Rio Tinto shares in FCX

Rio Tinto PLC
22 March 2004


Rio Tinto reaches agreement to sell shares in FCX


Rio Tinto has reached agreement with Freeport McMoRan Copper & Gold Inc ('FCX')
for FCX to acquire for cash all of Rio Tinto's 23,931,100 FCX shares.
Consideration per share will be based on the price used to establish the
conversion price of FCX's convertible preferred stock, the issue of which is
financing the purchase.

Completion, which is subject to a number of conditions, will follow the close of
FCX's convertible preferred stock offering.

In addition to the holding in FCX, Rio Tinto has a joint venture interest in
production from the Grasberg mine, which is managed by FCX.  The sale of FCX
shares does not affect the terms of the joint venture, nor the management of the
Grasberg mine.

Leigh Clifford, chief executive of Rio Tinto said, 'Through our significant
direct interest in Grasberg, we will continue to benefit from our relationship
with Freeport, the manager of the Grasberg operations.  As our preference is to
invest in large, long life, low cost assets in which we have direct access to
the operating cash flows, we do not generally hold long term minority positions
in other listed companies.

'The general improvement in market conditions has recently given us the
opportunity to divest a number of our non-core assets.  Our current programme of
investment in high value projects is also strengthening the quality of the
portfolio.'




For further information, please contact:

LONDON                                         AUSTRALIA
Media Relations                                Media Relations
Lisa Cullimore                                 Ian Head
Office:  [phone]                  Office:  [phone]
                                               Mobile: [phone]

Investor Relations                             Investor Relations
Peter Cunningham                               Dave Skinner
Office:  [phone]                  Office:  [phone]
Mobile: [phone]                   Mobile: [phone]
Richard Brimelow                               Susie Creswell
Office:  [phone]                  Office:  [phone]
Mobile: [phone]                   Mobile: [phone]

Website: www.riotinto.com





Note to Editors

Grasberg, in Papua Indonesia, is one of the world's largest copper and gold
mines in terms of reserves and production and it is owned and operated by
Freeport Indonesia, a subsidiary of Freeport McMoran Copper & Gold ('Freeport').

In 1995, Rio Tinto and Freeport established a joint venture through which Rio
Tinto is entitled to 40 per cent of additional production as a result of the
expansion of the Grasberg facilities.

As consideration for participation in the joint venture, Rio Tinto provided
funding for the Grasberg expansion, funded an exploration programme and also
injected capital into Freeport which gave rise to an approximate 12 per cent
shareholding.  Rio Tinto has neither bought nor sold shares in the intervening
period but this shareholding has varied due to share buy backs, debt conversion
and other capital transactions.  The current holding is 11.9 per cent.

Rio Tinto remains committed to the Grasberg Joint Venture, which in 2003
contributed $104 million to Rio Tinto's adjusted earnings of $1,382 million.
The management of the Joint Venture will not change as a result of this
transaction.


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