Interim Results - Part 3

RIO TINTO PLC
29 July 1999

Part 3

RIO TINTO FINANCIAL INFORMATION BY BUSINESS UNIT

                                      Gross        Operating      Capital
US$ millions  Group    Net Earnings  Turnover        assets      expendi-
             Interest                                             ture
                        First Half  First Half  30 June 30 June  First Half
                %       1999  1998  1999  1998    1999     1998  1999  1998

Iron Ore     100 (f)     122   167   455   500   1,453    1,175    68   123

Industrial
 Minerals   Note (g)     189   199 1,043 1,081   2,586    2,521   115    78

Copper
Kennecott
 Utah Copper  100         30    27   314   362   3,271    3,224    63   122
Escondida      30         33    45   165   170     553      540
Freeport       14.5        4     6    84   109     283      502
Freeport joint
  venture      40         40    51   122   118     397      404    10    54
Palabora       46         16     7   113   169     436      368    36    49
Somincor       49         (8)   (5)   23    30      78      192

                         115   131   821   958   5,018    5,230   109   225

Aluminium -
 Comalco       72         52    71   617   677   1,977    1,939    31   51

Energy
Kennecott
 Energy       100         35    26   404   256     489      368    26   26
Pacific Coal  100         39    33   148   117     482      215     3   10
Kaltim Prima
 Coal          50         13    20    89   119       8       31
New South
 Wales Coal  Note (h)     20    23   178   209     297      328     -   (2)
Rossing        69          8     4    55    56     141      129    10    5
Other energy              (4)   (3)    8    15      29        -     5    -

                         111   103   882   772   1,446    1,071    44   39

Gold &
 Other Minerals
Kennecott
 Minerals     100         35    10   117    96     235      260     -     4
Kelian         90         (3)   (3)   60    66     208      241     4     2
Peak Gold     100          1     2    21    19      39       47     2     2
Rio Tinto
 Zimbabwe      56          2     1    18    18      14       19     3     2
Brazil                     9    (8)   50    51     152      432     8    21
Rio Tinto
 Aluminium                 2     8   105   140      68       78     2     2
Other gold
 and minerals              4     4    84    83     131      142     -     -

                          50    14   455   473     847    1,219    19    33


Other items/operations   (41)  (55)    -     -     397      443    (9)    3

Exploration and
  evaluation             (52)  (57)

Net interest             (37)  (22)

Unallocated net current
  financial items                               (1,733)  (1,669)

Total                    509   551 4,273 4,461  11,991   11,929   377   552


(a) Net earnings represent after tax earnings attributable to the Rio Tinto
Group.  Earnings of subsidiaries are stated before interest charges but
after charging the amortisation of the discount applied in establishing the
book value of 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 represent 100 per cent of assets
excluding goodwill and deferred closure costs, cash and current asset
investments, less current non-financial liabilities.  For joint ventures
and associates Rio Tinto's net investment is shown.  For those joint
ventures and associates shown above, Rio Tinto's shares of operating
assets, defined as for subsidiaries, is as follows: Escondida US$781m
(1998:US$756m), Freeport joint venture US$432m (1998:US$413m), Freeport
associate US$535m (1998:US$512m), Somincor US$118m (1998:US$229m), Kaltim
Prima US$258m (1998:US$265m).

(d) Capital expenditure comprises purchases of property, plant and
equipment plus direct funding provided to joint ventures and associates for
Rio Tinto's share of their capital expenditure, less disposals of property,
plant and equipment.  The figures include 100 per cent of subsidiaries'
capital expenditure but exclude that of joint ventures and associates.

(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.  The Copper group
includes the gold businesses of Kennecott Utah Copper and Freeport (Rio
Tinto share).  The earnings of Rio Tinto Aluminium (which includes a 51 per
cent interest in Anglesey Aluminium) are included in Gold & Other Minerals.
This summary differs, therefore, from the Product Analysis in which the
contributions of individual business units are attributed to several
products as appropriate.  Kennecott Minerals, excluding Barney's Canyon,is
now within Gold & Other Minerals.

(f) Iron Ore includes Hamersley, and also HIsmelt which was previously
included in 'Other'.  Comparative figures have been restated accordingly.

(g) Industrial Minerals includes amounts attributable to the Group's 59.7
per cent interest in Argyle Diamonds: net earnings US$30m (1998 - US$29m),
turnover US$131m (1998 - US$137m), operating assets US$167m (1998 -
US$194m) and capital expenditure US$4m (1998 - US$2m) and 64.94 per cent
interest in Dampier Salt: net earnings US$8m (1998 - US$9m), turnover
US$40m (1998 - US$41m), operating assets US$102m (1998 - US$95m) and
capital expenditure US$1m (1998 - US$4m).

(h)  Includes Coal & Allied in which Rio Tinto's interest is 71 per cent
and Novacoal in which Rio Tinto's interest is 100 per cent.


PRODUCT ANALYSIS

First First First First First First                 First  First
 Half  Half  Half  Half  Half  Half                  Half   Half      Year
 1999  1998  1999  1998  1999  1998                  1999   1998      1998
  A$m   A$m    £m    £m    %     %                   US$m   US$m      US$m
                                     Gross turnover

  814 1,009   323   396  12.3  14.7  Copper           524    654     1,308
                                     Gold
  660   568   262   223   9.9   8.2   (all sources)   425    368       861
  724   792   288   311  10.9  11.5  Iron Ore         466    513     1,052
1,283 1,114   510   438  19.3  16.2  Coal             826    722     1,577
1,121 1,261   446   495  16.9  18.3  Aluminium        722    817     1,633
                                     Industrial
1,677 1,761   667   692  25.3  25.6   Minerals      1,080  1,141     2,281

  357   378   142   149   5.4   5.5  Other products   230    246       509

6,636 6,883 2,638 2,704 100.0 100.0  Total          4,273  4,461     9,221

                                     Net earnings

                                     Copper, gold
  219   214    87    84  22.1  20.3   and by-products 141    139       312

  193   262    77   103  19.4  24.8  Iron ore         124    170       351

  160   150    64    59  16.1  14.2  Coal             103     97       218

   84   122    33    48   8.5  11.5  Aluminium         54     79       144

                                     Industrial
  306   310   122   122  30.8  29.3    Minerals       197    201       413

   31    (2)   11     -   3.1  (0.1) Other products    20     (1)       (1)

  993 1,056   394   416 100.0 100.0                   639    685     1,437

                                     Exploration and
  (81)  (88)  (32)  (35)               evaluation     (52)   (57)     (132)

 (121) (119)  (47)  (47)             Other items (b)  (78)   (77)     (202)

                                     Adjusted
  791   849   315   334                earnings       509    551     1,103

                                     Exceptional asset
    -     -     -     -               write-downs       -      -      (403)

  791   849   315   334              Total            509    551       700


GEOGRAPHICAL ANALYSIS (by country of origin)

First First First First First First                 First  First
 Half  Half  Half  Half  Half  Half                  Half   Half      Year
 1999  1998  1999  1998  1999  1998                  1999   1998      1998
  A$m   A$m    £m    £m    %     %                   US$m   US$m      US$m
                                    Gross turnover

2,170 1,940   862   762  32.7  28.2 North America   1,397  1,257     2,714

                                    Australia and
2,458 2,622   977 1,030  37.0  38.1 New Zealand     1,583  1,699     3,440

  390   403   155   158   5.9   5.9 South America     251    261       495

  629   768   250   302   9.5  11.2 Africa            405    498     1,059

  551   636   219   250   8.3   9.2 Indonesia         355    412       877

                                    Europe and
  438   514   175   202   6.6   7.4 other countries   282    334       636

6,636 6,883 2,638 2,704 100.0 100.0 Total           4,273  4,461     9,221

                                    Net earnings

  289   242   115    95  34.1  27.4 North America     186    157       350

                                    Australia and
  373   446   148   175  44.0  50.4  New Zealand      240    289       596

   45    35    18    14   5.3   4.0 South America      29     23        17

  102    89    41    35  12.1  10.1 Africa             66     58       130

   73   110    29    43   8.6  12.4 Indonesia          47     71       184

                                    Europe and
  (34)  (39)  (13)  (15) (4.1) (4.3) other countries  (22)   (25)     (130)

  848   883   338   347 100.0 100.0                   546    573     1,147

  (57)  (34)  (23)  (13)            Net interest (b)  (37)   (22)      (44)

  791   849   315   334             Adjusted earnings 509    551     1,103

                                    Exceptional asset
    -     -     -     -              write-downs        -      -      (403)

  791   849   315   334             Total             509    551       700


(a) The above analyses include Rio Tinto's share of the results of joint
ventures and associates including interest.

(b) Interest payable and receivable by subsidiaries (net of tax) are
included in 'other items' in the product analysis and 'net interest' in the
geographical analysis.

RECONCILIATION WITH US GAAP

 First   First  First   First                     First     First
  Half    Half   Half    Half                      Half      Half    Year
  1999    1998   1999    1998                      1999      1998    1998
   A$m     A$m     £m      £m                      US$m      US$m    US$m

                               Adjusted earnings
   791     849    315     334   under UK GAAP       509       551   1,103

                               Exceptional asset
     -       -      -       -   write-downs           -         -    (403)

                               Net earnings under
   791     849    315     334   UK GAAP             509       551     700

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

                               Goodwill
   (95)    (96)   (38)    (38) amortisation         (61)      (62)   (122)

     -       -      -       -  Asset write-downs      -         -     156

     6      17      2       7  Other                  4        11      27

                               Income before
                                cumulative effect
                                of change in
                                accounting
   702     770    279     303   principle           452       500     761

                               Cumulative effect
                                of change in
                                accounting principle
   (89)      -    (35)      -   for start-up costs  (57)        -       -

                               Net income under
   613     770    244     303   US GAAP             395       500     761

                               Basic and diluted
                                earnings per
                                ordinary share
                                under US GAAP

                               Before cumulative
                                effect of change
                                in accounting
  51.2c   55.0c  20.4p   21.6p  principle          33.0c     35.7c   54.8c

                               After cumulative
                                effect of change
                                in accounting
  44.7c   55.0c  17.8p   21.6p  principle          28.8c     35.7c   54.8c

                               Shareholders' funds
 10,339 11,509  4,342   4,270  under UK GAAP      6,843     7,126   6,419

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

  3,241  3,642  1,361   1,351  Goodwill           2,145     2,255   2,224

    (76)   (82)   (32)    (31) Taxation             (50)      (51)    (48)

    341    371    143     138  Proposed dividends   226       230     486

    236      -     99       -  Asset write-downs    156         -     156

                               Reversal of additional
                                provisions under
    443    473    186     176   FRS 12              293       293     293

    (86)     -    (36)      -  Start-up costs       (57)        -       -

    (17)   (20)    (7)     (7) Other                (11)      (13)    (25)

                               Shareholders'
                                funds under
 14,421 15,893  6,056   5,897   US GAAP           9,545     9,840   9,505

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 the United States (US GAAP).  The approximate effect of
applying the following US GAAP principles to net earnings and shareholders'
funds is set out above.

Reversal of additional provisions under Financial Reporting Standard 12
(FRS 12)
Changes in accounting policy on introduction of FRS 12 have led to a prior
year adjustment under UK GAAP.  This reduces shareholders' funds by US$293
million. There has been no corresponding change in US accounting standards.
The prior year adjustment has therefore been reversed in the calculation of
shareholders' funds under US GAAP.

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 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.

Proposed dividends
Under UK GAAP, ordinary dividends are provided for in the financial year in
respect of which they are paid.  Under US GAAP, such dividends are not
provided for until formally declared by the board of directors or approved
by the shareholders.

Start-up costs
The new US pronouncement SOP 98-5 requires that costs of start-up
activities be expensed as incurred.  Under UK GAAP start-up costs are
amortised over the economic lives of the relevant assets.  Pro forma net
income under US GAAP for the first half of 1998 and full year 1998 would
have been US$494m and US$749m had the policy been applied then.  Pro forma
earnings per share would have been 35.3c and 53.9c.

Exceptional asset write-downs
Following the implementation of Financial Reporting Standard 11 in 1998,
impairment of fixed assets under UK GAAP is recognised and measured by
reference to the discounted value of the cash flows expected to be
generated by the asset.  Under US GAAP impairment is recognised only when
the anticipated undiscounted cash flows are insufficient to recover the
carrying value of the asset.  However, where an asset is found to be
impaired under US GAAP, the amount of such impairment is generally similar
under US GAAP to that computed under UK 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 Law issued by the Australian
Securities Commission on 12 January 1998.

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
1998, except for the implementation of Financial Reporting Standard 12 (FRS
12).

FRS 12 sets out accounting principles for provisions, contingent
liabilities and contingent assets.  It requires significant changes in the
Group's accounting policy for close down and restoration costs.  Under the
previous accounting policy, provisions were built up through annual charges
against profit designed to accumulate the projected closure costs, which
were not discounted, over the period from the year of introduction of the
policy to the end of the productive life of each operation.  Under FRS 12,
provision must be made for the net present value of closure costs in the
accounting period when the environmental disturbance occurs.  The costs so
provided are capitalised and amortised over future production. The changes
in accounting policy on introduction of FRS 12 have resulted in a prior
year adjustment, which reduces shareholders' funds by US$293 million.  This
prior year adjustment is based on the proportion of closure costs that
would have been charged against profits of previous years if FRS 12 had
been applied consistently in the past.

Net earnings for 1998 have not been restated because the amount would not
have been significantly different under FRS 12.  However, US$26 million
(full year US$53million) previously reported within operating profit, is
now shown separately in the Profit and Loss account as 'Amortisation of
discount related to provisions'.  This annual charge to Profit and Loss
account results from the amortisation or 'unwinding' of the discount
applied in establishing the net present value of the provisions.

FRS 11 introduced detailed rules for assessing the impairment of fixed
assets.  It was implemented by the Group in the full year accounts for
1998, and led to exceptional asset write-downs of US$403 million.  The
Standard was issued on 2 July 1998 and it was impracticable for the Group
to apply it to the accounts for the six months to 30 June 1998.

PRIOR YEAR FINANCIAL INFORMATION

Results for the year 1998 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 1998 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

(The page numbers in the following report refer to specific pages in the
Press Release issued by the companies.)

Introduction
We have been instructed by the companies to review the financial
information set out on this page and pages 10 to 16 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
Listing Rules of the London Stock Exchange 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.  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 1999.

PricewaterhouseCoopers                           Pricewaterhouse Coopers
Chartered Accountants                            Chartered Accountants
London                                           Melbourne
29 July 1999                                     29 July 1999

METAL PRICES AND EXCHANGE RATES
                                    First        First
                                     Half         Half      Change     Year
Metal prices                         1999         1998    1h99 v 1h98  1998

Average market prices
 for the period were:

Copper             - US cents/lb      65c         78c        (17%)      75c


Aluminium          - US cents/lb      57c         64c        (11%)      62c

Gold               - US$/troy oz   US$280      US$297         (6%)   US$294

Lead               - US cents/lb      23c         24c         (4%)      23c

Silver             - US$/troy oz   US$5.2      US$6.0        (13%)   US$5.6

Zinc               - Special high
                     grade
                     US cents/lb      46c         48c         (4%)      47c

Nickel             - US$/lb        US$2.3      US$2.4         (4%)   US$2.1


                                    First        First
                                     Half         Half      Change     Year
Average exchange rates in US$        1999         1998    1h99 v 1h98  1998

Sterling                             1.62         1.65        (2%)     1.65

Australia                            0.64         0.65        (2%)     0.63

Canada                               0.67         0.69        (3%)     0.67

South Africa                         0.16         0.20       (20%)     0.18


                                    First        First
                                     Half         Half      Change     Year
Period end exchange rates in US$     1999         1998    1h99 v 1h98  1998

Sterling                             1.58         1.67        (5%)     1.66

Australia                            0.66         0.62         6%      0.61

Canada                               0.68         0.68          -      0.65

South Africa                         0.17         0.17          -      0.17


CIRCULATION TO SHAREHOLDERS

This report will be circulated in full to shareholders.