Labrador Offer Update

Rio Tinto PLC
10 April 2001


                RIO TINTO PURCHASES STAKE IN LABRADOR IRON ORE                
                    ROYALTY INCOME FUND AND EXTENDS OFFER                     
 
Rio Tinto Canadian Investments Limited, an indirect wholly-owned subsidiary
of Rio Tinto, today waived the minimum condition of its offer for units of
Labrador Iron Ore Royalty Income Fund (the 'Fund'). Rio Tinto has accepted
4,305,231 Fund units under its offer to purchase all of the issued and
outstanding units of the Fund.
 
As a result of this acquisition, Rio Tinto now owns 4,310,231 units,
representing 14.4% of the outstanding units.
 
Rio Tinto has extended its offer to purchase all of the outstanding units
until 12:05 a.m. (local time) on April 21, 2001. This will give unitholders
who have not already accepted the offer the opportunity to do so.
 
 
For further information, please contact:
 
 

                                                                              
  CANADA                       LONDON                    AUSTRALIA            
  Jonathan Murrin              Media Relations           Media Relations      
  [phone]            Lisa Cullimore            Ian Head             
                               [phone]      [phone]  
  Rio Tinto Canadian           (office)                  (office)             
  Investments Limited          [phone]       [phone]  
  Toronto-Dominion Square      (mobile)                  (mobile)             
  333-7th Avenue S.W.          Investor Relations                             
  Suite 1900                   Peter Jarvis              Investor Relations   
  CALGARY AB T2P 2Z1           [phone]      Dave Skinner         
                               (office)                  [phone]  
                               [phone]       (office)             
                               (mobile)                  [phone]  
                               Jonathan Murrin           (mobile)             
                               [phone]      Daphne Morros        
                               (office)                  [phone]  
                               [phone]       (office)             
                               (mobile)                  [phone]  
                                                         (mobile)             
Website: www.riotinto.com