Labrador Offer Update

Rio Tinto PLC
19 April 2001

                                                                              
                     LABRADOR OFFER WILL NOT BE EXTENDED                      


Rio Tinto today announced that it will not be extending its offer for the
Labrador Iron Ore Royalty Income Fund when the current offer expires on April
21, 2001.
 
As previously stated by Rio Tinto, the current offer will not be increased.
 
For further information, please contact:
 

                                                                             
    CANADA                      LONDON                  AUSTRALIA            
    Jonathan Murrin             Media Relations         Media Relations      
    [phone]           Lisa Cullimore          Ian Head             
                                [phone]    [phone]  
                                                                             
                                Investor Relations      Investor Relations   
                                Peter Jarvis            Dave Skinner         
                                [phone]    [phone]  
                                                                             
                                Jonathan Murrin         Daphne Morros        
                                [phone]    [phone]  
    Website: www.riotinto.com