Sales&Prod-Iron Ore Co Canada

Rio Tinto PLC
19 April 2001



               IRON ORE COMPANY OF CANADA SALES AND PRODUCTION               

 
In order to keep Labrador Iron Ore Royalty Income Fund unitholders informed
about Iron Ore Company of Canada, Rio Tinto has released production and sales
figures for IOCC for the first quarter ended 31 March 2001.
 
                                                                              
  100% basis                                                     ('000 tonnes)

                      First quarter  First quarter                   Full year
                               2000           2001          Change        2000

  Production                                                                  
  Concentrate                 3,965          3,493            -12%      16,842
  Saleable                                                                    
  production                                                                  
  Concentrate                   958            638            -33%       4,347
  Pellets                     2,878          2,702             -6%      12,031
  Total saleable              3,836          3,340            -13%      16,378
  production                                                                  
  Shipments                                                                   
  Concentrate                   342            652             91%       3,955
  Pellets                     2,503          1,987            -21%      11,466
  Total shipments             2,845          2,639             -7%      15,421
 
Concentrate production of 3.49 million tonnes for the quarter was 12 per cent
lower than for the same period last year whilst pellet production of 2.7
million tonnes was six per cent lower. Production difficulties adversely
affected concentrate and pellet output, which were well below planned levels.
 
Sales volumes are traditionally low in the first quarter but failed to meet
planned levels. The deteriorating economic climate, in particular continued
weakness in the US steel industry, affected pellet sales in the first
quarter, which were 21 per cent lower than for the same period last year.
 
For further information, please contact:
 
                                                                              
  CANADA                       LONDON                    AUSTRALIA            
  Jonathan Murrin              Media Relations           Media Relations      
  [phone]            Lisa Cullimore            Ian Head             
                               [phone]      [phone]  
                   
                               Investor Relations        Investor Relations   
                               Peter Jarvis              Dave Skinner         
                               [phone]      [phone]  
                                   
                               Jonathan Murrin           Daphne Morros        
                               [phone]      [phone]  
                                      
                            
Website: www.riotinto.com