Iron ore price settlement

Rio Tinto PLC
23 June 2006


The following release has been issued by Iron Ore Company of Canada (Rio Tinto
58.7 per cent interest)


Iron ore price settlement


Montreal, Canada, June 22, 2006


The Iron Ore Company of Canada (IOC) has reached agreement with ThyssenKrupp
Steel AG on prices for IOC Carol Lake iron ore pellets and concentrates for
2006.


The price of Carol Lake Acid Limestone iron ore pellets will decrease by 3.5 per
cent from 2005 levels to US cents 115.86 per natural metric tonne unit. Pellet
products account for about 80 per cent of IOC's production.


The price of Carol Lake iron ore concentrate will increase by 17.3 per cent from
2005 levels to US cents 78.25 per natural metric tonne unit. Concentrates
account for the remaining 20 per cent of IOC's production.


Sam Walsh, chairman of the Iron Ore Company of Canada and chief executive of Rio
Tinto's Iron Ore group, said, 'These price changes are in line with other
international price settlements in the European market and reflect changing
freight differentials.'


IOC is the largest manufacturer of iron ore pellets in Canada and its customer
base covers North American, European and Asian steel producers. The Company
operates a mine, concentrator and a pelletizing plant in Labrador City,
Newfoundland and Labrador, as well as port facilities located in Sept-Iles
(Quebec). It also operates a 418 kilometre railroad that links the mine to the
port. IOC has approximately 1700 employees and its major shareholder and
operator is the international mining group Rio Tinto, which has activities in
more than 40 countries throughout the world.



Source: Michel Filion, Director Communications & Community Relations, 
Tel: [phone]

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Website: www.riotinto.com

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