Bougainville Interim Results

RIO TINTO PLC
16 July 1999


BOUGAINVILLE HALF YEARLY RESULTS 1999

The  Directors  of  Bougainville Copper Limited  announce  the
following results of the company (which have been the  subject
of  an  audit  review) for the half year ended 30  June  1999,
together with the comparable results for the six months to  30
June 1998.

Financial Results

                    Six months ended         Six months ended
                    30/6/99                  30/6/98
                    K'000                    K'000

Interest income      6217                     4839

General &
Administration
expenses            (2414)                   (2319)

Profit/(Loss)
before exchange
effects
and taxation        3803                     2520

Net exchange
gain/(loss)          488                      480

Profit before
taxation            4291                     3000

Income tax expense   -                         -

Net Profit          4291                     3000

Average A$ Kina
exchange rate
for period          0.6294                   0.7995

Equivalent net
profit in A$000     2701                     2399
                               
The  net profit of K4.3 million for the half year is based  on
actual  transactions for the period.  The primary  reason  for
profit  is due to the interest on funds invested in Papua  New
Guinea.   No  provisions have been made for  depreciation  and
amortisation  and  no  further provision  has  been  made  for
deterioration,  damage  and pilferage  of  assets  beyond  the
amount  of  K350 million provided in 1991.  It  is  emphasised
that, even with a resumption of operations, a major write-down
of  assets  from  their pre-closure value  will  be  required.
Accordingly, the 1991 provision of K350 million may eventually
prove  to  be  above or below the sum which  is  necessary  to
reflect  this loss of value.  On this basis, the net  carrying
value  of fixed assets at balance date was K198.3 million  and
cash balances were K77 million.

The  company  announced at the Annual General Meeting  earlier
this  year  of  its  intention to take a broader  approach  by
looking  at  a  number of alternative strategies  to  promote,
protect and grow shareholder wealth.  The company is currently
evaluating opportunities.

Further  information  concerning the condition  of  assets  on
Bougainville  indicates destruction of much of  the  company's
equipment and buildings at Loloho, Arawa and Panguna.   Motive
for  this  destruction appears to be sourcing scrap metal  for
sale.  The company has taken court action to have this illegal
industry  stopped.   The cost of start up of  operations  will
increase  as a result and adds to the economic uncertainty  of
resuming production.

The  value  of the Kina against the Australian and US  dollars
continues  to  be  of concern, as does the economic  situation
within Papua New Guinea.

Mr.  Bruce  Alexander has been appointed  to  the  Board.  Mr.
Alexander was previously Chief Executive Westpac - Pacific and
Chairman of the Australia - Papua New Guinea Business Council.

DIVIDEND

No interim dividend has been declared.

BORROWING

The company has no borrowings or borrowing facilities in
place.

STOCK EXCHANGE

The   standard  proforma  half  yearly  report  and   dividend
announcement were lodged with the Australian Stock Exchange in
accordance with official listing requirements.

Paul D Coleman
Company Secretary

For further information, please contact:

Media Relations                    Investor Relations

Alexis Fernandez                   Peter Jarvis
+ 44 171 753 2305                  + 44 171 753 2401