Rio Tinto Zimbabwe Limited

Rio Tinto PLC
19 May 2004


Rio Tinto Zimbabwe Limited


The directors of Rio Tinto Zimbabwe Limited ('RioZim') have today announced
that, following the recent decision to proceed with the initial phase of
development of the Murowa diamond project, a restructuring of Rio Tinto's 56 per
cent shareholding in RioZim has been agreed to which will be put forward for
approval by shareholders of RioZim.  The Murowa diamond project is a 50:50 joint
venture between Rio Tinto and RioZim.

As a result of the proposed restructure, Rio Tinto will own a direct 78 per cent
interest in the Murowa diamond project and RioZim will become an independent
Zimbabwean controlled company owning the remaining 22 per cent of Murowa.  Rio
Tinto will cease to be an ordinary shareholder in RioZim but will retain a
reduced cash participation in RioZim's assets other than the Murowa diamond
project for a period of ten years.  It is also proposed that RioZim change its
name to 'RioZim Limited'.

The transaction is subject to RioZim shareholder approval.  The proposal will be
put to RioZim shareholders at an extraordinary general meeting currently
scheduled for 24 June 2004.

The transaction will have no material effect on Rio Tinto.


For further information, please contact:

LONDON                                              AUSTRALIA

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



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