Sepon Project to be Sold

Rio Tinto PLC 21 December 1999 Rio Tinto to sell Sepon project The following was announced by Rio Tinto Limited on 21st December 1999. Pacific Resources Investments Limited, a subsidiary of Rio Tinto Limited (Rio Tinto), has reached in-principle agreement with Oxiana Resources N.L. to sell 80 percent of its interest in the Sepon copper and gold project in Laos. Exploration by Rio Tinto since 1992 has resulted in the discovery of both gold and high-grade copper resources in various deposits over the area. While significant, the resource is considered not of sufficient size for Rio Tinto to develop. Sale of the Sepon Project is subject to approval of the Lao Government, final legal and commercial due diligence by Oxiana and project financing arrangements being put in place. Rio Tinto will retain 20 percent equity in the project. For further information, please contact: External Affairs Andrew Vickerman + 44 207 753 2142

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