Iron Ore Price Settlement

Rio Tinto PLC
29 March 2000

                   IRON ORE PRICE SETTLEMENT
                               
Rio Tinto's wholly owned Hamersley Iron has today reached
agreement with Nippon Steel Corporation on prices for
Hamersley fine, lump and Yandi iron ore deliveries for the
contract year commencing 1st April, 2000.

The price of fine ore will increase by 4.35% to US cents 27.79
per dry long ton unit. The price of lump ore will increase by
5.77% to US cents 36.84 per dry long ton unit.  The price of
Yandi ore will increase by 4.35% to  US cents 26.12 per dry
long ton unit (see accompanying note).

Delivery tonnage for the year has been agreed at a similar
level to FY99.

A comparison with 1999 prices, in US cents per dry long ton
unit, is as follows:-

               FY99           FY00           % change

Fine ore       26.63          27.79          +4.35%

Lump ore       34.83          36.84          +5.77%

Lump premium    8.20           9.05

Yandi ore      25.03          26.12          +4.35%



For further information contact:

Media Relations                    Investor Relations

John Hughes                        Peter Jarvis
+ 44 207 753 2331                  + 44 207 753 2401

Website: www.riotinto.com



Notes:-

*   Iron  ore  is  predominantly traded on the  world  market
    under long term contract.

*   Japan,  Korea and Taiwan operate on a fiscal  year  basis
    commencing on 1st April  each year.  Europe and China are on a
    calendar year basis.

*   The global reference price settlement is expressed as  a
    percentage increase or decrease from the previous year.

*   The reference price is usually established for fines  ore
    first  because  this  represents 60%  of  the  traded  market.
    Prices for lump and pellets are then usually determined  as  a
    premium to the fines ore price.

*   Once the annual percentage change is negotiated, Japanese
    iron ore prices are denominated in US cents per dry long  ton
    unit, reflecting a common base per unit of iron content.

*   In  1999,  Hamersley exported 59.6  million  wet  metric
    tonnes of ore

*   Comparing prices is a somewhat complex process based  on
    'iron   units'   (not   tonnes),  often   requiring   lengthy
    conversions:

*   To determine the US$ price per tonne, the conversion is:-

    US cents per dry long ton unit x Iron Content

    Iron content for Hamersley fine and lump ore is 64%  and
    for HI Yandi 58%

*   'Dry long ton unit' is the imperial form of measurement -
    and can be converted to metric units and adjusted for moisture
    content of the ore when normally reporting tonnages;

*   To convert quantities from dry long tonnes to dry metric
    tonnes, multiply dry long tons by 1.016;

*   The moisture content of ores differ