Coal&Allied Half Year Rslts

Rio Tinto PLC
20 July 2000

 
The following was released by Coal & Allied Limited in Australia earlier
today.
 

               Strong first half performance for Coal & Allied                

 
Coal & Allied has delivered a strong first half performance with consolidated
profit after tax of A$73.6 million to 30 June 2000. This compares with a
profit of A$34.9 million after tax for the same period last year. The profit
includes an abnormal item of A$33 million relating to the settlement of a
contractual dispute.
 
Coal shipments for the first six months were 6.5 million tonnes, up 1.4
million tonnes compared with the same period last year. The increased volumes
and a weaker Australian currency combined to offset the effect of lower US
dollar coal prices. Sales revenue increased by A$36.5 million to A$288.4
million.
 
Production for the six months was 6.4 million tonnes, up 1.2 million tonnes
compared with the same period last year. The increased production reflects
the acquisition of the Howick mine in the second half of 1999.
 
Chairman Barry Cusack said, 'This strong result was achieved despite downward
pressure on coal prices. The result is a credit to all employees who have
remained committed to locking in improved productivity and cost efficiencies.'
 
The directors declared and paid in June 2000 a special interim dividend of
200 cents per ordinary share franked to 55 cents at the tax rate of 36 per
cent, and a preference dividend of 1.75 cents per preference share fully
franked at a tax rate of 36 per cent. In 1999, an interim dividend of 35
cents per ordinary share fully franked at the tax rate of 36 per cent was
paid.
 

                                                               
                 Summary of Half-year Results                  
                                                 2000     1999 
                 Net profit after tax and                      
                 abnormal items (A$ m)           73.6     34.9  
                 Operating cash flow (A$ m)      55.0     60.4  
                 Sales revenue (A$ m)           288.4    251.9 
                 Production (m tonnes)            6.4      5.2   
 
For further information, please contact:
     
Media Relations                     Investor Relations 
Lisa Cullimore                      Peter Jarvis
+ 44 (0) 20 7753 2305               + 44 (0) 20 7753 2401
 
Website: www.riotinto.com 
 
 
Note to Editors 

Rio Tinto owns 70.9 per cent of Coal & Allied Limited