidiaries' capital expenditure and 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.

(e) 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.

(f)  Rio Tinto's weighted average interest in Comalco for the first half of
2001 was 100 per cent (First half 2000: 78 per cent).



PRODUCT ANALYSIS


 First  First First First                             First  First
  Half   Half  Half  Half                              Half   Half    Year
  2001   2000  2001  2000                              2001   2000    2000
   A$m    A$m    £m    £m                              US$m   US$m    US$m
                                      Gross turnover

 1,394  1,106   505   429  13.8  14.7 Copper            727    673   1,528
                                      Gold (all
   890    590   322   229   8.8   7.9 sources)          464    359     781
 1,619    851   586   330  16.0  11.3 Iron Ore          844    518   1,385
 1,983  1,286   718   499  19.6  17.1 Coal            1,034    783   1,648
 1,684  1,562   610   606  16.6  20.8 Aluminium         878    951   1,817
                                      Industrial
                                      minerals
                                      (including
 1,960  1,720   710   667  19.3  22.9 diamonds)       1,022  1,047   2,204

   605    398   218   155   5.9   5.3 Other products    315    242     609

10,135  7,513 3,669 2,915 100.0 100.0 Total           5,284  4,573   9,972

                                      Net earnings

                                      Copper, gold
   338    184   122    71  18.5  14.8 and by-products   176    112     334

   441    233   160    91  24.2  18.7 Iron ore          230    142     367

   299    179   108    69  16.4  14.4 Coal              156    109     242

   349    276   126   108  19.2  22.1 Aluminium         182    168     359

                                      Industrial
                                      minerals
                                      (including
   324    302   117   118  17.8  24.2 diamonds)         169    184     403

    73     72    27    28   3.9   5.8 Other products     37     44      59

 1,824  1,246   660   485 100.0 100.0                   950    759   1,764

                                      Exploration and
   (79)   (74)  (28)  (29)            evaluation        (41)  (45)    (108)

  (130)   (60)  (47)  (23)            Other items (b)   (68)  (37)    (149)

 1,615  1,112   585   433             Total             841   677    1,507


GEOGRAPHICAL ANALYSIS (by country of origin)


 First First First First                             First  First
  Half  Half  Half  Half                              Half   Half     Year
  2001  2000  2001  2000                              2001   2000     2000
   A$m   A$m    £m    £m                              US$m   US$m     US$m
                                     Gross turnover

 2,973 2,253 1,076   874  29.3  30.0 North America   1,550  1,371    3,100

                                     Australia and
 4,298 3,064 1,556 1,189  42.4  40.8 New Zealand     2,241  1,865    3,900

   558   476   202   185   5.5   6.3 South America     291    290      594

   783   636   283   247   7.7   8.5 Africa            408    387      905

   892   557   323   216   8.8   7.4 Indonesia         465    339      820

                                     Europe and
   631   527   229   204   6.3   7.0 other countries   329    321      653

10,135 7,513 3,669 2,915 100.0 100.0 Total           5,284  4,573    9,972

                                     Net earnings

   307   225   111    87  17.1  19.0 North America     160    137      397

                                     Australia and
 1,001   642   363   249  55.8  54.2 New Zealand       522    391      818

   105   199    38    77   5.9  16.8 South America      55    121      174

   104    66    38    25   5.8   5.5 Africa             54     40      115

   140    15    51     6   7.8   1.2 Indonesia          73      9       73

                                     Europe and
   140    37    50    17   7.6   3.3 other countries    72     23       68

 1,797 1,184   651   461 100.0 100.0                   936    721    1,645

  (182)  (72)  (66)  (28)            Net interest (b)  (95)   (44)    (138)

 1,615 1,112   585   433             Total             841    677    1,507

(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 'Other items' within the product
analysis and in 'Net interest' within the geographical analysis.


RECONCILIATION WITH US GAAP


 First   First  First   First                     First     First
  Half    Half   Half    Half                      Half      Half    Year
  2001    2000   2001    2000                      2001      2000    2000
   A$m     A$m     £m      £m                      US$m      US$m    US$m
                               Net earnings
 1,615   1,112    585     433  under UK GAAP        841       677   1,507

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

                               Goodwill
  (111)    (89)   (40)    (34) amortisation         (58)      (54)   (104)

   (38)     (3)   (14)     (1) Pensions             (20)       (2)    (50)

   (42)      5    (15)      2  Other                (22)        3     (43)

                               Income pre
                               exchange differences
                               taken to US GAAP
 1,424   1,025    516     400  earnings             741       624   1,310

                               Exchange differences
                               taken to earnings
  (320)      -   (116)      -  under US GAAP       (167)        -    (123)

                               Net income under
 1,104   1,025    400     400  US GAAP              574       624   1,187

                               Basic earnings per
                               ordinary share
                               under US GAAP

                               Pre exchange
                               differences taken
                               to earnings under
103.6c   74.8c  37.5p   29.2p  US GAAP            53.9c     45.5c   95.4c

                               Net income under
 80.3c   74.8c  29.1p   29.2p  US GAAP            41.7c     45.5c   86.5c

                               Shareholders'
                               funds under
14,750  12,178  5,330   4,828  UK GAAP            7,495     7,309   7,344

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

 3,637   3,322  1,314   1,317  Goodwill           1,848     1,994   1,927

   (94)    (75)   (34)    (30) Taxation             (48)      (45)    (49)

   541     435    196     172  Proposed dividends   275       261     529

   183     160     66      63  Asset write-downs     93        96      95

                               Reversal of additional
                               provisions under
   449     402    162     159  FRS 12               228       241     235

  (130)   (108)   (47)    (43) Start-up costs       (66)      (65)    (64)

                               Mark to market of
                               derivative
  (380)      -   (137)      -  contracts           (193)        -     (67)

  (327)    (45)  (118)    (18) Other               (166)      (27)   (125)

                               Shareholders'
                               funds under
18,629  16,269  6,732   6,448  US GAAP            9,466     9,764   9,825


Diluted earnings per share under US GAAP are US0.07 cents (First half
2000:US0.05 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).
The differences from generally accepted accounting principles in the United
States (US GAAP) 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 US 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 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 a 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.

Exchange differences under US GAAP:
(a) Derivatives - The Group is party to derivative contracts in respect of
some of its future transactions in order to hedge its exposure to
fluctuations between the US dollar and other currencies.  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$29
million on such derivatives have therefore been taken to US GAAP earnings.

The Financial Accounting and Standards Board and the Derivatives
Implementation Group have issued a number of interpretations of FAS 133
this year and are expected to issue further interpretations in the second
half.  These conclusions may require changes in Rio Tinto's interpretation
of the standard.

(b) 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.  Exchange losses of US$138 million on US dollar
debt that does not qualify for hedge accounting under US GAAP have
therefore been recorded in US GAAP earnings.

Provisions - Additional provisions were recognised for UK GAAP purposes on
implementation of FRS 12 in 1999.  There was no corresponding change in US
accounting standards.  The additional provisions are therefore reversed in
the calculation of shareholders' funds under US GAAP.

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
as noted below, 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.

'FRS 18 - Accounting Policies' has been adopted with no effect on the
Group's accounting policies or results for the period, nor on amounts
disclosed for prior periods.

PRIOR YEAR FINANCIAL INFORMATION

Results for the year 2000 have been extracted from the full accounts
prepared on the historical cost basis as filed with the Registrar of
Companies.  The auditors' report on the accounts for the year ended 31
December 2000 was unqualified and did not contain statements under section
237(2) of the United Kingdom Companies Act 1985 (regarding adequacy of
accounting records and returns), or under section 237(3) (regarding
provision of necessary information and explanations).

INDEPENDENT REVIEW REPORT TO RIO TINTO PLC AND RIO TINTO LIMITED

Introduction
We have been instructed by the companies to review the financial
information set out on this page and pages 12 to 18 and we have read the
other information contained in the interim report for any apparent
misstatements or material inconsistencies with the financial information.

Directors' responsibilities
The interim report, including the financial information contained therein,
is the responsibility of, and has been approved by, the directors.  The
directors are responsible for preparing the interim report in accordance
with the Listing Rules of the Financial Services Authority in the United
Kingdom which require that the accounting policies and presentation applied
to the interim figures should be consistent with those applied in preparing
the preceding annual accounts except where any changes and the reasons for
them, are disclosed.

Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United
Kingdom.  A review consists principally of making enquiries of group
management and applying analytical procedures to the financial information
and underlying financial data and, based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed.  A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions.  It is
substantially less in scope than an audit performed in accordance with
Auditing Standards and therefore provides a lower level of assurance than
an audit.  Accordingly we do not express an audit opinion on the financial
information.

Review conclusion
On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 30 June 2001.

PricewaterhouseCoopers                           PricewaterhouseCoopers
Chartered Accountants                            Chartered Accountants
London                                           Perth
2 August 2001                                    2 August 2001


METAL PRICES AND EXCHANGE RATES
                                    First        First
                                     Half         Half      Change     Year
                                     2001         2000    1h01 v 1h00  2000
Metal prices - average for the
period

Copper             - US cents/lb      78c          80c        (3%)      82c

Aluminium          - US cents/lb      70c          71c        (1%)      70c

Gold               - US$/troy oz   US$266       US$285        (7%)   US$279

Average exchange rates in US$

Sterling                             1.44        1.57         (8%)     1.52

Australia                            0.52        0.61        (15%)     0.58

Canada                               0.65        0.68         (4%)     0.67

South Africa                         0.13        0.15        (13%)     0.14


Period end exchange rates in US$

Sterling                             1.41        1.51         (7%)     1.49

Australia                            0.51        0.60        (15%)     0.56

Canada                               0.66        0.67         (1%)     0.67

South Africa                         0.12        0.15        (20%)     0.13


CIRCULATION TO SHAREHOLDERS

This report will be circulated in full to shareholders of Rio Tinto plc and
is available on the Rio Tinto website.