Offer Update

Rio Tinto PLC
23 April 2001

 
                RIO TINTO INCREASES STAKE IN LABRADOR IRON ORE                
                     ROYALTY INCOME FUND AND CLOSES OFFER                     
 
 
Rio Tinto Canadian Investments Limited, an indirect wholly-owned subsidiary
of Rio Tinto, today has taken up and will pay for 1,603,767 additional units
of the Labrador Iron Ore Royalty Income Fund (the 'Fund') under its offer to
purchase all of the issued and outstanding units of the Fund.
 
Rio Tinto's offer expired at 12.05 am (local Canadian time) Saturday 21 April
2001.
 
Rio Tinto now holds 6,077,398 units, purchased for C$86.6 million (US$56.1
million). This represents approximately 20.3% of the units in the Fund.
 
 
 
For further information, please contact:
 
 

                                                                              
  CANADA                       LONDON                    AUSTRALIA            
  Jonathan Murrin              Media Relations           Media Relations      
  [phone]            Lisa Cullimore            Ian Head             
                               [phone]      [phone]  
  Rio Tinto Canadian           (office)                  (office)             
  Investments Limited          [phone]       [phone]  
  Toronto-Dominion Square      (mobile)                  (mobile)             
  333-7th Avenue S.W.          Investor Relations                             
  Suite 1900                   Peter Jarvis              Investor Relations   
  CALGARY AB T2P 2Z1           [phone]      Dave Skinner         
                               (office)                  [phone]  
                               [phone]       (office)             
                               (mobile)                  [phone]  
                               Jonathan Murrin           (mobile)             
                               [phone]      Daphne Morros        
                               (office)                  [phone]  
                               [phone]       (office)             
                               (mobile)                  [phone]  
                                                         (mobile)             
Website: www.riotinto.com