Online Global Procurement Marketplace Formed

Rio Tinto PLC
15 May 2000


The 'Re New Venture' announcement for Rio Tinto Plc released today at 11:26am
under RNS No. 5749K has been re-released to facilitate onward transmission by
third party vendors.

    
The following announcement was released yesterday.
 
              FOURTEEN LEADING MINING AND METALS COMPANIES FORM               
                    ONLINE GLOBAL PROCUREMENT MARKETPLACE                     
                                  

* Independent, Neutral Market To Be Open To All Industry Producers & Suppliers

* Will Provide Unrivaled Access To Industry's Approximately US$200 Billion    
    Global Procurement Market

* Significant Benefits To Suppliers And Buyers From More Transparent Supply   
    Chain

* Marketplace Efficiencies To Result In Lower Transaction Costs, Reduced
  Inventories, Greater Standardisation, Increased Automated Ordering 

May 14, 2000 -- Fourteen of the world's leading mining and metals companies
today announced the creation of an independent, global internet-based
procurement marketplace. The venture will create a platform to bring together
mining and metals producers and suppliers in more than 100 countries and will
provide unrivaled access to procurement sources worldwide. It is anticipated
that the expansive, open and neutral platform will transform the procurement
practices of the mining and metals industry and bring significant benefits to
both suppliers and buyers through standardisation, transparency, streamlined
transaction processes and improved inventory management.

The founding shareholders of the mining and metals procurement site include
Alcan Aluminium Limited, Alcoa Inc., Anglo American plc, Barrick Gold Corp,
The Broken Hill Proprietary Company Limited (BHP), Compania Nacional del
Cobre de Chile (CODELCO), Companhia Vale do Rio Doce (CVRD), De Beers
Consolidated Mines Ltd., Inco Ltd., Newmont Mining Corporation, Noranda Inc.,
Phelps Dodge Corporation, Rio Tinto, WMC Limited. The companies represent in
excess of 60 percent of the market capitalisation of the global mining and
metals industry and are among the world's largest producers of aluminum,
coal, copper, gold, iron ore, manganese, nickel, silver, zinc, industrial
minerals and platinum group metals. Additional mining and metals companies
are expected to participate in the market place. In 1999, the estimated
procurement spending of the industry was approximately US$200 billion.
 
The new virtual marketplace will utilise a common catalogue of products in
multiple languages and will allow participants, regardless of size and
location, to access and trade with a large pool of suppliers and buyers both
locally and around the world. The marketplace is intended to help companies
satisfy their buying requirements in a more efficient and streamlined way and
bring benefits to the wide range of industry suppliers worldwide in reaching
an increased universe of customers. At the same time the market place will
preserve the confidentiality of information and relationships between the
trading partners.
 
Participants have agreed to the structure of an interim management team in
order to fast track marketplace implementation of the venture. A CEO will be
appointed shortly and a technology partner will be selected. The venture will
also develop a comprehensive supplier and buyer adoption program. It is
expected that internet-based transactions will commence by year-end.
 
Morgan Stanley Dean Witter has acted as sole advisors and facilitators to the
marketplace.
 
 
For further information, please contact: 
     
Media Relations                     Investor Relations 
 
Lisa Cullimore                      Peter Jarvis
+ 44 20 7753 2305                   + 44 20 7753 2401
 
Website: www.riotinto.com
 
 
Notes to Editors: 
 

Rio Tinto

Rio Tinto is a world leader in finding, mining and processing the earth's
mineral resources. Rio Tinto is a leading international mining group with
worldwide operations producing a range of products including aluminium, coal,
copper, gold, iron ore and industrial minerals.
 
Leigh Clifford, Chief Executive of Rio Tinto: 'This initiative will enhance
the speed, efficiency and ultimately the cost competitiveness in the current
mining and metals supply chain. Furthermore, it will create valuable
opportunities for all buyers and sellers who embrace this exciting
technology.'