Rio Tinto 2005 annual results

Rio Tinto PLC
02 February 2006

Record earnings advance, record investment and major capital management
programme

•         Underlying earnings* of $4,955 million were $2,683 million or 118 per
cent above 2004.

•         Net earnings* were $5,215 million compared with $3,297 million in
2004.

•         Strong operational performance enabled record volumes of most products
to be delivered.  Higher volumes increased underlying earnings by $1,140
million.

•         Cashflow from operations was a record $8,257 million, 85 per cent
higher than achieved in 2004.

•         The final dividend under the progressive ordinary dividend policy
brings total dividends for the year to US 80 cents per share, an increase of
four per cent from 2004.

•         Investment in the growth of the business continued, with capital
expenditure at a record of $2,552 million. This is expected to grow further in
2006 and 2007.

•         A major capital management programme totalling $4 billion is
announced, comprising a $1.5 billion special dividend (equivalent to $1.10 per
share), and a share buyback programme totalling $2.5 billion by the end of 2007.
This replaces the $0.5 billion remaining from the 2005 programme.

•         The construction of the first phase of the major port and rail
infrastructure expansion for the Australian iron ore operations was completed on
schedule and on budget in 2005.

•         Significant new investments were approved in a further stage of the
expansion of the Australian iron ore operations, in the titanium dioxide project
in Madagascar and Canada, in the Cortez Hills gold joint venture in the USA and
in the Argyle Diamonds underground mine development in Australia.

•         The Group's long term commitment to exploration is underlined by the
recent announcement of a significant new exploration joint venture with Norilsk
Nickel in Russia.


Full year to 31 December                                                      2005      2004      Change

 (All dollars are US$ unless otherwise stated)
Underlying earnings*                                                         4,955     2,272       +118%
Net earnings*                                                                5,215     3,297        +58%
Cash flow from operations (incl. dividends from JCE's and associates)        8,257     4,452        +85%
Underlying earnings per share - US cents                                     363.2     164.8       +120%
Earnings per share - US cents                                                382.3     239.1        +60%

*Net earnings and underlying earnings relate to profit attributable to equity shareholders of Rio Tinto.




Chairman's comments

Rio Tinto's chairman Paul Skinner said, '2005 was a very good year for Rio
Tinto. Our high quality asset base, continuing investment in increased
production, strong operational performance and high levels of demand in most
markets combined to deliver record underlying earnings of $4,955 million and
cashflows of $8,257 million, including dividends from equity accounted units.

'Notwithstanding high levels of investment in growth and exploration, the 20 per
cent rebasing of future dividend levels in 2005, and a capital return of $1
billion over the course of the year, these very strong cashflows have continued
to reinforce our financial position.

 'We have announced significant investments in our iron ore, industrial
minerals, diamond and copper businesses, reflecting the scope for value adding
options within our existing portfolio.

'Our financial position enables us to fund our current and expanding investment
programme, retain sufficient flexibility to take advantage of opportunities as
they arise, and also make a $4 billion capital return to shareholders. We are
therefore announcing, in addition to our regular dividend, a special dividend of
$1.5 billion ($1.10 per share) and, depending on market conditions, a further
capital return of $2.5 billion over two years, replacing the remainder of the
initiative announced in February 2005. This reflects our continuing commitment
to efficient capital management.

'Global economic growth in 2005 showed continued resilience and demand from
China remained strong. The low level of inventories and limited additional
supply kept markets tight. 2006 has opened strongly and, notwithstanding global
economic imbalances, the outlook remains positive.'

Chief Executive's comments

Leigh Clifford, Rio Tinto's chief executive said, 'In these strong markets for
most of our products, the Group's focus has been on operational and project
delivery, with the emphasis on maximising production from existing operations
and ensuring our major growth projects are completed effectively. In many cases
our operations are producing record volumes, with production records set in iron
ore, molybdenum, coking coal, bauxite, alumina and upgraded titanium slag in
2005.

'The first phase of the expansion of our iron ore infrastructure in Western
Australia was completed on time and budget, and work has already started on the
next phase of the expansion, which will take total capacity to close to 200
million tonnes. Over the past two years Rio Tinto has committed $3 billion to
expanding its operations in the Pilbara.

'Expansions at Hail Creek and QIT's Upgraded Slag Plant are also progressing
well, and the Comalco Alumina Refinery continues to ramp up. Capital expenditure
in 2006 and 2007 is likely to rise further as we undertake the construction of
our Madagascar ilmenite project and the recently approved underground mine
development at Argyle Diamonds. Additionally, our commitment to worldwide
exploration and the continued search for new areas of opportunity are
illustrated by the recent announcement of a major new exploration joint venture
with Norilsk Nickel in Russia.

'At a time when cost pressures and supply shortages exist for many mining
related inputs, the Group is focussed on ensuring that we are well placed to
manage their impact on operations. In addition to the Group's global procurement
programme, we are seeking to enhance margins by improving our performance across
all our businesses through leveraging our scale and the spread of best practice.
Our aim remains to deliver superior performance in all market conditions.'

Net earnings and underlying earnings

In order to provide insight into the underlying performance of its business, Rio
Tinto presents underlying earnings.  The differences between underlying earnings
and net earnings are set out in the following table.

   Year ended 31 December                                                               2005        2004
                                                                                        US$m        US$m
   Underlying earnings                                                                 4,955       2,272

   Items excluded from underlying earnings
   Profits on disposal of interests in businesses (including investments)                311       1,175
   Impairment reversal/(charge)                                                            4       (321)
   Adjustment to Kennecott Utah Copper environmental remediation provision                84           -
   Effect of exchange on external US$ debt and intragroup balances                      (99)         159
   Mark to market of derivatives not qualifying as hedges                               (40)          12

   Net earnings                                                                        5,215       3,297



Commentary on the Group financial results

Underlying earnings of $4,955 million and net earnings of $5,215 million were
$2,683 million and $1,918 million above the comparable measures for 2004.  The
principal factors explaining the increases are set out in the table below.

  Year ended 31 December
                                                                                Underlying         Net
                                                                                  earnings    earnings
                                                                                      US$m        US$m
  2004                                                                               2,272       3,297

  Prices                                                               2,374
  Exchange rates                                                       (123)
  Inflation                                                            (141)
  Volumes                                                              1,140
  Costs                                                                (598)
  Other                                                                   31
                                                                                     2,683       2,683
  Profits on disposal of interests in businesses (including                                      (864)
  investments)
  Net impairment charge                                                                            325
  Adjustment to Kennecott Utah Copper environmental provision                                       84
  Effect of exchange on external US$ debt and intragroup balances                                (258)
  Mark to market of derivatives not qualifying as hedges                                          (52)

  2005                                                                               4,955       5,215


Prices and exchange rates

The effect of price movements on all major commodities was to increase earnings
by $2,374 million. Prices for the major products remained strong throughout the
year and were appreciably higher than those experienced in 2004: average copper
prices were 28 per cent higher whilst average aluminium prices were ten per cent
higher.  The strength of the global iron ore market was reflected in the 71.5
per cent increase in the benchmark price, mainly effective from 1 April 2005.
The seaborne thermal and coking coal markets were also strong.

Molybdenum prices, which have generally been below $5/lb over the last decade,
averaged over $30/lb throughout 2005, although they did soften towards the end
of the year.

The US dollar was generally weaker than in 2004 relative to the currencies in
which the Group incurs the majority of its costs.  The Australian and Canadian
dollars strengthened against the US dollar by four per cent and eight per cent,
respectively.  The effect of this, together with other currency movements, was
to reduce underlying earnings relative to 2004 by $123 million.

Volumes

Over 40 per cent of the underlying earnings increase year on year came from
higher sales volumes, resulting in a favourable variance of $1,140 million
compared with 2004.  The West Angelas and Yandicoogina (to 36 million tonnes per
annum) mine expansions were completed in 2005 whilst strong operational
performance led to major production gains at many operations including the Iron
Ore Company of Canada and Argyle Diamonds.  To take advantage of the strong
market for molybdenum, the mine sequencing at Kennecott Utah Copper was
optimised to maximise molybdenum production.  This, together with modifications
to the molybdenum circuit at the concentrator, boosted production volumes by 130
per cent.  Production of copper and gold from the Grasberg mine was also
significantly above that of 2004.

Costs

Excluding the effects of inflation, higher costs reduced earnings by $598
million.  Of this, $130 million was due to higher energy costs and $46 million
was attributable to increased exploration expenditure from brownfield
exploration and further evaluation work on advanced projects.  The strong price
environment being enjoyed by the mining industry has led to rising mining input
costs caused by supply constraints for skilled labour, steel, tyres, explosives,
freight and other mining related goods and services.  Costs at Kennecott Utah
Copper were affected by a scheduled 17 day smelter maintenance shutdown in the
first half of 2005 whilst continued port congestion at Dalrymple Bay,
Queensland, fed through to higher demurrage charges.

Higher non-cash costs reflected increased depreciation at Utah Copper in line
with the 2004 decision to align these charges with the end of the extended life
of the open pit in 2017. Further depreciation was incurred for closure cost
assets. One-off costs reflected restructuring costs relating to the formation of
the Rio Tinto Minerals organisation.

Tax

The effective tax rate on underlying earnings, including associates and jointly
controlled entities, was 29.7 per cent compared with 28.7 per cent in 2004,
which includes the effects of increased profits being generated in countries
with higher marginal tax rates.

Other

The net after tax interest expense of $44 million was $25 million lower than in
2004 due to lower levels of net debt.  2004 underlying earnings included
contributions totalling $88 million from the operations of businesses that were
sold during that year. 2005 earnings reflected lower claims on the captive
insurers due to the absence of cyclone related damages experienced in 2004.

Items excluded from underlying earnings

In 2005 the net profit on the disposal of interests in businesses was $311
million relating mainly to the sale of Rio Tinto's interests in the Labrador
Iron Ore Royalty Income Fund and in Lihir Gold.  Disposals in 2004, principally
the holding in Freeport-McMoRan Copper & Gold, resulted in gains of $1,175
million.

2005 net earnings include a reduction of $84 million in an environmental
remediation provision at Kennecott Utah Copper, reversing part of an exceptional
charge taken up in 2002. In addition there was a reversal of an impairment
provision for the Madagascar project following the decision to proceed with the
development, offset by a minor impairment of a technology investment.

Net earnings in 2004 included an impairment of $160 million relating to the
Colowyo coal operation and a provision of $161 million for the write down of
Palabora's copper assets.

Exchange gains and losses on US dollar debt that are recorded in the US dollar
income statement and gains and losses on derivative contracts that do not
qualify as hedges under IFRS are excluded from underlying earnings.

Cash flow

Cash flow from operations, including dividends from jointly controlled entities
and associates, was a record $8,257 million, 85 per cent higher than in 2004.

The Group's investment in the growth of the business was sustained throughout
the year.  Purchase of property, plant and equipment and intangible assets of
$2,552 million included the major port and rail infrastructure expansion in
Western Australia, lease payments for coal reserves purchased by Kennecott
Energy, the expansion of Hail Creek coking coal and initial expenditure on the
construction of a new dike at Diavik.

Dividends paid in 2005 of $1,141 million were $235 million higher than dividends
paid in 2004, following the 20 per cent increase in the dividend in the previous
year. Shareholders also benefited from the off-market buy back of Rio Tinto
Limited shares and the commencement of the Rio Tinto plc on-market buyback
programme.  Two thirds of the $1.5 billion capital management programme
announced on 3 February 2005 had been completed by the end of January 2006. The
remainder of this programme has now been replaced by a new buyback proposal
totalling $2.5 billion to the end of 2007, subject to market conditions.

Balance sheet

The balance sheet strengthened during the period.  Net debt reduced by $2,496
million to $1,313 million.  Debt to total capital fell to eight per cent and
interest cover strengthened to 59 times.

In 2005, net assets increased by $3,148 million.  The profit for the year was
$4,074 million greater than dividends paid.  The share buyback programme had
reduced shareholders' equity by $877 million by the end of December 2005.

The adoption of IAS 39 ('Financial Instruments: Recognition and Measurement')
resulted in an increase of $109 million in net assets, less than one per cent of
the total.  This represents the net gain on marking to market of derivatives and
investments available for sale, which were not previously recognised.

IFRS

These financial results have been prepared in accordance with International
Financial Reporting Standards (IFRS) adopted for use in the European Union.
Presentation materials explaining in detail the effects of the transition to
IFRS on the financial reporting of Rio Tinto were released on 5 May 2005 and are
available on the Rio Tinto website (www.riotinto.com).

IFRS require that the profit for the period reported in the income statement
should also include earnings attributable to outside shareholders in
subsidiaries.  For 2005, the profit for the year was $5,498 million (2004 $3,244
million) of which $283 million (2004 $53 million loss) was attributable to
outside shareholders, leaving $5,215 million (2004 $3,297 million) of net
earnings attributable to Rio Tinto shareholders.  Both net earnings and
underlying earnings, which are the focus of the commentary in this report, deal
with amounts attributable to equity shareholders of Rio Tinto.

Dividends

Dividends are determined in US dollars.  Rio Tinto plc dividends are declared
and paid in pounds sterling and Rio Tinto Limited dividends are declared and
paid in Australian dollars, converted at exchange rates applicable on Tuesday 31
January 2006. The interim and final dividends, together with the special
dividend, are summarised below.


                                                                        2005              2004
Ordinary dividend
Rio Tinto Group
Interim (US cents)                                                     38.50             32.00
Final (US cents)                                                       41.50             45.00
Total dividend (US cents)                                              80.00             77.00

Rio Tinto plc
Interim (pence)                                                        21.75             17.54
Final (pence)                                                          23.35             23.94
Total dividends (pence)                                                45.10             41.48

Rio Tinto Limited
Interim (Australian cents)                                             50.56             45.53
Final (Australian cents)                                               54.86             58.29
Total dividends (Australian cents)                                    105.42            103.82

Special dividend
Rio Tinto Group (US cents)                                            110.00                 -
Rio Tinto plc (pence)                                                  61.89                 -
Rio Tinto Limited (Australian cents)                                  145.42                 -


The special dividend will be paid to shareholders at the same time as the 2005
final dividend.

Rio Tinto Limited shareholders will be paid dividends which will be fully
franked.  The Board expects Rio Tinto Limited to be in a position to pay fully
franked dividends for the reasonably foreseeable future.

The respective dividends will be paid on Thursday 6 April 2006 to Rio Tinto plc
shareholders on the register at the close of business on Friday 24 February 2006
and to Rio Tinto Limited shareholders on the register at the close of business
on Tuesday 28 February 2006.  The ex-dividend date for both Rio Tinto plc and
Rio Tinto Limited will be Wednesday 22 February 2006. Dividends will be paid to
Rio Tinto ADR holders on Friday 7 April 2006.

As usual, Rio Tinto will operate its Dividend Reinvestment Plan, details of
which can be obtained from the Company Secretaries' offices and from the Rio
Tinto website (www.riotinto.com).  The last date for receipt of the election
notice for the Dividend Reinvestment Plans is Thursday 16 March 2006.

Rio Tinto financial information by business unit

Year ended 31 December                 Rio    Gross turnover (a)    EBITDA (b)       Net earnings
US$ millions                          Tinto                                          (c)
                                    interest
                                         %       2005     2004       2005    2004      2005   2004

Iron Ore
Hamersley (inc. HIsmelt(R))          100.0      3,387    1,858      1,924     772     1,219    430
Robe River                            53.0      1,113      614        726     318       362    130
Iron Ore Company of Canada            58.7        954      428        451      55       148      4
Rio Tinto Brasil                       (d)         43      109          1      31       (7)      1
                                                5,497    3,009      3,102   1,176     1,722    565

Energy
Kennecott Energy                     100.0      1,197    1,125        257     298       135    180
Rio Tinto Coal Australia               (e)      2,302    1,585      1,067     536       572    236
Rossing                               68.6        163      124         24       8         2    (4)
Energy Resources of Australia         68.4        205      174         94      70        24     19
                                                3,867    3,008      1,442     912       733    431

Industrial Minerals                             2,487    2,126        563     554       187    243

Aluminium                              (f)      2,744    2,356        855     688       392    331

Copper
Kennecott Utah Copper                100.0      2,141    1,091      1,436     498     1,037    311
Escondida                             30.0      1,239    1,003      1,014     699       602    406
Freeport                               (g)          -       43          -       7         -    (4)
Grasberg joint venture                 (h)        657      159        436      98       232     32
Palabora                              47.2        371      305         77    (20)        19   (21)
Kennecott Minerals                   100.0        256      263        119     130        73     82
Other Copper                           (i)        175      169        109      91        57     54
                                                4,839    3,033      3,191   1,503     2,020    860

Diamonds
Argyle                               100.0        572      322        252     102       117     40
Diavik                                60.0        460      420        334     316       143    147
Murowa                                78.0         44        2         31       1        21      1
                                                1,076      744        617     419       281    188

Other Operations                                   93      167         36      81         2     25
                                               20,603   14,443      9,806   5,333     5,337  2,643
Other items                                       139       87      (284)   (250)     (164)  (174)
Exploration and evaluation                                          (190)   (142)     (174)  (128)
Net interest                                                                           (44)   (69)
Underlying earnings                                                 9,332   4,941     4,955  2,272
Items excluded from underlying earnings                               407   1,170       260  1,025
Total                                          20,742   14,530      9,739   6,111     5,215  3,297

Depreciation & amortisation in subsidiaries                       (1,334) (1,171)
Impairment reversal/(charge)                                            3   (548)
Depreciation & amortisation in jointly controlled entities and      (281)   (228)
associates
Taxation and finance items in jointly controlled entities and       (429)   (314)
associates
Profit on ordinary activities before finance items and tax          7,698   3,850
References above are to notes on page 29



Rio Tinto financial information by business unit (continued)
Year ended 31 December                                                Depreciation
US$ millions                            Rio           Capital               &                 Operating
                                       Tinto        expenditure       amortisation             assets
                                      interest          (l)                (m)                   (n)
                                           %        2005     2004       2005    2004          2005      2004

Iron Ore
Hamersley (inc. HIsmelt(R))            100.0         935      757        174     158         2,555     2,234
Robe River                              53.0         160      109         89      83         1,487     1,640
Iron Ore Company of Canada              58.7          98       51         47      41           451       521
Rio Tinto Brasil                         (d)          36       18          5       7            81        50
                                                   1,229      935        315     289         4,574     4,445

Energy
Kennecott Energy                       100.0         204      162         85      86           908       810
Rio Tinto Coal Australia                 (e)         171       73        164     167         1,147     1,282
Rossing                                 68.6           3        2         16      15            66        40
Energy Resources of Australia           68.4          34        7         40      35           180       179
                                                     412      244        305     303         2,301     2,311

Industrial Minerals                                  235      248        172     173         2,311     2,209

Aluminium                                (f)         242      505        274     190         3,361     3,521

Copper
Kennecott Utah Copper                  100.0         164       69        136      90         1,144     1,075
Escondida                               30.0         229      113         69      54           812       594
Freeport                                 (g)           -        -          -       3             -         -
Grasberg joint venture                   (h)          45       30         35      43           321       397
Palabora                                47.2          17       30         32      41           226       360
Kennecott Minerals                     100.0          34       36         32      27           129       135
Other Copper                             (i)          16       48         33      23           177       192
                                                     505      326        337     281         2,809     2,753

Diamonds
Argyle                                 100.0          77       89         78      44           523       639
Diavik                                  60.0         121       49         79      64           548       574
Murowa                                  78.0           5       14          5       -            14        16
                                                     203      152        162     108         1,085     1,229

Other Operations                                       5       13         35      45           143       242
                                                   2,831    2,423      1,600   1,389        16,584    16,710

Other items                                           63        8         12     556         (305)   (1,029)
Exploration and evaluation                             4      (3)          3       2          (18)         5
Less: jointly controlled entities and              (382)    (213)      (281)   (228)
associates
Total                                              2,516    2,215      1,334   1,719        16,261    15,686
Less: Net debt                                                                             (1,313)   (3,809)
Total shareholders' equity                                                                  14,948    11,877
References above are to notes on page 29


Review of operations

Comparison of underlying earnings

2005 underlying earnings of $4,955 million were $2,683 million above 2004
underlying earnings.  The table below shows the difference by product group.
All financial amounts in the tables below are US$ millions unless indicated
otherwise.

                                                                                        US$m

   2004 underlying earnings                                                            2,272

   Iron ore                                                                            1,157
   Energy                                                                                302
   Industrial Minerals                                                                  (56)
   Aluminium                                                                              61
   Copper                                                                              1,160
   Diamonds                                                                               93
   Other operations                                                                     (23)
   Exploration and evaluation                                                           (46)
   Interest                                                                               25
   Other                                                                                  10

   2005 underlying earnings                                                            4,955


All subsequent references to earnings within the business unit section refer to
underlying earnings.

Iron Ore

                                                                       2005          2004         Change
Production (million tonnes - Rio Tinto share)                         124.5         107.8           +16%
Gross turnover ($ millions)                                           5,497         3,009           +83%
Underlying earnings ($ millions)                                      1,722           565          +205%
EBITDA ($ millions)                                                   3,102         1,176          +164%
Capital expenditure ($ millions)                                      1,229           935           +31%



The above figures include Rio Tinto Brasil which was previously reported as part
of the Copper product group.  Comparative data has been adjusted accordingly.

Market conditions

Global demand for all iron ore products remained strong throughout the year. The
strength of the market was reflected in the increase in the benchmark price of
71.5 per cent for the contract year, mainly effective from 1 April 2005.

Brownfield mine expansions at Tom Price, Marandoo and Nammuldi were announced in
April 2005 to add to the extensive mine, rail and port expansion, construction
of which is now well advanced.  In July 2005 an agreement to form a joint
venture with Hancock Prospecting for the development of the Hope Downs project
was signed. Further expansions of Hamersley's wholly owned Yandicoogina mine and
of the Dampier port in Western Australia were approved in October 2005 to take
the capacity of Rio Tinto's ports in the Pilbara to close to 200 million tonnes
by 2008.

Hamersley

Earnings of $1,219 million were $789 million above 2004.  In 2005, Hamersley
achieved record shipments of 90 million tonnes, up 18 per cent on the previous
year.  26 per cent of these sales were delivered on a basis which included
freight and insurance costs. Commissioning of the major port expansion commenced
and the ramp-up of new shiploading facilities at Dampier boosted export
capacity.

Hamersley's 2005 earnings include a net loss of $19 million for HIsmelt (R)
(2004 $9 million net loss) due to scheduled pre-production and marketing costs.
The hot commissioning phase was completed in October. HIsmelt (R) is currently
in the ramp up phase. Reflecting the innovative nature of the technology, full
production is expected to be reached over a three year ramp-up period.

Robe River

Earnings of $362 million were $232 million above 2004.  Production and sales of
West Angelas ore reached record levels, following the completion of the
expansion project during the year.

Iron Ore Company of Canada

Earnings of $148 million were $144 million above 2004.  Annual production of
pellets reached record levels, with total saleable production up 40 per cent on
2004. Productivity improvements occurred during the year under the new
collective agreement that was put in place following the ten week labour dispute
in the latter half of 2004.

Rio Tinto Brasil

Rio Tinto Brasil made a loss of $7 million in 2005 compared with net profit of
$1 million in 2004. The major variances related to the sale of Rio Tinto's
interest in the Morro do Ouro gold mine in December 2004 and an 18 per cent
strengthening of the Brazilian real relative to the US dollar during the year.


Energy
Production (Rio Tinto share)                                       2005           2004         Change
            Coal (million tonnes)
                  Hard coking coal                                  7.2            6.8            +6%
                  Other Australian                                 30.9           32.9            -6%
                  US                                              115.6          117.7            -2%
            Uranium (tonnes)                                      6,582          5,974           +10%
Gross turnover ($ millions)                                       3,867          3,008           +29%
Underlying earnings ($ millions)                                    733            431           +70%
EBITDA ($ millions)                                               1,442            912           +58%
Capital expenditure ($ millions)                                    412            244           +69%


Rio Tinto Coal Australia

Earnings of $572 million were $336 million above 2004, with higher prices
offsetting the impact of higher demurrage and energy costs.

Available port and rail capacity continued to constrain export shipments from
the Australian coal operations.  A queue management system was successfully
implemented at Dalrymple Bay, Queensland, from late April 2005 and at the port
of Newcastle, New South Wales, a capacity balancing system has been in place for
well over a year.

Production volumes reflected both the effects of shipping constraints and the
normal variation in line with the mining sequence.

An enhanced Hail Creek expansion project was approved in the first quarter of
2005. The expanded capacity of the project will remain at eight million tonnes
per annum, but the enhancement will allow further expansions in line with market
demand and port and rail capacity.  The approved capital expenditure for the
increase in annual capacity from six million tonnes to eight million tonnes is
$223 million.

US Coal - Kennecott Energy

US coal production decreased by approximately two per cent in 2005 attributable
to maintenance on the externally operated railroad. In addition approximately
one million tonnes of production at Cordero Rojo was lost due to spoil pile
stability issues.

Kennecott Energy's (KEC) 2005 earnings of $135 million were $45 million below
2004.  Two train derailments in May 2005 and the subsequent major rail
maintenance programme instituted by the operators of the Joint Rail Line
resulted in disappointing coal volumes shipped from KEC's Powder River Basin
operations in 2005.  The rail maintenance programme was completed in early
December. Additional maintenance costs together with higher diesel, explosives
and labour costs reduced earnings compared with 2004.

The expansion of the Antelope mine and development of the West Antelope reserves
was approved during the year at a capital cost of US$87 million. This will
optimise the usage of the current facilities and enable production to increase
in line with market demand.

Asia Pacific seaborne coal markets

The global coking coal market was strong, driven largely by increased Chinese
steel production.  With export thermal coal volumes from Australia and South
Africa constrained by infrastructure and Chinese supply subject to variability
due to its own strong internal demand, Indonesian supply increased
substantially. Japanese demand fell back somewhat in the latter half of the year
as its nuclear reactors were brought back onstream.

Uranium markets

The further reduction of excess inventory continued to push spot prices over $30
per pound. The lead time for significant new capacity from mines will be five to
ten years which is expected to keep prices firm in the short to medium term.  As
attitudes towards nuclear generation of power begin to change and China commits
to a nuclear generation investment programme, the longer term outlook for
uranium demand looks better than it has been for several years.

Rossing

Earnings of $2 million were $6 million above the $4 million loss incurred in
2004.  In December, an $82 million project was approved to extend the life of
the mine at current production levels through to approximately 2016.

Energy Resources of Australia

Earnings of $24 million were $5 million above 2004 attributable to higher prices
which more than offset the impact of higher fuel and other costs. In October,
ERA announced an increase in total reserves of 6,285 tonnes contained uranium
oxide at its Ranger mine, as a result of a reduction in cut-off grade, adding
three years to its predicted operational life to 2014.

Industrial Minerals

Production (Rio Tinto share)                                        2005           2004         Change
             Titanium dioxide (000 tonnes)                         1,312          1,192           +10%
             Borates (000 tonnes)                                    560            565            -1%
             Salt (000 tonnes)                                     5,507          4,792           +15%
             Talc (000 tonnes)                                     1,412          1,443            -2%
Gross turnover ($ millions)                                        2,487          2,126           +17%
Underlying earnings ($ millions)
             Rio Tinto Iron & Titanium                               128            116           +10%
             Rio Tinto Borax                                          48             93           -48%
             Dampier Salt                                             14             13            +8%
             Luzenac                                                 (3)             21          -114%
                                                                     187            243           -23%
EBITDA ($ millions)                                                  563            554            +2%
Capital expenditure ($ millions)                                     235            248            -5%


Rio Tinto Minerals

During 2005, the decision was taken to combine Borax, Luzenac and Dampier Salt
into a single business, Rio Tinto Minerals, to maximise the benefits that these
businesses can bring to each other. This resulted in a restructuring charge in
the second half of the year included against Borax and Luzenac earnings.

Rio Tinto Iron & Titanium

Earnings of $128 million were $12 million above 2004.  Titanium dioxide
feedstock production for the year was 10 per cent higher than the prior year
following the completed ramp-up to 325,000 tonnes per annum of QIT's Upgraded
Slag (UGS) expansion in line with the commissioning schedule. Strong demand for
feedstock coupled with higher prices for co-products more than offset the
impacts of a stronger Canadian dollar and higher energy costs. A further
capacity expansion of the UGS plant to 375,000 tonnes per annum was approved in
October 2005 at a capital cost of $79 million.  This will come onstream in late
2006.

The construction of a new ilmenite project in Madagascar was approved in August
2005.  The project will involve the construction of a dredging operation and
port in Madagascar at a cost of $585 million and the enhancement of existing
smelting facilities in Sorel, Canada at a cost of $190 million.  First
production is expected towards the end of 2008 and the initial capacity, all of
which will be smelted in Sorel, will be 750,000 tonnes per year of ilmenite.
The final product will be a new, high quality chloride slag with 91 per cent
titanium dioxide content.

Rio Tinto Borax

Earnings of $48 million were $45 million below 2004.  2005 earnings include $12
million of one-off costs relating to the Rio Tinto Minerals reorganisation.
Production in the first quarter was affected by unusually wet weather at the
Boron mine which adversely affected mining costs for a prolonged period.  Higher
diesel, natural gas, electricity and raw materials prices also impacted earnings
for the year.  Sales into Asia, in particular China, continued their recent
strong performance, offsetting some of the cost pressures.

Dampier Salt

Earnings of $14 million were $1 million above 2004.  Strong salt volumes and
prices offset higher operating costs and demurrage.

Luzenac

Luzenac made a loss of $3 million in 2005 compared with a net profit of $21
million in 2004. 2005 earnings include $18 million of one-off costs relating to
the Rio Tinto Minerals reorganisation. During 2005 new business was gained in
polymers and coatings applications but margins were squeezed due to higher
energy and other input prices.


Aluminium
Production (Rio Tinto share)                                        2005           2004         Change
             Bauxite (000 tonnes)                                 15,474         12,828           +21%
             Alumina (000 tonnes)                                  2,963          2,231           +33%
             Aluminium (000 tonnes)                                853.7          836.5            +2%
Gross turnover ($ millions)                                        2,744          2,356           +16%
Underlying earnings ($ millions)                                     392            331           +18%
EBITDA ($ millions)                                                  855            688           +24%
Capital expenditure ($ millions)                                     242            505           -52%


Prices

The average aluminium price of 86 cents per pound was 10 per cent above the 2004
average price.  The alumina market remained tight and spot prices continued to
trade at over $400 per tonne.

Bauxite

Bauxite production continued to increase due to the successful commissioning of
Project NeWeipa. 2005 production was a record as a result of increases from both
the East Weipa and Andoom mines.

Alumina

The new Comalco Alumina Refinery (CAR) produced 835,000 tonnes in 2005. Efforts
continued to improve the reliability of the pumps feeding the digestion circuit.
Queensland Alumina Refinery continued its strong performance, achieving record
annual production, and Eurallumina's strong performance benefited from plant
stability. Costs were adversely affected by higher input prices for caustic
soda, internal freight and fuel and the ongoing expensing of CAR stage two study
costs.

Aluminium

All of the aluminium smelters operated consistently at, or near, capacity.  The
Bell Bay, Boyne Island and Tiwai Point smelters achieved annual production
records for 2005 and Anglesey's production was only marginally below 2004.
Earnings were adversely affected by higher average power and other input costs,
partly offset by the benefits from stable operations and the Six Sigma
improvement programme.


Copper
Production (Rio Tinto share)                                        2005           2004         Change
            Mined copper (000 tonnes)                              784.4          753.1            +4%
            Refined copper (000 tonnes)                            314.5          332.6            -5%
            Mined molybdenum (000 tonnes)                           15.6            6.8          +130%
            Mined gold (000 oz)                                    1,626          1,164           +40%
Gross turnover ($ millions)                                        4,839          3,033           +60%
Underlying earnings ($ millions)                                   2,020            860          +135%
EBITDA ($ millions)                                                3,191          1,503          +112%
Capital expenditure ($ millions)                                     505            326           +55%


Kennecott Utah Copper

Earnings of $1,037 million were $726 million higher than 2004.  With molybdenum
prices remaining strong throughout the year, mine production continued to be
optimised in favour of molybdenum. Copper concentrate volumes therefore reduced
in line with lower copper grades compared with 2004.  Improved recoveries
following the completion of the molybdenum plant expansion project boosted
molybdenum production further.  Annual gold production improved in line with the
associated grade profile.

Costs in 2005 were higher at Utah Copper compared with 2004, reflecting the
increased costs associated with extracting the higher grade molybdenum ore,
increased maintenance, including a 17 day scheduled smelter shutdown, and higher
exploration and development expenditure.

Escondida

Earnings of $602 million were $196 million above 2004.  Year on year production
at Escondida benefited from the commissioning of the Norte crusher and ore
handling system in September and continued improvements in mill performance.

Grasberg joint venture

Earnings of $232 million were $200 million above 2004, excluding the earnings
attributable to Rio Tinto's holding in Freeport-McMoRan Copper & Gold prior to
its disposal in March 2004.  Copper and gold production benefited significantly
from increased access to the high grade ore in 6 South and improvements in mill
throughput. There was a minor revision to the metal strip, which determines the
allocation of volumes between the joint venture partners, resulting in an
additional 8,500 tonnes of copper being attributed to Rio Tinto during the
fourth quarter.

Kennecott Minerals

Earnings of $73 million were $9 million below 2004.  The effects of higher gold
prices were offset by higher input costs and lower sales volumes from Cortez due
to lower grades.

Rio Tinto approved its share of the development costs of the Cortez Hills gold
project during the third quarter of 2005.  Cortez Hills is part of the Cortez
Joint Venture property in Nevada, which is 40 per cent owned by Rio Tinto.

Palabora

Earnings of $19 million compare with a loss of $21 million in 2004.  2005
production was 12 per cent higher than 2004, as a result of higher overall
throughput rates and improved recoveries, with continued efforts being made to
enhance performance.

Northparkes

Earnings of $57 million were $32 million above 2004.  Copper production was 80
per cent above the previous year. The successful ramp up of Lift 2 has provided
higher copper feed grades and allowed increased throughput.

Other

Rio Tinto's interests in Somincor, Morro do Ouro and Zinkgruvan, which were
reported in the Copper product group, were sold during 2004.  Rio Tinto Brasil
and Kennecott Land, which previously reported in the Copper product group now
report in the Iron Ore product group and Other Operations respectively.
Comparative data has been adjusted accordingly.


Diamonds
Production (Rio Tinto share)                                         2005          2004        Change
             Diamonds (000 carats)
             Argyle                                                30,476        20,620          +48%
             Diavik                                                 4,963         4,545           +9%
             Murowa                                                   195            36         +442%
Gross turnover ($ millions)                                         1,076           744          +45%
Underlying earnings ($ millions)                                      281           188          +49%
EBITDA ($ millions)                                                   617           419          +47%
Capital expenditure ($ millions)                                      203           152          +34%

Diamond markets

Demand for rough diamonds remained strong.  This was reflected in price rises
for Argyle and, to a lesser extent, Diavik production.  Wholesale polished
prices continued to increase.

Diavik

Earnings of $143 million were $4 million below 2004.  Higher prices and volumes
were offset by a stronger Canadian dollar and increased energy costs.

Argyle

Earnings of $117 million were $77 million above 2004.  Production at Argyle
returned to more normal levels in 2005 following the tight mining conditions
experienced in 2004.

In December, Rio Tinto announced its decision to develop a $760 million block
cave underground project at the Argyle diamond mine, with an additional $150
million to be spent on a related open pit cutback. This will extend the life of
the operation to 2018.

Murowa

Earnings from Murowa, which commenced production in the second half of 2004,
were $21 million.


Other operations
                                                                     2005          2004         Change
Underlying earnings ($ millions)                                        2            25           -92%


Kelian ceased processing ore in February 2005 and the final gold pour was in May
2005.

At Kennecott Land's Project Daybreak, land sales started in mid-2004 and will
ramp-up over a period of 5-6 years.  To date builders have contracted for close
to 600 lots.

In November Rio Tinto sold its 14.5 per cent investment in Lihir Gold for
approximately $295 million.


Exploration and evaluation
                                                                    2005           2004         Change
Post-tax charge - centrally reported ($ millions)                    174            128           +36%


Exploration drilling continued on copper targets in Chile, Mexico and in Turkey.
Diamond exploration continued in Canada, Botswana, Mauritania, India and
Brazil. Iron ore exploration continued in West Africa and in Western Australia
with a significant tonnage of additional iron mineralisation discovered in the
Pilbara.  Exploration for thermal and coking coal opportunities continued in
southern Africa, Australia, Mongolia and Canada. At La Sampala (nickel,
Indonesia), negotiations for a Contract of Work continued.

In December Rio Tinto won two tenders. The first was the award of the La Granja
copper project located in the Region of Cajamarca in northern Peru. The second
was a successful bid for the Jarandol concession hosting the Piskanja borate
deposit located in southern Serbia.  Both projects will now enter a period of
exploration and evaluation.

Evaluation work continued at Eagle (nickel/copper, US), Sari Gunay (gold, Iran),
Resolution (copper/gold, US) and Simandou (iron ore, Guinea).  At Potasio Rio
Colorado (potash, Argentina) prefeasibility studies were completed with the
successful validation of the solution mining concept.

Capital projects

Project                                                Estimated     Status/Milestones
                                                          cost
                                                         (100%)
Completed in 2005

Iron ore - HIsmelt (R) (Rio Tinto 60%) direct iron       $200m       Construction was completed and the
smelting technology.  Construction of an 800,000                     commissioning began in April 2005.
tonne capacity plant in Kwinana, Western Australia.

Iron ore - Expansion of Yandicoogina mine (Rio           $200m       Expansion was completed in the third
Tinto 100 %) from 24 million tonnes per annum to 36                  quarter.
million tonnes per annum.

Iron ore - Expansion of West Angelas mine  (Rio          $105m       Project was completed in the third
Tinto 53%) from 20 million tonnes per annum to 25                    quarter.
million tonnes per annum.

Titanium dioxide - Expansion of Rio Tinto Iron &          $76m       Commissioning started in March 2005
Titanium's (Rio Tinto 100%) upgraded slag plant                      and the plant has been operating at
(UGS) from 250,000 tonnes per annum to 325,000                       full capacity since the third
tonnes per annum.                                                    quarter.

Copper - Escondida Norte (Rio Tinto 30%).                $400m       The Norte crusher and ore handling
Satellite deposit will provide mill feed to keep                     system were commissioned in September
Escondida's annual capacity above 1.2 million                        2005.
tonnes to the end of 2008.

Iron ore - Expansion of Hamersley's (Rio Tinto           $685m       Construction is complete with the
100%) port capacity to 116 million tonnes per                        focus now on production ramp up in
annum.                                                               the coming months.

Ongoing

Iron ore - Expansion of Hamersley's (Rio Tinto           $290m       Approved in April 2005, commissioning
100%) Tom Price and Marandoo mines and construction                  is expected to commence from early
of new mine capacity at Nammuldi.                                    2006.

Iron ore - Expansion by Robe River (Rio Tinto 53%)       $200m       Project is on schedule and due to
of rail capacity including completion of dual                        complete in the second quarter of
tracking of 100 km mainline section.                                 2006.

Coking coal - Hail Creek (Rio Tinto 82%) Expansion       $223m       Project is on track and on budget
of annual capacity from 6 million tonnes to 8                        with the new dragline planned for the
million tonnes per annum.                                            second quarter of 2006.

Copper - Escondida sulphide leach (Rio Tinto 30%).       $870m       First production is expected in the
The project will produce 180,000 tonnes per annum                    second half of 2006.
of copper cathode for more than 25 years.

Copper - Kennecott Utah Copper (Rio Tinto 100%)          $170m       The project was approved in February
East 1 pushback.  The project extends the life of                    2005 and work on the pushback
the open pit to 2017 while retaining options for                     continues. Waste movements have been
further underground or open pit mining thereafter.                   impacted by higher haul truck
                                                                     profiles.  Commissioning of the
                                                                     pebble crusher is expected in the
                                                                     third quarter of 2006.

Diamonds - Construction at Diavik (Rio Tinto 60%)        $265m       The project was approved in 2004. The
of the A418 dike, and funding for further study of                   A418 dike was closed off in late
the viability of underground mining, including the                   2005. It will be completed in 2007
construction of an exploratory decline.                              with production from the A418 pipe
                                                                     commencing in 2008. Construction of
                                                                     the exploratory decline is
                                                                     progressing well.


Project                                                 Estimated     Status/Milestones
                                                          cost
                                                         (100%)
Recently approved

Iron ore - Brownfields mine expansion of                  $530m       Both projects were approved in
Hamersley's (Rio Tinto 100%) Yandicoogina mine from                   October 2005 and are due to be
36 million tonnes per annum to 52 million tonnes                      commissioned at the end of 2007
per annum                                                             with progressive ramp up during

Iron ore - Expansion of Hamersley's (Rio Tinto            $803m       2008.
100%) Dampier port from 116 million tonnes per
annum to 140 million tonnes per annum capacity and
additional rolling stock and infrastructure.

Titanium dioxide - Construction by QMM (Rio Tinto         $585m       The project was approved in August
80%) of a greenfield ilmenite operation in                            2005 and the first beach landing of
Madagascar and associated upgrade of processing             +         equipment took place in December.
facilities at QIT.                                                    First production is expected in
                                                          $190m       late 2008.
Titanium dioxide - further expansion of capacity at       $79m        The expansion was approved in
the UGS plant from 325,000 tonnes to 375,000 tonnes                   October 2005 and is due to be
per annum.                                                            completed in the second half of
                                                                      2006.
Diamonds - Argyle (Rio Tinto 100%) development of         $910m       Approved in December 2005, the
underground mine and open pit cutback, extending                      underground mine is due to come
the life of the mine to 2018.                                         onstream from the end of 2008.

Copper - Big Gossan at Freeport (Rio Tinto 40%)           $245m       Construction of the access portal
                                                                      has been completed.

Gold - Development of Cortez Hills (Rio Tinto 40%)        $455m       Approved in September 2005, the
                                                                      project is currently focussed on
                                                                      permitting requirements.

Energy - Rossing (Rio Tinto 68.6%) uranium mine           $82m        Approved in December 2005
life extension to 2016





Divestments

The sale of Rio Tinto's holding in the Labrador Iron Ore Royalty Income Fund
(LIORIF) for cash consideration of $130 million was completed in the first
quarter of 2005.  LIORIF has an equity interest of 15.1 per cent in, and
receives royalties from, the Iron Ore Company of Canada (IOC).  The transaction
has no effect on Rio Tinto's 59 per cent interest in IOC.

Rio Tinto sold its 14.5 per cent interest in Lihir Gold for approximately $295
million during the fourth quarter.

Price & exchange rate sensitivities

The following sensitivities give the estimated effect on underlying earnings
assuming that each individual price or exchange rate moved in isolation.  The
relationship between currencies and commodity prices is a complex one and
movements in exchange rates can cause movements in commodity prices and vice
versa.  The exchange rate sensitivities quoted below include the effect on
operating costs of movements in exchange rates but exclude the effect of the
revaluation of foreign currency working capital.  They should therefore be used
with care.

                               Average price/exchange rate for       10 per cent change   Effect on full
                                                          2005                                  year net
                                                                                                earnings
                                                                                                    US$m

Copper                                                 166c/lb             +/- 16.6c/lb              215
Aluminium                                               86c/lb               +/-8.6c/lb              114
Gold                                                   $444/oz             +/- $44.4/oz               54
Molybdenum                                              $31/lb              +/- $3.1/lb               40

Australian dollar                                        76USc                +/-7.6USc              242
Canadian dollar                                          83USc                +/-8.3USc               58
South African rand                                       16USc                +/-1.6USc               23


The numbers of shares in issue held by the public at 31 December were as
follows:


                                                                2005              2004            Change
                                                          Number (m)        Number (m)
Rio Tinto plc                                               1,068.42          1,068.02            +0.04%
Rio Tinto Limited                                             285.74            311.90            -8.39%



For further information, please contact:

LONDON                                               AUSTRALIA

Media Relations                                      Media Relations
Maria Darby Walker                                   Ian Head
Office:  [phone]                        Office:  [phone]
Mobile: [phone]                         Mobile: [phone]

Investor Relations                                   Investor Relations
Nigel Jones                                          Dave Skinner
Office: [phone]                         Office:  [phone]
Mobile: [phone]                         Mobile: [phone]
David Ovington                                       Susie Creswell
Office:  [phone]                        Office:  [phone]
Mobile: [phone]                         Mobile: [phone]


Website: www.riotinto.com
High resolution photographs available at: www.newscast.co.uk



Group income statement
Years ended 31 December
                                                                                                 2005         2004
                                                                                                 US$m         US$m

Gross turnover (including share of jointly controlled entities and associates)                 20,742       14,530

Share of jointly controlled entities' and associates' turnover                                (1,709)      (1,576)

Consolidated turnover                                                                          19,033       12,954

Operating costs (excluding impairment charges) (a)                                           (12,436)     (10,249)
Net impairment reversals/(charges) (b)                                                              3        (558)
Profit on disposal of interests in businesses (including investments) (c)                         322        1,180
Operating profit                                                                                6,922        3,327
Share of profit after tax of jointly controlled entities and associates                           776          523
Profit before finance items and taxation                                                        7,698        3,850

Finance items
Exchange (losses)/gains on external debt and intragroup balances                                (128)          204
(Losses)/gains on currency and interest rate derivatives not qualifying for hedge                (51)           16
accounting
Interest receivable                                                                                82           28
Interest payable and similar charges                                                            (173)        (148)
Amortisation of discount related to provisions                                                  (116)         (87)
                                                                                                (386)           13

Profit before taxation                                                                          7,312        3,863

Taxation (b), (c)                                                                             (1,814)        (619)
Profit for the year                                                                             5,498        3,244
- attributable to outside equity shareholders (b)                                                 283         (53)

- attributable to equity shareholders of Rio Tinto (Net earnings)                               5,215        3,297



(a)     Operating costs benefit from a reduction of US$84 million in
environmental provisions at Kennecott Utah Copper, which reverses part of an
exceptional charge taken up in 2002.

(b)     No tax credits or charges arose from impairment charges and reversals
for the year ended 31 December 2005 (2004: US$108 million), and the net charge
attributable to outside equity shareholders was US$1 million (2004: US$129
million).

(c)     The net tax charge resulting from profit on disposal of interests in
businesses (including investments) for the year ended 31 December 2005 was US$11
million (2004: US$9 million), and there was no amount attributable to outside
equity shareholders (2004: US$4 million).

Basic earnings per ordinary share                                                             382.3c         239.1c
Diluted earnings per ordinary share                                                           381.1c         238.7c


For the purposes of calculating basic earnings per share, the weighted average
number of Rio Tinto plc and Rio Tinto Limited shares outstanding during the year
was 1,364.1 million, being the average number of Rio Tinto plc shares
outstanding (1,069.1 million) plus the average number of Rio Tinto Limited
shares outstanding not held by Rio Tinto plc (295.0 million).

Dividends per share: paid during the year                                                   83.5c           66.0c

Dividends per share: proposed in the announcement of the results for the year

                                  - final dividend                                          41.5c           45.0c
                                  - special dividend                                       110.0c




Group cash flow statement
Years ended 31 December
                                                                                               2005           2004
                                                                                               US$m           US$m

Cash flow from consolidated operations                                                        7,657          3,974
Dividends from jointly controlled entities and associates                                       600            478
Cash flows from operations                                                                    8,257          4,452

Interest received                                                                                51             28
Interest paid                                                                                 (179)          (179)
Dividends paid to outside shareholders                                                        (169)           (56)
Tax paid                                                                                    (1,017)          (865)
Cash flow from operating activities                                                           6,943          3,380

Cash used in investing activities
Disposals of subsidiaries, joint ventures & associates (less acquisitions)                      321          1,507
Purchase of property, plant & equipment and intangible assets                               (2,552)        (2,256)
Funding of jointly controlled entities and associates                                            17              9
Exploration and evaluation expenditure                                                        (264)          (190)
Proceeds from sale of property, plant & equipment and intangible assets                          36             41
Sales of other investments                                                                      133            261
Purchases of other financial assets                                                           (231)           (30)
Government grants received                                                                       26              -
Cash flows from non-hedge derivatives not related to net debt                                    31             77
Cash used in investing activities                                                           (2,483)          (581)

Cash flow before financing activities                                                         4,460          2,799

Cash used in financing activities
Equity dividends paid to Rio Tinto shareholders                                             (1,141)          (906)
Own shares purchased from Rio Tinto shareholders                                              (877)              -
Proceeds from issue of ordinary shares in Rio Tinto                                             100             26
Proceeds from issue of ordinary shares in subsidiaries to outside shareholders                    4              7
Finance lease principal payments                                                               (86)           (20)
Proceeds from issue of new borrowings                                                           388            206
Repayment of borrowings                                                                       (807)        (2,041)
Cash flows from non-hedge derivatives related to net debt                                         2              -
Cash flows relating to liquid resources not classified as cash and cash equivalents               6             23
Cash used in financing activities                                                           (2,411)        (2,705)
Effects of exchange rates on cash and cash equivalents                                          (8)            (9)
Net increase in cash and cash equivalents                                                     2,041             85
Opening cash and cash equivalents                                                               326            241
Closing cash and cash equivalents                                                             2,367            326


Cash flow from consolidated operations
Profit for the year                                                                           5,498          3,244
Adjustments for:
  Taxation                                                                                    1,814            619
  Net interest payable and amortisation of discount                                             207            207
  Share of profit after tax of jointly controlled entities and associates                     (776)          (523)
  Profit on disposals of interests in businesses (including investments)                      (322)        (1,180)
  Depreciation and amortisation                                                               1,334          1,171
  Impairment (reversals)/charges                                                                (3)            558
  Exploration and evaluation charged against profit                                             250            190
  Provisions                                                                                    277            192
Utilisation of provisions                                                                     (336)          (220)
Change in inventories                                                                         (249)          (217)
Change in trade and other receivables                                                         (530)           (97)
Change in trade and other payables                                                              279            234
Losses/(gains) on currency and interest rate derivatives not qualifying as hedges                51           (16)
Exchange losses/(gains) on external debt and intragroup balances                                128          (204)
Other items                                                                                      35             16
                                                                                              7,657          3,974



Group balance sheet
At 31 December
                                                                                               2005           2004
                                                                                               US$m           US$m

Non-current assets
Goodwill                                                                                      1,020          1,075
Intangible assets                                                                               220            189
Property, plant and equipment                                                                17,620         16,721
Investments in jointly controlled entities and associates                                     1,829          2,016
Loans to jointly controlled entities                                                            159            130
Inventories                                                                                     141             68
Trade and other receivables                                                                     703            770
Deferred tax assets                                                                              55             52
Tax recoverable                                                                                 122            125
Derivatives related to net debt                                                                 254            494
Other financial assets                                                                          199            156
                                                                                             22,322         21,796

Current assets
Inventories                                                                                   2,048          1,952
Loans to jointly controlled entities                                                              -             46
Trade and other receivables                                                                   2,488          1,832
Tax recoverable                                                                                  30             29
Derivatives related to net debt                                                                  62             29
Other financial assets                                                                          469            218
Other liquid resources                                                                            5             14
Cash and cash equivalents                                                                     2,379            392
                                                                                              7,481          4,512

Current liabilities
Bank overdrafts repayable on demand                                                            (12)           (66)
Borrowings                                                                                  (1,190)          (789)
Trade and other payables                                                                    (2,190)        (1,753)
Derivatives related to net debt                                                                 (8)              -
Other financial liabilities                                                                    (78)              -
Tax payable                                                                                   (987)          (142)
Provisions                                                                                    (321)          (193)
                                                                                            (4,786)        (2,943)

Net current assets                                                                            2,695          1,569

Non-current liabilities
Borrowings                                                                                  (2,783)        (3,883)
Trade and other payables                                                                      (269)          (910)
Derivatives related to net debt                                                                (20)              -
Other financial liabilities                                                                    (93)              -
Tax payable                                                                                    (51)           (87)
Deferred tax liabilities                                                                    (2,197)        (2,135)
Provisions                                                                                  (3,865)        (3,759)
                                                                                            (9,278)       (10,774)

Net assets                                                                                   15,739         12,591


Capital and reserves
Share capital
- Rio Tinto plc                                                                                 172            172
- Rio Tinto Limited (excl. Rio Tinto plc interest)                                            1,019          1,133
Share premium account                                                                         1,888          1,822
Other reserves                                                                                 (24)            353
Retained earnings                                                                            11,893          8,397
Equity attributable to Rio Tinto shareholders                                                14,948         11,877
Attributable to outside equity shareholders                                                     791            714
Total equity                                                                                 15,739         12,591



At 31 December 2005, Rio Tinto plc had 1,068.4 million ordinary shares in issue
and Rio Tinto Limited had 285.8 million shares in issue, excluding those held by
Rio Tinto plc.

At 31 December 2005, net tangible assets per share amounted to US$10.12 (31
December 2004: US$7.69).


Group statement of recognised income and expense

                                                             Attributable      Outside     Year to 31   Year to 31
                                                                       to    Interests       December     December
                                                             shareholders                        2005         2004
                                                             of Rio Tinto                       Total        Total
                                                                     US$m         US$m           US$m         US$m

Currency translation adjustment                                     (401)         (44)          (445)          410
Cash flow hedge fair value losses                                   (116)         (26)          (142)            -
Gains on available for sale securities                                 32            5             37            -
Cash flow hedge losses transferred to the income
  statement                                                             -            1              1            -
Gains on available for sale securities transferred to
the
income statement                                                     (88)            -           (88)            -
Actuarial gains/(losses) on post retirement benefit                   179          (1)            178        (203)
plans
Tax recognised directly in equity                                      56            1             57           48

Net (expense)/income recognised directly in equity                  (338)         (64)          (402)          255

Profit after tax for the year                                       5,215          283          5,498        3,244

Total recognised income for the year                                4,877          219          5,096        3,499


Adjustment for adoption of IAS39 (net of tax) to:
- retained earnings                                                   (9)          (2)           (11)            -
- other reserves                                                       99           21            120            -
                                                                       90           19            109            -



Group statement of changes in equity

                                                             Attributable      Outside     Year to 31   Year to 31
                                                                       to    Interests       December     December
                                                             shareholders                        2005         2004
                                                             of Rio Tinto                       Total        Total
                                                                     US$m         US$m           US$m         US$m

Opening balance                                                    11,877          714         12,591       10,023
Adjustment for adoption of IAS39 (net of tax) to:
- retained earnings                                                   (9)          (2)           (11)            -
- other reserves                                                       99           21            120            -
Opening balance as restated                                        11,967          733         12,700       10,023

Total recognised income for the year                                4,877          219          5,096        3,499
Employee share options charged to income statement                     24            -             24           29
Dividends                                                         (1,143)        (169)        (1,312)        (966)
Disposals of interests in subsidiaries                                  -            4              4         (27)
Own shares purchased from Rio Tinto shareholders                    (877)            -          (877)            -
Ordinary shares issued                                                100            4            104           33

Closing balance                                                    14,948          791         15,739       12,591


The adoption of IAS 39 resulted in a US$90 million increase in equity
attributable to Rio Tinto shareholders at 1 January 2005. This was net of
consequential increases in deferred tax liabilities of US$24 million, and
outside equity shareholders' interests of US$19 million.  This represents the
net gain on marking to market of qualifying hedges, embedded derivatives,
available for sale investments and certain derivatives that do not qualify as
hedges, which was not previously recognised under IFRS.

The major balance sheet line items affected were financial assets: increase of
US$287 million, financial liabilities: increase of US$66 million, and
borrowings: increase of US$69 million.  The net impact on other balance sheet
items was a reduction in total assets of US$19 million.

Reconciliation with Australian IFRS
Years ended 31 December
                                                                                               2005            2004
                                                                                               US$m            US$m

Consolidated profit for the year under EU IFRS                                                5,498           3,244
Increase/(decrease) net of tax in respect of:
Goodwill - relating to sold operations                                                            -           (129)
Consolidated profit for the year under Australian IFRS                                        5,498           3,115


                                                                                               2005            2004
                                                                                               US$m            US$m

Total recognised income for the year under EU IFRS                                            5,096           3,499
Increase/(decrease) net of tax in respect of:
Goodwill - relating to sold operations                                                            -           (129)

Total recognised income for the year under Australian IFRS                                    5,096           3,370


At 31 December
                                                                                               2005            2004
                                                                                               US$m            US$m

Total consolidated equity under EU IFRS                                                      15,739          12,591
Increase/(decrease) in respect of:
Goodwill                                                                                        743             741

Total consolidated equity under Australian IFRS                                              16,482          13,332


The profit, income and equity figures set out above include amounts attributable
to outside shareholders in subsidiaries.

The Group's financial statements have been prepared in accordance with IFRS as
adopted for use in the European Union ('EU IFRS'), which differs in certain
respects from the version of IFRS that is applicable in Australia ('Australian
IFRS').

The transition to EU IFRS was based on the UK GAAP financial statements as at 1
January 2004.  Under UK GAAP, goodwill on acquisitions prior to 1998 was
eliminated directly against equity. Under IFRS 1, goodwill previously recognised
as a reduction in equity is not reinstated on transition to IFRS.  The
Australian equivalent, AASB 1, does not include this relief provision.  As a
consequence, shareholders' funds under Australian IFRS include the residue of
such goodwill, which amounted to US$743 million at 31 December 2005.  Also, the
profit on disposal of certain operations in 2004 is reduced by US$129 million
under Australian IFRS as a result of the balance of goodwill relating to those
operations.

Reconciliation of Net earnings to Underlying earnings

                                                        Pre-tax   Taxation       Outside        Net        Net
                                                                               interests     amount     amount
                                                                                               2005       2004
Exclusions from underlying earnings                                                            US$m       US$m
Gains relating to disposal of interests in
 businesses (including investments)                         322       (11)             -        311      1,175
Net impairment reversals/(charges)                            3          -             1          4      (321)
Adjustment to environmental remediation provision            84          -             -         84          -
Exchange differences and derivatives
- Exchange (losses)/gains on external debt and
intragroup balances                                       (128)         31            10       (87)        159
- (Losses)/gains on currency and interest rate
derivatives not qualifying for hedge accounting            (51)         13           (2)       (40)          8
- Gains/(losses) on external debt and derivatives not
qualifying as hedges in jointly controlled entities and
associates (net of tax)                                    (12)          -             -       (12)          4
Total excluded from underlying earnings                     218         33             9        260      1,025

Net earnings                                              7,312    (1,814)         (283)      5,215      3,297

Underlying earnings                                       7,094    (1,847)         (292)      4,955      2,272


'Underlying earnings' is an alternative measure of earnings, which is reported
by Rio Tinto to provide greater understanding of the underlying business
performance of its operations.  Underlying earnings and net earnings both
represent amounts attributable to Rio Tinto shareholders.  Items (a) to (f)
below are excluded from Net earnings in arriving at Underlying earnings.

(a)     Gains and losses arising on the disposal of interests in businesses
(including investments) and undeveloped properties.

(b)     Charges and credits relating to impairment of non-current assets,
excluding those related to current year exploration expenditure.

(c)     Exchange gains and losses on US dollar debt and intragroup balances.

(d)     Valuation changes on currency and interest rate derivatives which are
ineligible for hedge accounting, other than those embedded in commercial
contracts.

(e)     The currency revaluation of embedded US dollar derivatives contained in
contracts held by entities whose functional currency is not the US dollar.

(f)       Other credits and charges that, individually, or in aggregate if of a
similar type, are of a nature or size to require exclusion in order to provide
additional insight into underlying business performance.



Consolidated net debt
At 31 December
                                                       Cash and        Other     Borrowings        2005        2004
                                                           cash       liquid                   Net debt    Net debt
                                                    equivalents    resources                       US$m        US$m
Analysis of changes in consolidated net debt
At 1 January                                                326           14        (4,149)     (3,809)     (5,710)
Adjustment on adoption of IAS39                               -            -           (10)        (10)           -
Opening balance as restated                                 326           14        (4,159)     (3,819)     (5,710)
Adjustment on currency translation                          (8)          (3)            107          96       (203)
Exchange gains/(losses) charged to the
income statement                                              -            -             13          13         161
(Losses) on derivatives related to net debt                   -            -           (85)        (85)           -
Exchange gains/(losses) recognised in equity                  -            -              -           -           5
Subsidiaries disposed of                                      -            -              -           -          12
Finance leases raised less repaid                             -            -             22          22          20
Cash flows excluding exchange movements                   2,049          (6)            417       2,460       1,906
Closing balance                                           2,367            5        (3,685)     (1,313)     (3,809)


Reconciliation to balance sheet categories
Non-current                                                   -            -        (2,783)     (2,783)     (3,883)
Current                                                   2,379            5        (1,190)       1,194       (383)
Bank overdrafts repayable on demand                        (12)            -              -        (12)        (66)
Derivatives related to net debt                               -            -            288         288         523
Consolidated net debt                                     2,367            5        (3,685)     (1,313)     (3,809)



Commodity analysis
Years ended 31 December

      2005       2004                                                                            2005        2004
         %          %                                                                            US$m        US$m

                            Gross turnover
      14.3       15.4       Copper                                                              2,968       2,233
       3.6        4.4       Gold (all sources)                                                    754         634
      26.5       20.2       Iron ore                                                            5,497       2,931
      16.9       18.6       Coal                                                                3,499       2,709
      13.2       16.0       Aluminium                                                           2,744       2,320
      12.2       15.0       Industrial minerals (b)                                             2,535       2,175
       5.2        5.1       Diamonds                                                            1,076         744
       8.1        5.3       Other products                                                      1,669         784
     100.0      100.0                                                                          20,742      14,530

                            Net earnings
      37.4       32.6       Copper, gold and by-products                                        1,997         862
      32.3       21.4       Iron ore                                                            1,722         565
      13.2       15.7       Coal                                                                  707         416
       7.3       12.5       Aluminium                                                             392         331
       3.7        9.7       Industrial minerals (b)                                               200         256
       5.3        7.1       Diamonds                                                              281         188
       0.8        1.0       Other products                                                         38          25
     100.0      100.0                                                                           5,337       2,643
                            Exploration and evaluation                                          (174)       (128)
                            Net interest                                                         (44)        (69)
                            Other items                                                         (164)       (174)
                            Underlying earnings                                                 4,955       2,272
                            Items excluded from Underlying earnings                               260       1,025
                            Net earnings                                                        5,215       3,297




(a)     This analysis is strictly by commodity.  In this regard it differs from
the financial information by Business Unit on pages 7 and 8, which is based on
the Group's management structure.

(b)     This category includes by-products arising from the production of
titanium dioxide.


Geographical analysis (by country of origin)
Years ended 31 December

      2005       2004                                                                            2005        2004
         %          %                                                                            US$m        US$m

                             Gross turnover
      30.8       31.5        North America                                                      6,397       4,571
      51.2       48.3        Australia and New Zealand                                         10,613       7,023
       6.3        7.8        South America                                                      1,302       1,131
       5.5        5.8        Africa                                                             1,149         850
       3.4        2.2        Indonesia                                                            702         314
       2.8        4.4        Europe and other countries                                           579         641
     100.0      100.0                                                                          20,742      14,530

                             Net earnings
      31.7       35.4        North America                                                      1,584         829
      53.2       48.3        Australia and New Zealand                                          2,659       1,130
      10.5       15.5        South America                                                        526         364
       2.1        0.1        Africa                                                               103           2
       4.6        1.9        Indonesia                                                            230          44
     (2.1)      (1.2)        Europe and other countries                                         (103)        (28)
     100.0      100.0                                                                           4,999       2,341
                             Net interest                                                        (44)        (69)
                             Underlying earnings                                                4,955       2,272
                             Items excluded from underlying earnings                              260       1,025
                             Net earnings                                                       5,215       3,297




Geographical analysis (by destination)
Years ended 31 December

      2005       2004                                                                             2005        2004
        %          %                                                                              US$m        US$m
                                 Gross turnover
      21.7       24.7            North America                                                   4,499       3,588
      20.5       20.6            Europe                                                          4,260       2,991
      19.1       17.9            Japan                                                           3,954       2,597
      15.0       10.1            China                                                           3,112       1,471
      12.8       13.1            Other Asia                                                      2,663       1,906
       6.7        8.5            Australia and New Zealand                                       1,400       1,235
       4.2        5.1            Other                                                             854         742
     100.0      100.0            Total                                                          20,742      14,530


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

(b)     The amortisation of discount is included in the applicable product
category and geographical area.  All other financing costs of subsidiaries are
included in 'Net interest'.


Prima facie tax reconciliation
                                                                                                   2005        2004
                                                                                                   US$m        US$m

Profit before taxation                                                                            7,312       3,863
Deduct: share of profit after tax of jointly controlled entities and associates                   (776)       (523)

Parent companies' and subsidiaries' profit before tax                                             6,536       3,340

Prima facie tax payable at UK and Australian rate of 30%                                          1,961       1,002

Impact of items excluded from underlying earnings (a)                                             (102)       (309)

Other permanent differences
Other tax rates applicable outside the UK and Australia (b)                                        (23)        (33)
Resource depletion and other depreciation allowances                                               (22)        (25)
Research, development and other investment allowances                                              (21)         (7)
Exchange differences relating to deferred tax balances                                                -        (12)
Other                                                                                                21           3
                                                                                                   (45)        (74)

Total taxation charge (c)                                                                         1,814         619




(a)     Items excluded from Underlying earnings are analysed in the
reconciliation of net earnings to Underlying earnings above. The difference of
US$102 million (2004: US$309 million) between the prima facie tax charge and the
actual tax credit on items excluded from Underlying earnings comprises US$86
million (2004: US$336 million) related to disposals not subject to tax, plus
US$1 million (2004: less US$50 million) in respect of impairment charges and
reversals, plus US$26 million (2004: nil) in respect of the adjustment to
environmental remediation provision, less US$11 million (2004: plus US$23
million) net impact of differing tax rates and non-deductibility of certain
gains and losses on external debt, intragroup balances and derivatives not
designated as hedges.

(b)     The benefit of 'other tax rates applicable outside UK and Australia'
includes the effect of the US Alternative Minimum Tax rate of 20 per cent.

(c)     Of the total taxation charge, a benefit of US$10 million (2004: US$2
million) relates to the UK, and a charge of US$1,056 million (2004: US$471
million) relates to Australia.

(d)     This tax reconciliation relates to the parent companies and
subsidiaries.  The Group's share of profit of jointly controlled entities and
associates is net of tax charges of US$361 million (2004: US$262 million).

Accounting policies and prior year financial information

The financial information included in this report has been prepared in
accordance with International Financial Reporting Standards as adopted for use
in the EU ('EU IFRS') and an Order under section 340 of the Australian
Corporations Act 2001 issued by the Australian Securities and Investments
Commission on 27 January 2006.

Financial information for the year to 31 December 2004, presented as comparative
figures in this report, has been restated in accordance with EU IFRS and on the
basis set out in the Accounting principles section of the announcement of the
results for the six months ended 30 June 2005. This 'EU IFRS restated'
information was first published in a News release issued on 5 May 2005.

The EU IFRS restated information for the year to 31 December 2004 was derived by
restatement of information extracted from the full financial statements prepared
under United Kingdom generally accepted accounting principles ('UK GAAP') on the
historical cost basis.  These full financial statements under UK GAAP were filed
with the Registrar of Companies and the Australian Securities and Investments
Commission.

In preparing the financial information presented in this report, certain
exchange gains and losses, which were included in the income statement in the
announcement of results for the six months ended 30 June 2005 published on 3
August 2005, have been reclassified to equity.  In December 2005, the IASB
issued a clarification to IAS 21, 'The effects of changes in foreign exchange
rates', relating to the treatment of exchange gains and losses on balances
between fellow subsidiary companies. The clarification means that, in certain
circumstances, such loans can now be included as part of the reporting entity's
net investment in foreign operations.  For the year ended 31 December 2004, the
amount reclassified was a net exchange loss of US$85 million (US$79 million net
of tax).  Net exchange gains of US$25 million (US$25 million net of tax) have
been reclassified in respect of the six months ended 30 June 2005.

The Auditors' report on the full financial statements under UK GAAP for the year
ended 31 December 2004 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).

Financial information

This preliminary announcement does not constitute the Group's full financial
statements for 2005, which will be approved by the Board and reported on by the
auditors on 24 February 2006 and subsequently filed with the Registrar of
Companies and the Australian Securities and Investments Commission. Accordingly,
the financial information for 2005 is unaudited.

Notes to financial information by business unit (Pages 7 and 8)

(a)     Gross turnover includes 100 per cent of subsidiaries' turnover and the
Group's share of the turnover of jointly controlled entities and associates.

(b)     EBITDA of subsidiaries and the Group's share of jointly controlled
entities and associates represents profit before: tax, net finance items,
depreciation and amortisation.

(c)     Net earnings represent profit after tax for the year attributable to the
Rio Tinto Group.  Earnings of subsidiaries are stated before finance items but
after the amortisation of the discount related to provisions.  Earnings
attributable to jointly controlled entities and associates include interest
charges and amortisation of discount.  Earnings attributed to business units
exclude amounts that are excluded in arriving at Underlying earnings.

(d)     In 2004, Rio Tinto owned a 51 per cent interest in Morro do Ouro, which
was sold on 31 December 2004.

(e)     Includes Rio Tinto's 75.7 per cent interest in Coal & Allied, which is
managed by Rio Tinto Coal Australia, a 100 per cent subsidiary of Rio Tinto.

(f)       Includes Rio Tinto's interests in Anglesey Aluminium (51 per cent) and
Comalco (100 per cent).

(g)     On 30 March 2004 Rio Tinto sold its 13.1 per cent shareholding in
Freeport-McMoRan Copper & Gold Inc.  The sale of the shares does not affect the
terms of the Grasberg joint venture referred to below.

(h)     Under the terms of a joint venture agreement, Rio Tinto is entitled to
40 per cent of additional material mined as a consequence of expansions and
developments of the Grasberg facilities since 1998.

(i)       During July 2004, Rio Tinto sold its interests in Somincor and
Zinkgruvan.

(j)       Business units have been classified according to the Group's
management structure.  Generally, this structure has regard to the primary
product of each business unit but there are exceptions.  For example, the Copper
group includes certain gold operations.  This summary differs, therefore, from
the Commodity analysis in which the contributions of individual business units
are attributed to several products as appropriate.

(k)     Certain items which were reported in the 2004 financial statements as
central items have been allocated to the Business Units to which they relate.

(l)       Capital expenditure comprises the net cash outflow on purchases less
disposals of property, plant and equipment.  The details provided include 100
per cent of subsidiaries' capital expenditure and Rio Tinto's share of the
capital expenditure of jointly controlled entities and associates. Amounts
relating to jointly controlled entities and associates not specifically funded
by Rio Tinto are deducted before arriving at total capital expenditure for the
Group.

(m)   Depreciation figures include 100 per cent of subsidiaries' depreciation
and amortisation and include Rio Tinto's share of the depreciation and
amortisation of jointly controlled entities and associates.  Amounts relating to
jointly controlled entities and associates are deducted before arriving at the
total depreciation and amortisation charge.

(n)     Operating assets of subsidiaries comprise net assets before deducting
net debt, less outside shareholders' interests which are calculated by reference
to the net assets of the relevant companies (i.e. net of such companies' debt).
For jointly controlled entities and associates, Rio Tinto's net investment is
shown.




Summary financial data in Australian dollars, Sterling and US dollars

     2005        2004      2005      2004                                                             2005      2004
      A$m         A$m        £m        £m                                                             US$m      US$m

   27,195      19,786    11,390     7,938    Gross turnover                                         20,742    14,530

   24,954      17,639    10,451     7,077    Consolidated turnover                                  19,033    12,954

    9,587       5,260     4,015     2,110    Profit before taxation                                  7,312     3,863

    7,208       4,417     3,019     1,772    Profit for the year                                     5,498     3,244

    6,837       4,490     2,864     1,801    Net earnings attributable to Rio                        5,215     3,297
                                               Tinto shareholders

    6,497       3,094     2,721     1,241    Underlying earnings (a)                                 4,955     2,272

   501.2c      325.6c    209.9p    130.6p    Basic earnings per ordinary share                      382.3c    239.1c
   476.2c      224.4c    199.4p     90.0p    Basic Underlying earnings per ordinary share (a)       363.2c    164.8c

                                             Dividends per share to Rio Tinto shareholders
  108.85c      90.21c    45.69p    36.22p    - paid                                                  83.5c     66.0c
  200.28c      58.29c    85.24p    23.94p    - proposed (including special dividend)                151.5c     45.0c

    5,848       3,811     2,449     1,529    Cash flow before financing activities                   4,460     2,799


  (1,793)     (4,893)     (760)   (1,977)    Net debt                                              (1,313)   (3,809)

   20,407      15,258     8,650     6,164    Equity attributable to Rio Tinto shareholders          14,948    11,877


(a)     Underlying earnings exclude items totalling US$260 million (2004:
US$1,025 million), which are analysed on page 25.

(b)     The financial data above have been extracted from the primary financial
statements set out on pages 20 to 23.  The Australian dollar and Sterling
amounts are based on the US dollar amounts, retranslated at average or closing
rates as appropriate, except for the dividends which are the actual amounts
payable.




Metal prices and exchange rates
                                                                       2005              2004     Change

Metal prices - average for the period

Copper                                    - US cents/lb                166c              130c       28%
Aluminium                                 - US cents/lb                 86c               78c       10%
Gold                                      - US$/troy oz              US$444            US$409       9%

Average exchange rates in US$

Sterling                                                               1.82              1.83       (1%)
Australian dollar                                                      0.76              0.73       4%
Canadian dollar                                                        0.83              0.77       8%
South African rand                                                    0.157             0.155       1%

Period end exchange rates in US$

Sterling                                                               1.73              1.93      (10%)
Australian dollar                                                      0.73              0.78       (6%)
Canadian dollar                                                        0.86              0.83       4%
South African rand                                                    0.158             0.177      (11%)



The Australian dollar exchange rates, given above, are based on the Hedge
Settlement Rate set by the Australian Financial Markets Association.

Availability of this report

This report is available on the Rio Tinto website.




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