Iron Ore Price Settlement

Rio Tinto PLC
31 May 2002

                           iron Ore Price Settlement



Hamersley Iron has today reached agreement with Japanese customers on prices for
Hamersley fine, lump and Yandi iron ore deliveries for the contract year
commencing 1 April, 2002.



The price of fine ore will decrease by 2.4% to US cents 28.28 per dry long ton
unit. The price of lump ore will decrease by 5.0% to US cents 36.13 per dry long
ton unit. The price of Yandi ore will decrease by 2.4% to US cents 26.58 per dry
long ton unit. (See accompanying note)



A comparison with 2001 prices, in US cents per dry long ton unit, is as follows:



                         FY01               FY02               %
change

Fine ore                 28.98               28.28           -2.4%

Lump ore                 38.03               36.13           -5.0%

Lump premium             9.05                 7.85

Yandi ore                27.24               26.58           -2.4%





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



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