Iron ore price settlement

Rio Tinto PLC 22 May 2006 Iron ore price settlement Hamersley Iron has today reached agreement with POSCO, on the price for Hamersley lump iron ore deliveries for the contract year commencing 1 April 2006. Under this agreement, the price of lump ore will increase by 19 per cent. Sam Walsh, Chief Executive of Rio Tinto's Iron Ore Group, said, 'This agreement with POSCO, the world's fourth largest steelmaker, reflects the long-standing relationship between our two companies.' 'This settlement confirms the tightness of the iron ore market and the very strong demand for Australian iron ore,' he said. For further information, please contact: LONDON AUSTRALIA Media Relations Media Relations Nick Cobban Ian Head Office: +44 (0) 20 7753 2305 Office: +61 (0) 3 9283 3620 Mobile: +44 (0) 7920 041 003 Mobile: +61 (0) 408 360 101 Investor Relations Investor Relations Nigel Jones Dave Skinner Office: +44 (0) 20 7753 2401 Office: +61 (0) 3 9283 3628 Mobile: +44 (0) 7917 227 365 Mobile: +61 (0) 408 335 309 David Ovington Susie Creswell Office: +44 (0) 20 7753 2326 Office: +61 (0) 3 9283 3639 Mobile: +44 (0) 7920 010 978 Mobile: +61 (0) 418 933 792 Website: www.riotinto.com This information is provided by RNS The company news service from the London Stock Exchange

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