SC TO-T/A

QuickLinks -- Click here to rapidly navigate through this document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE TO
(Rule 14d-100)

TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)

Alcan Inc.
(Name of Subject Company (Issuer))

Rio Tinto Canada Holding Inc.
an indirect wholly-owned subsidiary of Rio Tinto plc
and
Rio Tinto plc
(Names of Filing Persons (Offeror))

Common Shares
(Title of Class of Securities)

(013716105)
(CUSIP Number of Class of Securities)

Anette V Lawless
Rio Tinto plc
6 St James's Square
London SW1Y 4LD
United Kingdom
Tel: 011 44 20 7930 2399
with a copy to
Thomas B. Shropshire, Jr.
Linklaters LLP
One Silk Street
London EC2Y 8HQ
United Kingdom
Tel: 011 44 20 7456 2000

(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)

CALCULATION OF FILING FEE:

Transaction Valuation(1)	Amount of Filing Fee(1)(2)
$19,065,207,127	$585,302

(1)

For purposes of calculating the filing fee pursuant to Rule 0-11(d) only, the transaction value of the Alcan Common Shares to be received by Rio Tinto, assuming acceptance of the Offer by holders in the United States, is calculated as follows: 188,764,427 Alcan Common Shares in the United States, representing 50% of the entire issued share capital, multiplied by $101, the cash consideration being offered per Alcan Common Share, which yields $19,065,207,127, multiplied by 0.0000307, which yields $585,302. Each of the capitalized terms used is defined below.

(2)

Sent via wire transfer to the SEC on July 24, 2007.

o

Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid	Filing Party:
Form or Registration No.:	Date Field:

o

Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

ý

third-party tender offer subject to Rule 14d-1.

o

issue tender offer subject to Rule 13e-4.

o

going-private transaction subject to Rule 13e-3.

o

amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: o

        This Amendment No. 3 (this "Amendment No. 3") further amends and supplements the Tender Offer Statement on Schedule TO originally filed with the Securities and Exchange Commission on July 24, 2007 (as amended, the "Schedule TO"), by Rio Tinto plc, a public limited company organized under the laws of England and Wales ("Rio Tinto"), and by Rio Tinto Canada Holding Inc. (referred to herein as the "Offeror"), a corporation incorporated under the laws of Canada, and an indirect wholly-owned subsidiary of Rio Tinto, relating to the offer (the "Offer") by the Offeror to purchase, upon the terms and subject to the conditions set forth in the take-over bid circular, dated July 24, 2007, as amended (the "Circular"), and the related Letter of Transmittal, Notice of Guaranteed Delivery and other documents disseminated therewith, each issued and outstanding common share of Alcan Inc., a corporation incorporated under the laws of Canada ("Alcan"), together with the associated rights (the "Alcan Rights" and, together with the common shares of Alcan, the "Alcan Common Shares") issued and outstanding under Alcan's Shareholder Rights Agreement, made as of December 14, 1989, amended on February 8, 1990 and March 5, 1990, approved by shareholders on April 26, 1990, amended and restated on March 2, 1995 and April 24, 1995, reconfirmed by shareholders on April 27, 1995, amended and restated on April 22, 1999, reconfirmed by shareholders on April 22, 2002 and amended on April 28, 2005, between Alcan and CIBC Mellon Trust Company, as rights agent for U.S.$101 (equivalent to Cdn$ 105.44 based on the July 20, 2007 Bank of Canada Noon Rate) per Alcan Common Share in cash (less any applicable withholding taxes and without interest).

        On August 2, 2007, Rio Tinto's management gave a slide presentation on Rio Tinto's half-year results. The management slide presentation has been filed as Exhibit (a)(5)(G) hereto and is incorporated herein by this reference. The script of the management slide presentation has been filed as Exhibit (a)(5)(H) hereto and is incorporated herein by this reference. Rio Tinto also issued a news release announcing the half-year results, dated Augut 2, 2007. The news release has been filed as Exhibit (a)(5)(I) hereto and is incorporated herein by this reference.

ITEM 12. EXHIBITS

(a)(1)(A)°	Circular, dated July 24, 2007.
(a)(1)(B)°	Form of Letter of Transmittal.
(a)(1)(C)°	Form of Notice of Guaranteed Delivery.
(a)(1)(D)°	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
(a)(1)(E)°	Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
(a)(5)(A)°	Summary Advertisement in The Wall Street Journal, dated July 24, 2007.
(a)(5)(B)°	Press release announcing commencement of the Offer, dated July 24, 2007.
(a)(5)(C)°	Transcript of interview with Bloomberg UK, dated July 12, 2007.
(a)(5)(D)°	Transcript of interview with CNBC Europe, dated July 12, 2007.
(a)(5)(E)°	Transcript of interview with CNN International, dated July 12, 2007.
(a)(5)(F)°	Transcript of interview with CNBC US, dated July 19, 2007.
(a)(5)(G)	Management slide presentation by Rio Tinto plc, dated August 2, 2007.
(a)(5)(H)	Script of management slide presentation by Rio Tinto plc, dated August 2, 2007.
(a)(5)(I)	News release announcing half-year results, dated August 2, 2007.
(b)(1)°	Facility Agreement, dated July 12, 2007, among Rio Tinto, Credit Suisse, Deutsche Bank AG, London Branch, The Royal Bank of Scotland plc, and Societe Generale.
(d)(1)°	Support Agreement, dated July 12, 2007, among Alcan, the Offeror and Rio Tinto.
(d)(2)°	English language translation of undertakings and confirmations made by Rio Tinto and Offeror to the Government of Quebec and Alcan, dated July 11, 2007.
(d)(3)°	Confidentiality Agreement, dated April 11, 2007 between Alcan and Rio Tinto.
(d)(4)°	Amendment to Confidentiality Agreement, dated June 25, 2007.
(d)(5)°	Standstill Agreement, dated June 13, 2007, between Alcan and Rio Tinto.
(d)(6)°	Amendment to Support Agreement, dated July 20, 2007, among Alcan, the Offeror and Rio Tinto.
(g)°	None.
(h)°	None.

°

Previously filed with the SEC.

SIGNATURE

        After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date:  August 2, 2007	RIO TINTO PLC
	By:	/s/  GUY ELLIOTT
	Name: Title:	Guy Elliott Finance Director
	RIO TINTO CANADA HOLDING INC.
	By:	/s/  IAN RATNAGE
	Name: Title:	Ian Ratnage Director

EXHIBIT INDEX

(a)(1)(A)°	Circular, dated July 24, 2007.
(a)(1)(B)°	Form of Letter of Transmittal.
(a)(1)(C)°	Form of Notice of Guaranteed Delivery.
(a)(1)(D)°	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
(a)(1)(E)°	Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
(a)(5)(A)°	Summary Advertisement in The Wall Street Journal, dated July 24, 2007.
(a)(5)(B)°	Press release announcing commencement of the Offer, dated July 24, 2007.
(a)(5)(C)°	Transcript of interview with Bloomberg UK, dated July 12, 2007.
(a)(5)(D)°	Transcript of interview with CNBC Europe, dated July 12, 2007.
(a)(5)(E)°	Transcript of interview with CNN International, dated July 12, 2007.
(a)(5)(F)°	Transcript of interview with CNBC US, dated July 19, 2007.
(a)(5)(G)	Management slide presentation by Rio Tinto plc, dated August 2, 2007.
(a)(5)(H)	Script of management slide presentation by Rio Tinto plc, dated August 2, 2007.
(a)(5)(I)	News release announcing half-year results, dated August 2, 2007.
(b)(1)°	Facility Agreement, dated July 12, 2007, among Rio Tinto, Credit Suisse, Deutsche Bank AG, London Branch, The Royal Bank of Scotland plc, and Societe Generale.
(d)(1)°	Support Agreement, dated July 12, 2007, among Alcan, the Offeror and Rio Tinto.
(d)(2)°	English language translation of undertakings and confirmations made by Rio Tinto and Offeror to the Government of Quebec and Alcan, dated July 11, 2007.
(d)(3)°	Confidentiality Agreement, dated April 11, 2007 between Alcan and Rio Tinto.
(d)(4)°	Amendment to Confidentiality Agreement, dated June 25, 2007.
(d)(5)°	Standstill Agreement, dated June 13, 2007, between Alcan and Rio Tinto.
(d)(6)°	Amendment to Support Agreement, dated July 20, 2007, among Alcan, the Offeror and Rio Tinto.
(g)°	None.
(h)°	None.

°

Previously filed with the SEC.

QuickLinks

ITEM 12. EXHIBITS
SIGNATURE
EXHIBIT INDEX

EX-99.(A)(5)(G)

Exhibit 99(a)(5)(G)

2007 Half Year Results Presentation 2 August 2007

2 2007 Half Year Results Presentation 2 August 2007 Cautionary statement For the purposes of the Forward-Looking Statements Safe Harbor provisions of the US securities laws This presentation contains statements which constitute forward-looking statements within the meaning of the US securities laws. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Rio Tinto’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and those factors set out under Risk Factors in Rio Tinto’s Annual Report on Form 20-F for the year ended 31 December 2006 filed with the U.S. Securities and Exchange Commission.

3 2007 Half Year Results Presentation 2 August 2007 Cautionary statement IMPORTANT INFORMATION: Rio Tinto Canada Holding Inc. (referred to herein as the "Offeror"), a corporation incorporated under the laws of Canada, and an indirect wholly-owned subsidiary of Rio Tinto plc, a public limited company organised under the laws of England and Wales (“Rio Tinto”), is offering to purchase (the "Offer"), upon the terms and subject to the conditions set forth in the Offer and in the related letter of transmittal, each issued and outstanding common share of Alcan Inc. (”Alcan”), together with the associated rights (the "Alcan Rights") (and, together with the common shares of Alcan, the "Alcan Common Shares") issued and outstanding under Alcan's Shareholder Rights Plan which is described in this take-over bid circular, for U.S.$101 (equivalent to Cdn$105.44 based on the July 20, 2007 Bank of Canada Noon Rate) per Alcan Common Share in cash (less any applicable withholding taxes and without interest). The Offer will be open for acceptance until 6:00 p.m., Eastern Time, on September 24, 2007, unless extended or withdrawn by the Offeror. This presentation is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. The Offer (as the same may be varied or extended in accordance with applicable law) is being made exclusively by means of, and subject to the terms and conditions set out in, the take-over bid circular delivered to Alcan and filed with Canadian provincial securities regulators and the United States Securities and Exchange Commission (the "SEC") and mailed to Alcan shareholders. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. In connection with the Offer, Rio Tinto has filed with the Canadian securities regulatory authorities and the SEC a take-over bid circular as well as ancillary documents such as a letter of transmittal and a notice of guaranteed delivery and Alcan has filed a directors' circular with respect to the Offer. Rio Tinto has also filed with the SEC a Tender Offer statement on Schedule TO (the "Schedule TO") and Alcan has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 (the "Schedule 14D-9"). SHAREHOLDERS OF ALCAN ARE URGED TO READ THE TAKE-OVER BID CIRCULAR (INCLUDING THE LETTER OF TRANSMITTAL AND NOTICE OF GUARANTEED DELIVERY), THE SCHEDULE TO (INCLUDING THE OFFER AND TAKEOVER BID CIRCULAR, LETTER OF TRANSMITTAL AND RELATED TENDER OFFER DOCUMENTS) AND THE SCHEDULE 14D-9 AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER. The take-over bid circular as well as other materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com. The Schedule TO and the Schedule 14D-9 are available electronically without charge at the SEC's website, www.sec.gov. Materials filed with the SEC or the Canadian securities regulatory authorities may also be obtained without charge at Rio Tinto's website, www.riotinto.com While the Offer is being made to all holders of Alcan Common Shares, this presentation does not constitute an offer or a solicitation in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made in, nor will deposits be accepted in, any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However, Rio Tinto may, in its sole discretion, take such action as they may deem necessary to extend the Offer in any such jurisdiction.

Paul Skinner

5 2007 Half Year Results Presentation 2 August 2007 Presentation outline Paul Skinner Results and outlook Tom Albanese Overview of performance Guy Elliott Financial results Tom Albanese Growth plans Questions

6 2007 Half Year Results Presentation 2 August 2007 Highlights of first half 2007 Underlying EBITDA of $6.61 billion, up 7%, highest on record Underlying earnings of $3.53 billion, down 6% Record first half cash flow from operations of $5.64 billion, up 11% Capital investment of $1.94 billion, up 9% Recommended cash offer for Alcan Expansions in alumina and iron ore Copper projects progressing

7 2007 Half Year Results Presentation 2 August 2007 Strong markets and volume growth underpin earnings -14% 3,253 3,796 Net earnings (276) 45 Excluded items -6% 3,529 3,751* Underlying earnings % change H1 2007 $m H1 2006 $m *Included $257 million of one off tax credits Underlying earnings $m +7% % change 6,613 6,174 Underlying EBITDA H1 2007 $m H1 2006 $m 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2004 2005 2006 2007 H1 H2

8 2007 Half Year Results Presentation 2 August 2007 Creating an aluminium industry leader Leading positions in bauxite, alumina and aluminium production Cost competitive across the value chain Enhanced pipeline of growth opportunities Good fit with strategy, assets and culture

9 2007 Half Year Results Presentation 2 August 2007 Outlook Global Continued strong performance More unsettled credit markets are unlikely to have significant impact on demand China Further acceleration of GDP growth in Q2 2007 to 11.9% Assessment of annual growth outlook around 11% in 2007 and 2008 Average annual GDP growth estimate to 2015 approaching 9% Moderate risks in surplus liquidity, asset price increases and trade surplus

Tom Albanese

11 2007 Half Year Results Presentation 2 August 2007 Strategy and key priorities Strategy is unchanged Value creation through focus on highest quality, long life, low cost resources Commitment to operational excellence Sustainable development principles Pursuit of best resources wherever they arise Leveraging best practice Building a more powerful, unified Rio Tinto Focus on technology and innovation Strategic review of assets

12 2007 Half Year Results Presentation 2 August 2007 +10% +10% % change 406 369 Earnings 739 673 EBITDA H1 2007 H1 2006 $m Aluminium Bauxite expansion continues at Weipa Yarwun 2.0 mtpa capacity expansion will strengthen alumina position Smelters performing well Alcan deal to transform the product group Positive outlook on the metal

13 2007 Half Year Results Presentation 2 August 2007 Aluminium price has not spiked Aluminium spot price closer to long term averages 0 100 200 300 400 500 600 700 800 900 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Index (Jan 1997 = 100) Aluminium Copper Iron Ore Molybdenum

14 2007 Half Year Results Presentation 2 August 2007 Divergence between analyst consensus and metal market **Source: Bloomberg. 2007 adjusted for aluminium prices YTD *Source: Equity research 117 92 98 113 123 127 129 124 80 90 100 110 120 130 140 2007 2008 2009 2010 Aluminium (USc/lb) Consensus aluminium prices* Aluminium forward curve**

15 2007 Half Year Results Presentation 2 August 2007 Source: CRU Excess Chinese capacity has been absorbed by strong demand -2000 -1500 -1000 -500 0 500 1000 1500 2000 2001 2002 2003 2004 2005 2006 2007 f ktonnes 60% 65% 70% 75% 80% 85% 90% 95% 100% Chinese consumption increase less capacity increase Chinese smelters utilisation rate

16 2007 Half Year Results Presentation 2 August 2007 China is now dependent on imported bauxite and alumina H1 2007 ktonnes 57% of Chinese smelters’ alumina needs met by imports in H1 2007 Source: CNIA, Chinese Custom statistics, Rio Tinto 0 4,000 8,000 12,000 Alumina content of bauxite imports Alumina imports Alumina need

17 2007 Half Year Results Presentation 2 August 2007 Chinese costs vs current LME prices Marginal Chinese conversion costs are defined as 90th percentile of China’s conversion cost curve. Conversion costs are based on CRU 2006 estimates adjusted for inflation and exchange rate changes. Alumina costs are based on a Chinese alumina price of 3,800 Rmb/t. Chinese production costs support current LME prices 2007 c/lb Export tax Alumina costs at current alumina price Conversion costs Source: CRU, LME, Rio Tinto 0 20 40 60 80 100 120 140 Marginal Chinese costs Current LME price

18 2007 Half Year Results Presentation 2 August 2007 +16% +17% % change 1,099 944 Earnings 1,941 1,652 EBITDA H1 2007 H1 2006 $m Iron Ore Well positioned to supply very strong Chinese demand 220mtpa Pilbara expansion on track for 2009 Current Pilbara production at 170mtpa rate Yandi expansion: first ore four months ahead of schedule Approval for accelerated expansion of Hope Downs to 30mtpa Studies under way into Pilbara expansion to 320mtpa Cost pressures continue

19 2007 Half Year Results Presentation 2 August 2007 9% +9% % change 1,818 1,998 Earnings 3,043 2,781 EBITDA H1 2007 H1 2006 $m Copper Copper market tightening Moly market in balance KUC smelter performing well Additional sulphide leach volumes at Escondida Grasberg mine plan revision for 2007 Growth projects progressing well

20 2007 Half Year Results Presentation 2 August 2007 34% -23% % change 245 374 Earnings 546 705 EBITDA H1 2007 H1 2006 $m Energy Good demand and supply chain issues in Australia keep coal markets tight Earnings impact of stronger contracted US coal prices offset by weather and tax effects at Rio Tinto Energy America Higher uranium prices benefit Rössing Weather-related impacts at ERA offset price rise Positioned for carbon constraints through Hydrogen Energy, uranium and hydropower

21 2007 Half Year Results Presentation 2 August 2007 Diamonds and Minerals Improving rough diamond market Excellent Diavik performance Challenging conditions for Argyle Stronger titanium dioxide feedstock market in Europe and Asia Existing operations at full capacity Madagascar project proceeding well -9% +11% % change 212 233 Earnings 584 524 EBITDA H1 2007 H1 2006 $m

22 2007 Half Year Results Presentation 2 August 2007 Business improvement is a key focus Costs are the biggest operational challenge Improving Performance Together roll out is driving performance improvement Benchmarking best practice across the Group Hub and spoke architecture Push for automation development Review of functional and support costs

Guy Elliott

24 2007 Half Year Results Presentation 2 August 2007 $m 2006 H1 Fx Prices Inflation Continued benefit from higher prices 3,751 513 4,061 85 118 0 1,000 2,000 3,000 4,000

25 2007 Half Year Results Presentation 2 August 2007 Diamonds Iron Ore Gold $m Aluminium Traded metals Other products Moly Alumina / Bauxite Coal Industrial Minerals Other Uranium Copper Iron ore and aluminium prices stand out Earnings impact from price $513 million 32 92 22 68 214 -18 34 34 -13 -15 63 -200 -100 0 100 200 300

26 2007 Half Year Results Presentation 2 August 2007 2006 H1 Fx Prices Inflation Volumes Expansion projects deliver growth $m 3,751 513 4,061 302 85 118 0 1,000 2,000 3,000 4,000

27 2007 Half Year Results Presentation 2 August 2007 Volume contribution to earnings +$302m Copper 61 Moly -30 Gold 65 Iron ore 117 Coal 39 Total 302 $m Other 35 Alumina 15 Iron ore and copper sulphide leach add new volumes 0 100 200 300

28 2007 Half Year Results Presentation 2 August 2007 $m 2006 H1 Fx Prices Inflation Volumes Cash Costs Energy Non Cash Continued pressure on costs 3,751 513 4,061 302 415 12 76 118 85 0 1,000 2,000 3,000 4,000

29 2007 Half Year Results Presentation 2 August 2007 Cost impact on underlying earnings $ m Investment costs +$160m Common industry costs +$267m Energy Freight & demurrage Cost of Prod’n Exploration Investing / Expansion -300 -225 -150 -75 0

30 2007 Half Year Results Presentation 2 August 2007 Cost impact on underlying earnings $ m Investment costs +$160m Common industry costs +$267m Energy Freight & demurrage Cost of Prod’n Exploration Investing / Expansion Grade Contractors Labour Maintenance Other -300 -225 -150 -75 0

31 2007 Half Year Results Presentation 2 August 2007 $m 2006 H1 Fx Prices Inflation Volumes Cash Costs Energy Tax / Other 2007 H1 Non Cash Negative $370m tax variance half on half 3,751 513 4,061 3,529 415 302 85 118 76 331 12 0 1,000 2,000 3,000 4,000

32 2007 Half Year Results Presentation 2 August 2007 Excl’d Items Net Earnings Excluded Items mainly impairment $m 2006 H1 Fx Prices Inflation Volumes Cash Costs Energy Tax / Other 2007 H1 Non Cash 3,751 513 4,061 3,253 76 118 85 302 415 3,529 331 276 12 0 1,000 2,000 3,000 4,000

33 2007 Half Year Results Presentation 2 August 2007 Cash flow from operations sets a new first half record Cash flow from consolidated operations excludes cash flows relating to capital expenditure, acquisitions & divestments, interest, tax, dividends and capitalised exploration. Data are under IFRS. H2 Cash flow from consolidated operations Dividends from equity accounted units H1 Cash flow from consolidated operations 0 5,000 10,000 2004 2005 2006 H1 07 $m

34 2007 Half Year Results Presentation 2 August 2007 % Net debt / market cap (%) Ratios are as at the period ending 31 December, except 30 June for 2007. Proforma ratios use 30 June 07 market cap. 2000 to 2003 data under UKGAAP. 2004 to 2007 data under IFRS. Net debt to EBITDA (times) Balance sheet strength has given us flexibility Strong operating cash flows and proceeds from divestments will reduce gearing Target is to reduce debt levels by at least $10 billion from divestments within 18 months Goal to maintain A rating 2006 Proforma* times pre / post $10bn divestments *Rio Tinto has not assessed the potential impact of adjusting accounting policies of Alcan (US GAAP) to those of Rio Tinto (IFRS), and has not adjusted for fair value 0 20 40 60 00 01 02 03 04 05 06 H1 07 0 1 2 3 4

35 2007 Half Year Results Presentation 2 August 2007  H1 2006 H1 2007 Cash Inflows Cash Inflows Cash Outflows Cash Outflows Capex $1.9 bn Dividends $0.8 bn Buyback $1.4 bn Tax $1.7 bn (ordinary plus special in 06) Record first half capex and increased share buy backs 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 $m

Tom Albanese

37 2007 Half Year Results Presentation 2 August 2007 Simandou iron ore Hail Creek expansion + Pilbara iron ore to 320mt Hydrogen Energy Kintyre uranium Mount Pleasant Yarwun expansion Weipa ERA options Oyu Tolgoi Malaysian smelter Sulawesi nickel Grasberg underground Rio Tinto Alcan Coega smelter Madagascar bauxite Guinea Saudi JV Sohar Lines 1 & 2 Isal expansion Alumar expansion Kitimat smelter Jonquiere Abu Dhabi smelter Orissa iron ore Indian diamonds Alaska copper / Pebble Sweetwater uranium Kennecott Land Deep Cortez Hills Diavik underground Hydrogen Energy Kennecott moly + U/G Eagle nickel Resolution copper IOC options Brazilian bauxite Corumbá expansions La Granja Peru copper PRC Argentina Rössing options Chapudi coal Madagascar ilmenite A growing set of investment opportunities Ghana

38 2007 Half Year Results Presentation 2 August 2007 2020+ 2019 * Ivanhoe IDP (2005), Expansion case, ** NDM Feb 07 presentation – Pebble West open pit production 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Capex and Production figures for 100% ownership Oyu Tolgoi Pebble Capital Exp > $1 Bn La Granja Avg. Cu Production ~ +200kt/yr Capital Exp ~ $1.0 – 2.0Bn Resolution Capital Exp ~ $2.5 – 3.5Bn KUCC extension Capital Exp ~ $1.0 – 2.0Bn Northparkes Avg. Cu Production ~ 40kt/yr Eagle Sulawesi Capital Exp ~ $1.5 – 2.0Bn 2007 Avg. Cu Production ~ 450kt/yr*, Avg. Gold production = 330 koz/yr* Capital Exp ~ $2.0 - 3.0Bn Capital Exp ~ $0.2Bn Avg. Cu Production ~ +500kt/yr Avg. Cu Production ~ +250kt/yr Capital Exp ~ $0.2Bn Indicative estimated timelines, capital expenditure and production levels Growth in copper and entry into nickel Avg. Ni Production ~ 45kt/yr Avg. Cu Production ~ +250kt/yr** Avg. Ni Production ~ 15kt/yr

39 2007 Half Year Results Presentation 2 August 2007 Studies underway for targeted expansion to 320 mtpa in the Pilbara Cape Lambert expansion in pre-feasibility Simandou in Guinea in pre-feasibility for 70mtpa from 2013 Corumbá in feasibility to 7.5mtpa IOC feasibility study into 21 mtpa in 2008 Cape Lambert Schematic – 80 mtpa

40 2007 Half Year Results Presentation 2 August 2007 Studies underway for targeted expansion to 320 mtpa in the Pilbara Cape Lambert expansion in pre-feasibility Simandou in Guinea in pre-feasibility for 70mtpa from 2013 Corumbá in feasibility to 7.5mtpa IOC feasibility study into 21 mtpa in 2008 Cape Lambert Schematic – 180 mtpa

41 2007 Half Year Results Presentation 2 August 2007 Strong organic growth in key products Estimated production growth based on Rio Tinto share 2006 2007 annualised Including committed expansions Including feasibility studies Including conceptual studies Iron ore Aluminium equivalent TiO2 Uranium Copper 0% 20% 40% 60% 80% 100% 120% 140% Base level 2006

42 2007 Half Year Results Presentation 2 August 2007 Strong organic growth in key products including Alcan Estimated production growth based on Rio Tinto share, does not include Alcan growth pipeline 2006 2007 annualised Including committed expansions Including feasibility studies Including conceptual studies Iron ore Aluminium equivalent TiO2 Uranium Copper 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Base level 2006

43 2007 Half Year Results Presentation 2 August 2007 Strongly positioned for future growth Record EBITDA and cash flow from rising volumes in strong markets Alcan deal creates an aluminium industry leader Transaction will add value to shareholders Record first half capital expenditure on organic growth options Enhanced pipeline of opportunities Demand outlook remains positive

2007 Half Year Results Presentation 2 August 2007

45 2007 Half Year Results Presentation 2 August 2007 Changes in underlying earnings HANDOUT 3,529 (331) (503) 302 (85) (118) 513 3,751 Underlying earnings (2) - - - (19) (18) (14) (17) (15) Inflation (4) (15) (5) (1) - 1 16 Other operations (260) (56) (77) - (9) - (116) Other (12) 2 - - - - (14) Interest 25 93 (15) - - - (53) Exploration 1,818 (314) (131) 103 - 181 1,998 Copper 406 13 (29) 27 (36) 80 369 Aluminium 212 (20) - 8 (14) 19 233 Diamonds & Minerals 245 (14) (149) 48 (13) 16 374 Energy 1,099 (20) (97) 117 (46) 216 944 Iron ore H1 2007 Tax & other Costs Sales vols Exchange rates Selling prices H1 2006 $millions

46 2007 Half Year Results Presentation 2 August 2007 Exchange rate effects mainly A$ A$ $m Earnings impact -$118 million Total non A$ -$23m C$ Rand NZ$ Other € HANDOUT -95 10 -6 -9 -15 -3 -100 -80 -60 -40 -20 0 20 40

47 2007 Half Year Results Presentation 2 August 2007 Variance analysis methodology Price = Change in commodity price x prior year sales volumes Exchange = (Change in exchange rates x Prior year cost of sales) + Relative movements in exchange gains and losses on working capital Inflation = Inflation rate x Prior year cash cost of sales Volume = Change in sales volumes x Current year margins Cost = cash cost variance + non cash cost variance + impact of energy price changes + one-off costs Energy = change in input price x prior year usage Cash cost = Change in cash unit costs x Prior year sales volumes Non cash cost = Change in non cash unit costs x Prior year sales volumes HANDOUT

48 2007 Half Year Results Presentation 2 August 2007 Earnings reconciliations (handout only) 1 Less: items captured centrally 2 Add: Rio Tinto fair value adjustment 2 Underlying earnings as reported by Rio Tinto (5) (1) Less: Increased amortisation of rehabilitation asset Less: Minority interests (31.6%) 5 Earnings per Energy Resources of Australia press release (A$5.7m) US$m Energy Resources of Australia

49 2007 Half Year Results Presentation 2 August 2007 Earnings reconciliations (handout only) 138 Add: RTCA earnings 2 Add interest and fx gain/loss on debt shown centrally by Rio Tinto 5 Add: Other (fx gain/loss) 177 RTCA underlying earnings as reported by Rio Tinto (11) Less: minority interests (24.3%) (11) Less: progressive rehabilitation taken to earnings for Rio Tinto 56 Earnings per Coal & Allied press release(A$70m) Coal & Allied 32 Underlying earnings as reported by Rio Tinto (23) Less: minority interest (42.3%) 53 Earnings per Palabora press release (R382m) US$m Palabora

50 2007 Half Year Results Presentation 2 August 2007 Analysis of interest (14) (12) Net interest charge 26 9 Taxation and outside interests (40) (21) Subsidiary interest per Income Statement (2) 6 Change in accruals 11 42 Interest capitalised (49) (69) Net interest per cash flow (116) (113) Interest paid 67 44 Interest received Per cash flow statement H106 H107 Six months ended 30 June US$ millions HANDOUT

EX-99.(A)(5)(H)

Exhibit 99(a)(5)(H)

Rio Tinto Half year results 2007

CAUTIONARY STATEMENT

IMPORTANT INFORMATION:

Rio Tinto Canada Holding Inc. (referred to herein as the “Offeror”), a corporation incorporated under the laws of Canada, and an indirect wholly-owned subsidiary of Rio Tinto plc, a public limited company organised under the laws of England and Wales (“Rio Tinto”), is offering to purchase (the “Offer”), upon the terms and subject to the conditions set forth in the Offer and in the related letter of transmittal, each issued and outstanding common share of Alcan Inc. (“Alcan”), together with the associated rights (the “Alcan Rights”) (and, together with the common shares of Alcan, the “Alcan Common Shares”) issued and outstanding under Alcan’s Shareholder Rights Plan which is described in this take-over bid circular, for U.S.$101 (equivalent to Cdn$105.44 based on the July 20, 2007 Bank of Canada Noon Rate) per Alcan Common Share in cash (less any applicable withholding taxes and without interest).

The Offer will be open for acceptance until 6:00 p.m., Eastern Time, on September 24, 2007, unless extended or withdrawn by the Offeror.

This communication is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. The Offer (as the same may be varied or extended in accordance with applicable law) is being made exclusively by means of, and subject to the terms and conditions set out in, the take-over bid circular delivered to Alcan and filed with Canadian provincial securities regulators and the United States Securities and Exchange Commission (the “SEC”) and mailed to Alcan shareholders.

The release, publication or distribution of this communication in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this communication is released, published or distributed should inform themselves about and observe such restrictions.

In connection with the Offer, Rio Tinto has filed with the Canadian securities regulatory authorities and the SEC a take-over bid circular as well as ancillary documents such as a letter of transmittal and a notice of guaranteed delivery and Alcan has filed a directors’ circular with respect to the Offer. Rio Tinto has also filed with the SEC a Tender Offer statement on Schedule TO (the “Schedule TO”) and Alcan has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”). SHAREHOLDERS OF ALCAN ARE URGED TO READ THE TAKE-OVER BID CIRCULAR (INCLUDING THE LETTER OF TRANSMITTAL AND NOTICE OF GUARANTEED DELIVERY), THE SCHEDULE TO (INCLUDING THE OFFER AND TAKEOVER BID CIRCULAR, LETTER OF TRANSMITTAL AND RELATED TENDER OFFER DOCUMENTS) AND THE SCHEDULE 14D-9 AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER.

The take-over bid circular as well as other materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com. The Schedule TO and the Schedule 14D-9 are available electronically without charge at the SEC’s website, www.sec.gov. Materials filed with the SEC or the Canadian securities regulatory authorities may also be obtained without charge at Rio Tinto’s website, www.riotinto.com

While the Offer is being made to all holders of Alcan Common Shares, this communication does not constitute an offer or a solicitation in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made in, nor will deposits be accepted in, any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However, Rio Tinto may, in its sole discretion, take such action as they may deem necessary to extend the Offer in any such jurisdiction.

1

Slide 1 – Cover

Slide 2 – Cautionary statement

2

Slide 3 – Paul Skinner

•Good morning everyone, and welcome to the presentation of Rio Tinto’s interim results for 2007. With me here in London is Tom Albanese, our CEO, while Guy Elliott, our CFO, joins us from Sydney.

3

Slide 4 – Presentation outline

•The sequence of the presentation today is that I will start with a summary of the results and outlook. Please note that we will be using US dollars throughout this results presentation.

•Tom will cover our first half performance and the offer for Alcan, and Guy will review our financial results.

•Tom will finish by talking about the Group’s extensive growth plans.

4

Slide 5 - Highlights of first half 2007

•While underlying earnings fell 6% to $3.53 billion, EBITDA rose 7% to $6.6 billion, reflecting the Group’s continuing high operating margins.

•Cash flows from operations, plus dividends, were a record at $5.6 billion for the half year. The Group continues to generate cash at the rate of approximately one billion dollars per month.

•Capital investment was also a first half record at $1.9 billion, an increase of 9 per cent on the first half of 2006.

•The level of the Group’s capital investment is likely to continue to rise, as we move forward with some very significant growth projects. Tom will be talking about these in more detail later.

•The Group’s net debt position at the end of the half year was $2.9 billion. Our balance sheet is very strong, and of course we are taking advantage of our financial strength to undertake our all-cash offer for the equity of Alcan.

•On completion of the Alcan transaction, our balance sheet will be more highly geared – we expect around 64%. We have returned $6.4 billion to shareholders since the start of 2005 and are now terminating our existing capital management programme.

•Going forward we will de-leverage our balance sheet through our very strong cash flows, and from the proceeds of asset disposals within the newly enlarged Rio Tinto Group.

•The acquisition of Alcan will transform our aluminium business, but we have also been investing strongly in organic growth. In early July, we approved a $1.8 billion, two million tonne expansion of the Yarwun refinery, which will strengthen our market position in alumina.

5

•Our expansion projects in iron ore remain on track, with first ore from the Yandi expansion being mined four months ahead of schedule. We have also recently approved the $350 million expansion of the Hope Downs mine development to 30 million tonnes annual capacity.

•And finally in copper, our portfolio of development projects continues to progress. The Oyu Tolgoi project moved a step closer to finalisation when the Mongolian government announced its completion of a draft investment agreement in June and its introduction to the Mongolian Parliament last week.

6

Slide 6 – Strong markets and volume growth underpin earnings

•You may recall that the first half of 2006 was boosted by a number of exceptional tax benefits, which did not recur in 2007. Adjusted for these tax items, earnings in the first half were essentially in line with those of 2006, but without that adjustment 2007 half year underlying earnings fell 6% to $3.53 billion.

•We should keep this number in perspective – underlying earnings to June this year are the second highest first half result ever recorded by Rio Tinto.

•The tax adjustments to earnings do not affect EBITDA or cashflows, emphasising the importance of these measures which set records for the half year. EBITDA rose 7% to $6.6 billion.

•Our investment in growth, particularly of iron ore and copper production, increased earnings, as did rising prices. However, this was more than offset by a higher tax charge and the impact of industry wide cost increases on our margins.

•Guy and Tom will talk in more detail about the cost pressures we are facing and our response. Cost management remains a key priority for us.

•Excluded items impacted earnings negatively by $276 million, reflecting primarily the impairment of the Argyle underground mine development where the original capital cost now looks certain to be exceeded. This brings us to net earnings of $3.25 billion for the period.

7

Slide 7 – Creating an aluminium industry leader

•Turning to our recently announced, recommended offer for Alcan, we are excited about the potential this has to transform our aluminium business.

•This transaction will create a global aluminium industry leader, with a number one position in aluminium and bauxite, and a leading producer of alumina with the capability to become the number one producer through strong organic growth.

•The combined entity will have a competitive cost position at all points in the value chain, and will be well placed to benefit from what we believe is a very favourable long term demand outlook for aluminium.

•Alcan’s assets and project pipeline are highly complementary with our own, and the similar cultures of the two organisations and a shared commitment to sustainable development will facilitate integration.

•Overall this is an excellent fit with Rio Tinto’s strategy of creating value by investing in high quality, long life and low cost resources.

8

Slide 8 – Outlook

•Across the board the global economy continues to perform well by historical standards.

•We can see some turbulence entering the credit markets, arising primarily from concerns over lending in the USA and their read through to M&A financing. But we do not believe that these will have a material impact on demand for our products.

•We retain a positive view of the outlook for metal demand, reflecting the strength of the Chinese economy, which continues to grow very strongly. Second quarter GDP growth accelerated to 11.9% annualised, and our assessment is for growth of around 11% this year and next.

•We are also seeing the emergence of a more balanced economy with consumption representing a greater share of growth.

•China continues to provide upside surprises – we have recently raised our assumption on the GDP growth rate to just under 9% over the period to 2015. At a compound growth rate of 9% the Chinese economy will double in size every eight years, but it will still retain an early position on the metal intensity per capita curve.

•We are mindful that there are risks, however, in the form of rising liquidity surpluses, asset price increases – particularly real estate in the major cities - and potential friction over the trade surplus.

•On balance, we believe that these risks are not sufficient to dislodge the fundamentals underpinning the trajectory of Chinese economic growth, which remains the dominant driver of metal demand.

•Now over to Tom.

9

Slide 9 – Tom Albanese

•Thank you, Paul, and good morning everyone. I will now talk about our strategy and some of my key priorities before running through the first half highlights in each of our product groups.

10

Slide 10 – Strategy and key priorities

•Rio Tinto has a long standing strategy, which has been confirmed by the Board on numerous occasions. I am fully committed to that strategy, which is founded on the creation of long term shareholder value through the pursuit and operation of the world’s best orebodies.

•High quality assets deliver high margins, generating good returns at low points in the cycle and outstanding returns at buoyant times like today

•Value creation is reinforced by a commitment to operational excellence – to being a low cost operator – and to the principles of sustainable development.

•Our pursuit of the world’s best orebodies will mean investing in new geographies, and the Board is fully supportive of that development. This is where sustainable development proves its business case.

 .

•Our strong portfolio in OECD countries, coupled with active growth efforts everywhere, provides our shareholders with the best of both worlds. We can pursue any world class project anywhere, while our overall risk profile is firmly grounded in low risk regions.

•One of my priorities as CEO will be to ensure we have the right structure and systems to get the most out of our people, who have great commitment and expertise.

•We will seek to build on our Improving Performance Together programme, which share best practice in efficient operations across sites and product groups. We can extract substantial additional value from establishing common systems and metrics.

•As we move forward, we will create a more powerful, more unified Rio Tinto with a stronger brand and integrated, global world-class business systems.

11

•And all these advances will be underpinned by technology and innovation. We will pursue developments in surface and underground mining technology and also processing technology – further reinforced by our acquisition of Alcan, with its competitive hydro base and technological leadership position in aluminium smelting.

•Finally, following the Alcan acquisition, we will be a bigger business, and we will take this opportunity to undertake a strategic review of all our assets.

•No decisions have yet been taken, but the process is now under way and we expect it to continue into 2008.

•We will be reviewing our assets for their fit, competitive position, scale and growth prospects.

12

Slide 11 – Aluminium

•Turning to our product groups, it is fitting to start with aluminium, given our recent announcement. Earnings here benefited from higher metal prices and good operating performance.

•At Weipa, first half bauxite production increased 10 per cent year on year.

•At Yarwun, the alumina refinery is running well, and the announced expansion to 3.4 million tonnes annual capacity will enhance its competitive position on the cost curve. Construction will begin imminently and we expect first deliveries from the expansion in late 2010.

•Our smelters operated strongly during the year, with a production increase of over 3% from incremental process improvements.

•The completion of the Alcan transaction will transform the aluminium product group from a strongly performing but essentially regional business into a global leader.

•We have explained the strategic rationale of the combination of the Alcan and Rio Tinto aluminium businesses in some depth in our presentation on July 12. It combines complementary businesses to create an industry leader with a number one position in aluminium metal and bauxite, a pathway to leadership in alumina, and a cost competitive set of assets across the value chain. It adds diversity and balance to the very strong earnings of our copper and iron ore product groups.

•I would now like to focus a bit more on why we have a positive view of the aluminium supply and demand situation going forward.

13

Slide 12 – Aluminium spot price has not spiked

•It is clear from the price history of aluminium over the last ten years that is has not enjoyed the run up that some other metals have enjoyed.

•The current aluminium spot price is of the order of 50% above consensus long term prices, whereas copper and molybdenum are at multiples of long term prices.

•As you know our belief is that long-term equilibrium pricing in most metals is mainly a function of long-term marginal costs.

•In all of these metals, marginal costs have risen, but the gap between marginal costs and current prices is by far the smallest in aluminium.

14

Slide 13 – Divergence between analyst consensus and the metal market

•Over the next few years, we can see that there is a divergence between the aluminium price forecasts produced by equity analysts and the forward curve.

•While we do not disagree with the proposition that aluminium prices will trend towards long term price levels over the next few years, we do believe that the rate of reversion for aluminium will be closer to the forward curve than the analyst consensus.

•At our investor conference last October, we stated that we are seeing grounds for an extended time period before we see reversion to long term prices, and we have built this thinking into our modelling.

•The relatively stable, low level of aluminium inventories reinforces this thinking.

15

Slide 14 – Excess Chinese capacity has been absorbed by strong demand

•When we look back at the aluminium price over the last few years, we can see that the reason for its relative underperformance has not been lack of demand but the ability of supply to meet demand.

•In 2003 and 2004, China added substantial smelting capacity – over 2 million tonnes in each year – as it took advantage of stranded power and low alumina prices. Chinese capacity utilisation fell to 75% after the expansions in 2004.

•The smelter expansions were curtailed in 2005, as the power shortages in China took hold and availability of alumina started to decline.

•Subsequently we can see that consumption has continued to grow rapidly in China. Analysts are revising up their forecasts of Chinese consumption growth to around 30% for 2007, and demand is forecast to continue growing at around 15% per annum over the next five years.

•At the same time, the pace of capacity increases has moderated. As a result, the capacity utilisation rate of Chinese smelters is trending over 90%. There is little surplus in the system.

•We believe that while Chinese supply has so far kept up with strong Chinese demand, it will get harder to do so in the future, and it will be expensive marginal supply.

16

Slide 15 – China is now dependent on imported bauxite and alumina

•It is by no means clear that China will add substantial smelting capacity, as the favourable situation prevailing in 2004 is no longer applicable.

•For example, China now imports nearly 60% of its alumina needs, either indirectly in the form of high priced bauxite or directly in the form of alumina.

•China has limited supplies of high quality bauxite, and this situation is likely to worsen over time. It is therefore increasingly reliant on imported bauxite supplies, principally from Indonesia, where sustainability and rising costs are a risk.

•China can no longer rely on low cost mineral inputs.

17

Slide 16 – Chinese production costs support current LME prices

•Rising input costs and pressure on energy supplies mean that Chinese smelters now occupy the majority of the fourth quartile of the cost curve. As China is likely to be a net importer of coal in future, marginal electricity prices and therefore marginal aluminium costs could rise.

•With increased electricity transmission investment in China, there is less stranded power easily available for smelting.

•Chinese marginal costs today are not far below the current LME spot price.

•This position has been reinforced by the recent announcement of a planned imposition of a 15% export tax on primary metal products by the Chinese government as part of its effort to curb the development of energy intensive industries.

•These trends suggest that current aluminium prices are supported by industry fundamentals, and that smelters with sustainable competitive costs will earn higher returns going forward.

18

Slide 17 - Iron ore

•Turning now to iron ore, the Chinese market was again the driver of demand in 2007. The market shows no signs of softening - Chinese traders are currently buying Indian iron ore with 63% Fe content for over $100 per tonne on a delivered basis.

•This is over $30 per tonne more than the delivered contract price of Australian iron ore.

•Our iron ore operations overcame a cyclone-affected first quarter in the Pilbara to deliver record production and earnings for the half year.

•Our Pilbara operations are a great business: competitive costs, particularly on a delivered basis to China, a great resource position and a proven capability to execute growth projects.

•Our current managed production in the Pilbara is 170 million tonnes per annum and our mine expansions remain on schedule and budget to deliver 220 mt per annum in 2009. The Yandi Junction South East orebody processed its first ore in May, four months ahead of schedule, and construction of the Hope Downs mine is progressing well, with delivery of structural steelwork to site complete. Laying of the new Lang Hancock Rail track is under way.

•We used to think we had a big iron ore business when we were producing 50 mt in 1999. We are currently moving towards production of 220 mt in 2009 - a compound growth rate of 16 per cent per annum over the decade.

•We now have plans to increase that number very substantially, to close to 320 mt per annum.

•We believe the market will require this additional volume, and that we can expand in a way that will add very significant value to our shareholders.

•By now you will be well familiar with the industry cost pressures we are facing in Western Australia in particular.

19

•We are pushing our operations to pursue record production in a very tight market, while undertaking the largest capital project programme in the Group’s history. These are challenging conditions, and operating costs are a concern, but I think that overall our iron ore business has done a good job on delivering projects on time and budget.

20

Slide 18 – Copper

•Now, copper. After softening at the start of the year, the copper price rebounded during the first half, as Chinese restocking and industrial disputes on the supply side kept the market tight.

•Moly prices also remained firm, and are back above $30 per lb. Chinese mine output and western roasting capacity are increasing rapidly, but so is Chinese demand, and the market appears well balanced for the moment.

•Copper group earnings declined in the first half, due to the absence of last year’s tax benefits. This was particularly noticeable at Kennecott Utah Copper, where operational performance was strong at the mine and at the smelter since its refurbishment.

•Copper grades were lower at KUC in the first half. This trend is expected to continue into the second half of the year but we anticipate copper grades to return to their 2006 level as we move into 2008 and 2009.

•We continue to maximise moly production and anticipate full year production approximately 15% below last year’s level – a little more production than we flagged previously, due to improved recoveries.

•Earnings benefited from rising volumes at Escondida, as the sulphide leach operation delivered additional refined copper production.

•At Grasberg, the revised mine plan released in July means that production in the second half will be higher than previously anticipated.

•Rio Tinto has interests in three of the world’s best currently operating copper mines, and two smaller, strongly performing block cave operations.

•We also have an excellent set of growth projects, which will enhance our position as a leading copper producer in the next decade.

21

Slide 19 – Energy

•The Energy product group had a challenging half year, with all operations except for Rössing posting lower earnings.

•Poor weather and the well publicised coal supply chain issues on the eastern seaboard of Australia hit earnings at Rio Tinto Coal Australia by increasing unit costs and restricting our ability to deliver additional volumes.

•These infrastructure issues represent a significant leak of value from Rio Tinto and other Australian coal producers.

•In Queensland I met the Premier last week and we look forward to working with the government to further expand coal export capabilities. The Queensland government and the coal industry recently released an independent report on the findings of a coal chain review. We are pleased with the recommendations being made by the report and hope to see them quickly implemented, along with milestones to track future performance, so that committed coal volumes can be met.

•In New South Wales, Port Waratah has recently announced another expansion. Until this expansion is complete, we do not think the Hunter Valley can absorb new coal production. Longer term we believe coal loading should move to a long-term take or pay contract basis at Port Waratah.

•It is also important that lessons are learned from the situation in eastern Australia, and that the same mistakes are not replicated elsewhere.

•However, these issues have also supported coal prices, and with China continuing as a net importer of thermal coal, the outlook for coal prices is positive.

•Coking coal prices have also firmed, with some settlements being reported in the $125 range, as supply disruptions and strong demand have tightened the market.

22

•At Rio Tinto Energy America, the benefit of higher realised prices was offset by higher costs related to weather impacts and, like KUC, a higher tax rate.

•The buoyant uranium market conditions of 2007 benefited Rössing, where earnings increased by over 500%. However, cyclone related flooding at ERA wiped out the benefit of higher realised prices. The flooding was a set back for ERA, but the team is now making good progress with dewatering the pit.

•I am pleased to see that we have revised upwards our production projections for the second half and especially in 2008.

•Although the spot uranium price has slipped a little in recent weeks, the long term market price remains around $95 per lb of uranium oxide, reflecting a favourable market outlook going forward.

•In May, we announced the formation of Hydrogen Energy, our joint venture with BP to develop hydrogen energy projects with carbon capture and storage. We believe that this is the key enabling technology that will ensure the future of coal, and that there is a first mover advantage in securing sites with proximity to a suitable geological sink.

•We are the second largest global producer of uranium and together with the hydropower position of Alcan in Canada, we are very well positioned for a future in which carbon emissions are likely to be constrained.

23

Slide 20 – Diamonds and Minerals

•This year we have merged the Industrial Minerals and Diamonds product groups under the leadership of Andrew Mackenzie to better reflect the size of these businesses in the context of a broader Rio Tinto. Diamonds and Minerals is a product group of high quality assets with an exciting set of development opportunities.

•Sentiment in the rough diamond market has improved, particularly in the larger sizes and better qualities, as stocks continue to be run down in the cutting centres.

•Diavik had an excellent first half operationally, producing at an annualised rate of just under 12 million carats – well above original design capacity. Earnings were down, but this reflected the absence of last year’s tax credits.

•At Argyle, an impairment was recognised, reflecting the impacts of a higher Australian dollar and industry cost pressures in Western Australia, which we now assume will persist for the next several years. Multi-year contracts will suffer more from cost escalation compounding over time.

•The project has also been impacted by a slower advance rate due to more difficult ground conditions.

•The approved capital budget of the project is now likely to be of the order of US $1.5 billion dollars.

•This is certainly disappointing, but we continue to look hard at ways of recovering this value as we move forward the underground development and seek to mitigate local cost pressures in Western Australia. Recent development performance has been more encouraging.

•Turning to Minerals, talc and borate volumes fell reflecting weaker demand from the North American housing sector and the decision to focus on higher margin contracts.

24

•In iron and titanium, we are seeing good demand in Europe and Asia for titanium dioxide, but North America is sluggish reflecting the weaker housing market. Prices are improving but the benefit is being offset by higher freight charges.

•The TiO2 operations are working at full capacity, and but for the tax benefits at QIT last year, we would have seen an earnings improvement in this division.

•Finally, the Madagascar project remains on track to start production at the end of next year and produce 750,000 tonnes per annum at full capacity in 2012.

•Beyond that, we are reviewing options to take the Madagascar project into phase two with potential annual production of 2 million tonnes. This will underpin our leadership of the titanium dioxide sector for years to come.

25

Slide 21 – Business improvement is a key focus

•Costs are clearly one of our biggest operational challenges, especially at our Australian operations. We should recognise that these are partly a sector-wide consequence of the strong markets we are enjoying. While we have to be realistic that these cost pressure are a symptom of the overheated resource sector, we remain committed to address this problem in all parts of the production process, including contractors.

•The large number of scheduled capital projects especially in Australia suggests that these cost pressures will be enduring over the next several years. This means that if anything we will need to put even more intensity into our business improvement efforts.

•You will be aware of our Improving Performance Together programme, which is driving best practice and performance improvement across the group. As we have previously reported, IPT has been successful, particularly in increasing production, which is the best way to deliver better margins. IPT continues to add value and we intend to put more resources into this effort.

•We are also changing the architecture of the group to move more technical tasks away from remote and expensive locations to lower cost urban centres. For example, we will be beginning to migrate technical and control functions from the Pilbara to a new remote monitoring facility in Perth.

•This is facilitated by technological developments in the mining industry, such as automation and remote operation of equipment.

•After several years of investing in new business systems, we now need to consolidate our overheads in fewer locations, each with critical mass. I have recently set internal three year targets for reduction of total overhead costs in nominal terms, notwithstanding inflation or projected volume increases.

26

•We will be doing this by improving all aspects of our overheads, not reducing key capabilities, but by making structural improvements to the delivery of technical and support functions to our businesses.

•While we enjoy record margins today, we need to act now to avoid cost increases from being baked into the business going forward, when margins may be under more pressure.

•Now over to Guy.

27

Slide 22 – Guy Elliott cover slide

28

Slide 23 – Continued benefit from higher prices

•Thank you, Tom.

•In presenting the results, I will follow our standard waterfall format.

•Starting with price, markets tightened further during 2007 reflecting sustained strength in demand for virtually all our products and continued lack of any notable supply response.

•Compared with the first half of 2006, prices benefited earnings by $513 million in the first six months of 2007.

•There was movement in the US dollar in the first half of 2007 relative to the currencies in which we incur the majority of our costs, with the Australian dollar strengthening by nine per cent half on half. The effect of these currency movements was to decrease underlying earnings relative to the first half of 2006 by $118 million.

•Combining price effects, exchange variances and inflation, earnings increased versus the first half of 2006 by $310 million.

29

Slide 24 –Iron ore and aluminium prices stand out

•After significant increases in 2006, average prices for our major commodities rose above those experienced in the first half of 2006.

•The copper price averaged $3.07 per pound during the first six months of 2007, representing an increase of 13 per cent compared with the same period of 2006. This boosted earnings by $214 million but was offset by provisional pricing on copper concentrate sales. Overall, provisional pricing had a positive impact on earnings, but generated a negative variance of $182 million compared with the first half of 2006. This is explained by the relative movement in the 3 month forward copper price which rose by 68 per cent in the first half of 2006 but by only 19 per cent in the first half of 2007. The net impact was to increase earnings by $32 million.

•Iron ore markets have continued to be extremely tight. Late last year we negotiated a 9.5% price increase for the 2007 contract year. This has also lifted earnings by $214 million.

•Moly prices have rebounded from 2006 averaging $28 per pound in the first half of 2007, an increase of over 19 per cent on the previous year. This contributed an additional $68 million to earnings.

•Aluminium prices averaged 126 cents per pound, a ten per cent increase over the first half of 2006 adding $92 million to the bottom line. This was partly offset by lower prices for bauxite and alumina.

•Other price changes have been less significant, although it is worth highlighting the $34 million lift to earnings from higher prices achieved for uranium sales, notably at Rössing, as legacy contracts expire and are replaced by higher priced ones.

•The other price variance relates mainly to lower TCRCs and higher prices for other traded metals such as zinc, lead and silver.

30

Slide 25 – Expansion projects deliver growth

•The first half of 2007 witnessed steady volume growth across many of Rio Tinto’s operations, most notably in Iron Ore. The impact of sales volumes changes on underlying earnings was an increase of $302 million relative to the first half of 2006.

•This represents a growth rate of 5% for 2007 annualised – close to our historic growth rate of 6%.

31

Slide 26 – Iron ore and copper sulphide leach add new volumes

•Looking at the product groups in more detail, copper benefited from higher volumes of refined copper following the commissioning of the Escondida sulphide leach project in the latter half of 2006. This offset lower copper grades at Grasberg, resulting in a net $61 million contribution to underlying earnings. Conversely, Grasberg benefited from significantly higher gold grades in the first half of 2007 which made up most of the $65 million positive contribution from this metal.

•Production of molybdenum at Kennecott Utah Copper continued to be a focus, and in fact increased by 7 per cent compared with the first half of 2006. However, inventory movements attributable to timing between production and sales to roasters resulted in an adverse variance of $30 million.

•Iron ore sales volumes increased by 8 per cent compared to the first half of 2006, with Hamersley’s volumes rising by 15 per cent as the brownfield expansions gather pace. These gains added a further $117 million to earnings.

•The Aluminium product group benefited from increased alumina volumes from the Yarwun alumina refinery and higher volumes of bauxite following the commissioning of the second shiploader at Weipa during the first half of this year.

•And higher coking coal sales volumes from Hail Creek were the main impetus behind the positive contribution from coal to earnings of $39 million.

32

Slide 27 –Continued pressure on costs

•The group continued to feel the impact of rising costs within the mining industry.

•I will turn to the cash costs variances in a moment but firstly let me briefly review the non-cash variance. This was largely as a result of reversing the impairment at Kennecott Utah Copper last year. These restated assets are now depreciated again with the charge going above the line. The iron ore expansion programme has also led to a rise in non-cash costs as the capital expenditure starts to be depreciated.

•Now let’s focus on cash costs.

33

Slide 28 – Cost impact on underlying earnings

•As at the past two results presentations we have broken out the cash costs variance of $427 million into investment costs and common industry costs

•Increased investment, expansion and exploration costs reduced underlying earnings by $160 million compared with the first half of 2006. These include bringing expansions onstream, business improvement programmes, the extension of our greenfield exploration programmes into new territories, progress on evaluation projects, and an increased spend on technology. All these costs are expected to bring lasting value to the Group and are therefore viewed as being an investment for the future.

•The most noteworthy increases in these investment costs have been on evaluation projects such as Resolution, La Granja and Simandou as the pre-feasibility studies advance. The costs from our recently formed joint venture with BP, Hydrogen Energy, are also included within this category.

•The costs that we have described as common industry costs include energy, input prices, contractors and other general costs of production. These increases were significant in the first half of the year and reduced earnings by $267 million.

•Energy costs rose marginally, as oil price movements slowed, impacting earnings by $12 million, although given today’s prices this is likely to worsen in the second half.

•Costs generic to the mining industry including contractors, labour, changes in grade and maintenance have been grouped together in the cost of production category. The impact on half year earnings was to reduce them by $146 million.

34

Slide 29 - Cost impact on underlying earnings - common industry costs

•Turning to the detail behind the production costs increase, one of the largest single impacts continues to be higher contractor rates. Our rationale for using contractors remains the same. We get the benefit of their capital equipment and avoid baking in cost increases by giving ourselves greater flexibility to remove them in the future.

•Demurrage, freight rates and other selling costs have also had an important effect on our results in the first half, lowering them by $109 million compared with 2006. As you will know, we are currently enjoying very healthy margins in our iron ore business. Therefore it is in our interest to ensure that our ports operate at their maximum capacity. This sometimes involves incurring demurrage to ensure that ships are constantly available to load our product. However, in the eastern Australian ports, where we do not own the local infrastructure, we have been less able to control demurrage, particularly following the severe wet weather during June.

•Other factors which contributed to the cost increase this year included lower grades at some of our operations and above inflation wage settlements. These reflected the tight conditions being experienced by the mining industry, in particular in areas such as the Pilbara.

35

Slide 30– Negative $370 million tax variance half on half

•The combined effect of other items on earnings was a negative $331 million. The most significant item relates to the recognition of a deferred tax asset of $211 million in the first half of 2006 and a reduction in Canadian tax rates in 2006 that led to a $46 million reduction in deferred tax provisions. There were no such items in the first half of 2007.

•The tax rate in the first half of 2007 was 32% compared to 22% in the first half of 2006 reducing earnings further. Going forward, the Group tax rate is likely to be of the order of 32%.

•These tax effects, while impacting earnings, do not have an impact on EBITDA or cashflows, reinforcing the importance of these numbers which are higher in 2007.

•Other items related mainly to sales of exploration and other assets partly offset by the absence of prior year accounting policy changes..

•This therefore brings us to the first half underlying earnings number of $3.53 billion.

36

Slide 31 – Excluded items mainly impairment

•Net earnings for the first half of 2007 were $276 million lower than underlying earnings. The main impact was the further impairment of Argyle of $314 million following a review of its assets carrying value.

•This, together with some sundry items, brings us to the net earnings figure of $3,253 million.

37

Slide 32 – Cash flow from operations sets a new first half record

•Turning to cashflow, the Group’s cashflow from consolidated operations increased 15% in the first half to $4.95 billion.

•Dividends from equity accounted units made a strong contribution of a further $691 million, to bring total cashflow to $5.6 billion, up 11%.

•Together these cashflows and dividends set a new record for a first half.

•The cash generating ability of our assets should not be underestimated. It enables us to support a higher level of gearing as we undertake value adding acquisitions and large scale organic capital projects.

38

Slide 33 – Balance sheet has given us flexibility

•Our currently strong balance sheet has given us the flexibility to pursue the value adding Alcan opportunity.

•When the transaction is closed, our gearing level will of course be substantially higher, but our very strong cashflows and proceeds from potential divestments will reduce it quite rapidly.

•Tom has already outlined our strategic review of assets. The process of selling Alcan’s packaging business is already under way, and we have started the process of identifying internal Rio Tinto disposals. We expect to reduce our debt by at least $10 billion from this process over the next 18 months.

•Our goal is to retain our single A rating, and these sales along with our strong cashflows should help us to achieve it. Given our rating and track record, we do not see the current unsettled conditions in the credit markets as having a material effect on our financing.

•The Alcan bridge financing is underwritten by four banks, and is currently being sub-underwritten by a larger group of around 30 banks. This is planned to be completed by month end.

•We will subsequently term out some of the debt via bond issues and may fix some of the interest exposure.

39

Slide 34 – Record first half capex and increased share buy backs

•Now looking at cash outflows in more detail, capex rose to new first half record levels of $1.9 billion, as the Group invested in additional value adding production, notably the iron ore expansions in the Pilbara, the Madagascar ilmenite mine and construction of the A418 dike at Diavik.

•We expect capex for the full year to be approximately $5 billion..

•Cash returned to shareholders in the form of dividends was lower in the first half of 2007, due to the absence of a special dividend. However, share buy backs gathered pace and we returned a further $1.4 billion compared with $1.1 billion in the first six months of 2006. Following the announcement of our recommended all cash offer for Alcan, the share buy back programme has been discontinued.

•Finally, as earnings increase so does the tax take, and accordingly the tax authorities’ share of cash outflows rose to $1.7 billion.

•Now let me pass you back to Tom.

40

Slide 35 – Tom Albanese cover slide

41

Slide 36 – A growing set of investment opportunities

•Thank you, Guy.

•Rio Tinto had an excellent profile of investment opportunities prior to the Alcan offer, but with the transaction this will be considerably enhanced – we believe it is the best in the business.

•Many of the Alcan opportunities are located in areas where Rio Tinto Aluminium is currently active, such as the Gulf. We believe that all these are attractive projects, but there will be opportunities to optimise sequence of the growth pipelines of the two companies.

•Our recent approval of the expansion of the Yarwun refinery made business sense on its own, but is particularly attractive given Alcan’s natural short alumina position.

•In iron ore and copper we have a set of projects, which will secure our position in those sectors well into the next decade.

•In other product groups, I would highlight our growth opportunities in uranium, where we continue to examine options to expand production. As Preston showed at our detailed uranium seminar in May, we have substantial mineralization which could allow us to double our uranium production over the next decade.

•At PRC in Argentina, our potash project is making progress and we hope to make a decision on the project around the end of the year.

•As former head of exploration, I remain committed to exploration as a great route to value creation. When iron ore was unfashionable in the mid 1990s, we persisted with exploration in Guinea and discovered Simandou, which has the potential to be the next great iron ore province.

42

•Persistence brings rewards, and we can point to Resolution copper, nickel in Indonesia, and perhaps diamonds in India or coal in south Africa as the next significant opportunities generated from exploration.

43

Slide 37 – Growth in copper and entry into nickel

•Turning to copper, we have illustrated here the potential development sequence of our copper projects to give you an idea of possible timelines, capital expenditure and production levels. The production and capital numbers are on a 100% basis.

•We believe that this set of opportunities rivals any in the business.

•By the middle of the next decade we will be a substantially larger copper producer, with four of these projects ranking in the top ten undeveloped mineralisations globally.

•Oyu Tolgoi will be the first of the major projects, and we are pleased with the progress made so far in reaching an in-principle agreement with the Mongolian Government on the terms governing development of the Oyu Tolgoi copper-gold project. That agreement was submitted for Parliamentary review and approval last week. We believe that it is fair for all parties, and ensures the development of a resource that has the potential to significantly transform Mongolia’s economy. Oyu Tolgoi is the first real test of Mongolia’s willingness to attract and retain foreign investment to its minerals sector. We look forward, with Parliament’s support, to a timely resolution of the approvals process so that Ivanhoe and Rio Tinto may begin developing this world-class resource.

•In a similar timeframe is the Northparkes E48 project, which is progressing on target.

•We have also highlighted here our two nickel projects, which give us a defined pathway to enter that market. At Eagle, the permitting process has resumed, and at Sulawesi Nickel we continue to make progress with the contract of work. Royalty arrangements have been settled, and we are now focused on tax arrangements with the Finance Ministry, as well as forestry issues.

44

Slide 38 – Slide on iron ore projects

•Our iron ore growth opportunities are among the best in the business. Our expansions in the Pilbara are currently on track to take us to 220 million tonnes in early 2009.

•We have recently approved an accelerated expansion of the Hope Downs mine development to 30 million tonnes, at a capital cost of $350 million.

•Beyond our current approved plans, we are defining a path to take us to approximately 320 million tonnes of annual capacity. This is now in pre-feasibility and we are currently reviewing the optimal mix of mine, rail and port expansions.

45

SLIDE 39 –BUILD ON IRON ORE PROJECTS

•The slide shows one of the expansions we are considering which is a further expansion of Cape Lambert by 100 million tonnes.

•This will involve four additional berths and necessary additional blending, load and unloading facilities. We are looking for the opportunity to have this completed in the 2012 to 2014 time horizon.

•Outside Australia, we have further opportunities to grow. At Simandou, in Guinea, our pre-feasibility study is looking at a 70 million tonne operation in 2013 at a potential capital cost of $6 billion. We have recently approved additional funding for stepped up resource drilling.

•And at Corumbá in Brazil, a feasibility study into a 7.5 million tonne operation was recently approved.

•At Orissa in India, we have long term options to play a role as a supplier to the growing Indian steel sector.

•And finally at IOC, we have delineated new resources and have approved a feasibility study for a mine expansion to 21 million tonnes, which we are aiming to reach in late 2008.

46

Slide 40 – Strong organic growth in key products

•The Group has the capability to grow across our product groups, as this slide demonstrates.

•Not only do we have plans to expand our iron ore operations from a large existing base, we also have established pathways to substantial organic growth in aluminium, titanium dioxide, uranium and copper.

•This growth demonstrates the quality of our resource position, which provides considerable optionality for value enhancing development.

•And this excludes production acquired through M and A activity.

47

Slide 41 – Strong organic growth in key products including Alcan

•If we include the impact of the additional production we plan to acquire through our offer for Alcan, the growth of our aluminium product group is very substantial indeed.

•As we have said before, the Group is not averse to undertaking large scale acquisitions with the potential to transform parts of our business, and that are consistent with our strategic criteria and value focus.

•We believe the Alcan deal is a good example of this kind of transaction.

48

•Slide 42 – Strongly positioned for future growth

•In summary, our strategy remains unchanged. We are generating record EBITDA and cashflows from strong markets and rising production volumes. If it were not for the tax benefits of 2006, underlying earnings would have been slightly in excess of last year.

•The Alcan deal is an excellent fit with our strategy and will transform our aluminium business. Alcan’s assets are complementary with our own, and the deal will create an industry leader in aluminium.

•We have a positive view of the aluminium market and Alcan’s competitive position within it, and believe that the deal will add substantial value to our shareholders going forward.

•Aluminium will be an excellent future match for our very strong copper and iron ore earnings. All three metals will benefit from the industrialisation and urbanisation of China. We have not yet seen the same benefits from India, but we are preparing for its continued success.

•We have a record programme of organic capital expenditure under way, with major expansions in iron ore, an excellent set of growth opportunities in copper, and exciting plans in uranium and industrial minerals.

•We continually seek to enhance our pipeline of opportunities, and this is reinforced by the Alcan transaction.

•Finally, we believe that the outlook for the world economy is positive, with Chinese growth remaining robust, and that demand for our products will continue to grow strongly.

•Now let us take your questions.

49

EX-99.(A)(5)(I)

Exhibit 99(a)(5)(I)

News release...

Date: 2 August 2007

Ref: PR560 HY07

Record cash flow from volume growth in strong markets

•Cash flow from operations was at record levels for a first half, at $5,641 million, 11 per cent higher than the first half of 2006.

•Underlying EBITDA* was a record $6,613 million, seven per cent above the first half 2006 level of $6,174 million.

•Underlying earnings* of $3,529 million were six per cent below the corresponding period of 2006, which included $257 million from recognition of additional net tax assets.

•Net earnings* were $3,253 million, down 14 per cent on the 2006 level of $3,796 million, mainly as a result of an impairment of Argyle.

•Increased volumes from investment in additional capacity, particularly in iron ore, contributed $302 million to earnings.

•Rising prices and strong demand for most products increased underlying earnings by $513 million.

•Industry wide cost pressures impacted the business in the first half, reducing underlying earnings by $503 million, adjusted for inflation.

•The Group’s extensive organic growth pipeline led to record first half capital expenditure of $1.9 billion in 2007. The major iron ore expansions in Western Australia are on track, and studies are underway targeting further significant growth.

•The approval in July of a two million tonne per annum expansion of the Yarwun alumina refinery in Queensland will strengthen the Group’s position in alumina.

•The accelerated expansion of the Hope Downs mine development to 30 million tonnes per annum was approved.

•Recommended cash offer for Alcan to create a global aluminium industry leader was announced on 12 July 2007.

Six months to 30 June (All dollars are US$ millions unless otherwise stated)	2007	2006	Change
Cash flow from operations (incl. dividends from equity accounted units)	5,641	5,085	+11	%
Underlying EBITDA*	6,613	6,174	+7	%
Underlying earnings*	3,529	3,751	-6	%
Net earnings*	3,253	3,796	-14	%
Underlying earnings per share – US cents	272.6	278.7	-2	%
Earnings per share – US cents	251.3	282.0	-11	%

* Net earnings and underlying earnings relate to profit attributable to equity shareholders of Rio Tinto. Underlying earnings is defined and reconciled to net earnings on page 4. Underlying EBITDA excludes the same items that are excluded from underlying earnings.

Rio Tinto plc 6 St James’s Square London SW1Y 4LD

Telephone 020 7930 2399 Fax 020 7930 3249

REGISTERED OFFICE: 6 St James’s Square London SW1Y 4LD Registered in England No. 719885

1

Chairman’s comments

Rio Tinto chairman Paul Skinner said, “Demand for our products strengthened during the period, supported by a continued positive growth trend in the global economy and favourable demand conditions in China in particular. On the supply side, even though the mining industry is now into the fifth year of a broad cyclical upswing, its ability to meet that demand is still constrained by a scarcity of critical mining inputs and, in some cases, a lack of infrastructure and quality orebodies. These constraints are unlikely to ease in the near term.

“Against this background, the Group’s operations performed well, although continuing industry-wide cost pressures impacted our margins and we remain focused on this key area.

“Rio Tinto’s underlying earnings of $3,529 million in the first half of 2007 were our second highest first half results ever recorded. They were slightly below the previous half year when we recognised one-off tax benefits in excess of $250 million. The Group generated excellent cash flows of $5.6 billion from operations for the period, an average of almost one billion dollars per month, including dividends from equity accounted units.

“Our financial position is very strong, and our priority remains to use our financial resources for the value enhancing expansion of the business, consistent with our strategy of investing in large, long life resources capable of sustaining competitive advantage over time. 

“In line with this strategy, we recently announced a recommended cash offer to acquire Alcan, the leading Canadian aluminium company, with an outstanding competitive smelting position based on hydro-power in the provinces of Québec and British Columbia. We believe that Alcan’s assets and culture fit well with our own, and that our offer, while compelling for Alcan shareholders, will create a global leader and add value for our own shareholders in the years to come. Not only does Alcan bring with it some of the world’s lowest cost smelting operations and sizeable bauxite assets complementary to our own, but it also adds considerably to our growth pipeline in aluminium.

“The hydro-power assets of Alcan also complement our existing focus on positioning the Group to compete in a low-carbon environment, which saw the announcement in May of a major decarbonised energy joint venture with BP – Hydrogen Energy.

“Following the Alcan acquisition, which we aim to complete in the fourth quarter of 2007, our balance sheet will be more highly geared than currently, and we have therefore discontinued our existing capital management programme to focus on reinforcing our financial position. Since the start of 2005, we have returned $6.4 billion to shareholders through buybacks and a special dividend. 

“We believe that the outlook for aluminium demand, and indeed demand for our other products, will remain positive while global economic growth remains strong. While there are concerns about the state of the credit markets, particularly in the USA, we do not anticipate that these will have a material short term impact on our markets.”

Chief Executive’s comments

Tom Albanese, Rio Tinto’s chief executive, said, “Rio Tinto’s long standing strategy, which is founded on the creation of long term shareholder value through the pursuit and operation of the world’s best orebodies, remains unchanged.

“Rio Tinto has an industry leading pipeline of organic growth opportunities with in excess of $9 billion of committed projects across our portfolio and further significant projects under consideration. Our record programme of investment in organic growth continued in the first half of 2007, with particular emphasis on the expansion of our iron ore business in Australia. We are on target and schedule to reach 220 million tonnes per annum of managed iron ore production in the Pilbara in 2009, and are now undertaking studies into the potential to increase annual production capacity to 320 million tonnes.

2

“The long term growth trend in Chinese iron ore import demand will require continuing investment by the Group, and will open up further supply opportunities outside Australia, such as our high quality resource at Simandou in Guinea, where we are looking at developing a 70 million tonne per annum operation.

“Our portfolio of copper development projects made progress during the year, with the Oyu Tolgoi project moving a step closer to development approval, when the Mongolian Government announced its completion of a draft investment agreement in June. 

“We are pleased that the Alcan board has recommended our cash offer to its shareholders. Our position in the global aluminium industry will be transformed by this transaction, which will make us number one global producer of aluminium and bauxite. We will be a leading alumina producer with the capability to become number one through organic expansion, such as our recently announced two million tonne per annum expansion of the Yarwun alumina refinery in Queensland. Our ongoing investment in common systems across Rio Tinto will accelerate the integration of Alcan into the wider Group.

“Following completion, we will be a bigger group and will be undertaking a strategic review to determine which of our businesses have the long term competitive position to be part of the enlarged Rio Tinto. The proceeds of any disposals, which are expected to exceed $10 billion, will be used to de-leverage our balance sheet. 

“Operationally, the first six months of 2007 were demanding, as we again pushed our existing businesses to respond to strong market conditions by maximising production. 

“At Argyle we have taken an impairment reflecting the impacts of industry cost pressures in Western Australia and difficult ground conditions. The revised capital budget of the project is now likely to be of the order of $1.5 billion. 

“On balance, all our businesses have performed well, but we are alert to continuing industry-wide cost pressures, notably in Western Australia and in Queensland. Our iron ore business has experienced higher contractor and transportation costs particularly following the cyclones earlier this year, whilst infrastructure related costs at Rio Tinto Coal Australia have impacted margins in the Energy group. We are putting in place measures to mitigate the future impact of costs through productivity improvements, the sharing of best practice and a review of our functional and support costs.”

3

Net earnings and underlying earnings

To provide insight into the underlying performance of its business, Rio Tinto presents underlying earnings.  The differences between underlying earnings and net earnings are set out in the table below.  

Six months ended 30 June	2007		2006
	US$m		US$m
Underlying earnings	3,529		3,751
Items excluded from underlying earnings
Impairment charges	(314	)	—
Other	38		45
Net earnings	3,253		3,796

Commentary on the Group financial results

Underlying earnings of $3,529 million and net earnings of $3,253 million were $222 million and $543 million below the comparable measures for the first half of 2006.  The principal factors explaining the movements are set out in the table below.

			Underlying		Net
Six months ended 30 June			earnings		earnings
			US$m		US$m
First half 2006			3,751		3,796
Prices	513
Exchange rates	(118	)
Inflation	(85	)
Volumes	302
Costs	(503	)
Tax	(370	)
Other	39
			(222	)	(222	)
Impairment charges					(314	)
Other					(7	)
First half 2007			3,529		3,253

Prices and exchange rates

Prices for major products were above those experienced in 2006. Compared with the first half of 2006 average copper prices were 13 per cent higher and average aluminium prices ten per cent higher. The strength of the global iron ore market was reflected in the 9.5 percent increase in the benchmark price, which was mainly effective from 1 April 2007. The seaborne thermal and coking coal markets were also strong. Higher copper prices contributed $32 million to underlying earnings compared with the first

Higher copper prices contributed $32 million to underlying earnings compared with the first half of 2006. This included the impact of changes in the copper price on the amount realised from provisionally priced sales, mostly at Escondida and Northparkes, which resulted in a

4

contribution of $109 million to underlying earnings in the first half of 2007. This compared with a contribution of $291 million for the corresponding period of 2006.

Molybdenum prices averaged $28 per pound in the first half of 2007, an increase of 19 per cent compared with the same period of 2006.

There was movement in the US dollar in the first half of 2007 relative to the currencies in which Rio Tinto incurs the majority of its costs.  The average Australian dollar rate was nine per cent stronger, the South African rand 14 per cent weaker and the Canadian dollar was relatively unchanged.  The effect of these currency movements was to decrease underlying earnings relative to the first half of 2006 by $118 million.

Volumes

Higher sales volumes increased earnings by $302 million compared with the first half of 2006. The main contributors were the ramp-up of iron ore from the continued expansion of the Pilbara mines, in particular Yandicoogina, higher volumes of refined copper following the commissioning of the Escondida sulphide leach plant in the latter half of 2006 and higher gold production from higher grades at Grasberg.

Costs

Excluding the effects of inflation, higher costs reduced earnings by $503 million. Rio Tinto Coal Australia experienced intense cost pressures from infrastructure constraints and increased contractor and equipment hire charges while cyclones in the Pilbara raised contractor and transportation rates at the iron ore operations. Higher non-cash costs reduced earnings by $76 million. This was mostly attributable to the impairment reversal at Kennecott Utah Copper in 2006 which is now being depreciated.

Tax

The effective tax rate on underlying earnings, excluding equity accounted units, was 32 per cent compared with 22 per cent in the first half of 2006. The tax rate for the first half year of 2006 was reduced by 6.4 percentage points following recognition of $211 million of additional deferred tax assets, reflecting improved projections of long term taxable earnings from the Group’s US operations; and following a $46 million reduction in deferred tax provisions as a result of a reduction in Canadian tax rates. 

Items excluded from underlying earnings

A further impairment charge of $314 million after tax has been recognised at Argyle. The deterioration in value is mainly due to large increases in the estimated capital cost of the underground project including the effect of over-heated Western Australian construction industry conditions.   

In full year 2006, there was a net reversal of impairments of $44 million.

Other exclusions from underlying earnings were net gains of $38 million ($45 million for the six months to 30 June 2006: $56 million in full year 2006).

Cash flow

Cash flow from operations, including dividends from equity accounted units, was a first half record at $5,641 million, 11 per cent higher than the first half of 2006.  

The Group continued to invest at high levels to grow the business.  Net expenditure on property, plant and equipment and intangible assets was a first half record at $1,916 million during the first half of 2007. This included the major port, rail infrastructure and iron ore mine expansions in Western Australia, the ilmenite mine in Madagascar and the Diavik A418 dike construction. 

Dividends paid in the first half of 2007 of $837 million were $1,187 million lower than dividends paid in the first half of 2006, which included the special dividend totalling $1.5 billion. Capital management activity in the first half of 2007 comprised a $1,417 million buy back of Rio Tinto plc shares from the 2006/07 programme (net of $11 million proceeds from

5

the exercise of options). In the first half of 2006 capital management totalled $1,098 million through the on-market buy back of Rio Tinto plc shares. 

Balance sheet

The balance sheet remained strong during the period, despite record capital expenditure, with net debt increasing from $2,437 million at 31 December 2006 to $2,862 million at 30 June 2007.  Debt to total capital remained at 11 per cent and interest cover was 77 times.

In the first half of 2007, net assets increased by $2,562 million. The Rio Tinto plc share buy back reduced shareholder equity by $1,361 million.  

International Financial Reporting Standards (IFRS)

IFRS require that the profit for the period reported in the income statement should also include earnings attributable to outside shareholders in subsidiaries.  For the first half of 2007, the profit for the period was $3,401 million (2006 first half $3,968 million) of which $148 million (2006 first half $172 million) was attributable to outside shareholders, leaving $3,253 million (2006 first half $3,796 million) of net earnings attributable to Rio Tinto shareholders.  Both net earnings and underlying earnings, which are the focus of the commentary in this report, deal with amounts attributable to equity shareholders of Rio Tinto.

Dividends

Dividends are determined in US dollars.  The interim dividend is set at one half of the total dividends declared for the previous year excluding any special dividends.  Therefore, interim dividends equivalent to 52 US cents per share (2006: 40 US cents per share) have been declared by Rio Tinto plc and Rio Tinto Limited.

Rio Tinto plc dividends are declared and paid in pounds sterling and Rio Tinto Limited dividends are declared and paid in Australian dollars, converted at exchange rates applicable on Tuesday 31 July 2007.  

Rio Tinto plc shareholders will be paid an interim dividend of 25.59 pence per ordinary share (2006: 21.42 pence per share).  Rio Tinto Limited shareholders will be paid an interim dividend of 60.69 Australian cents per ordinary share (2006: 52.48 Australian cents per share), which will be fully franked.  The Board expects Rio Tinto Limited to be in a position to pay fully franked dividends for the reasonably foreseeable future.

The respective dividends will be paid on Thursday 6 September 2007 to Rio Tinto plc shareholders on the register at the close of business on Friday 10 August 2007 and to Rio Tinto Limited shareholders on the register at the close of business on Tuesday 14 August 2007.  The ex-dividend date for both Rio Tinto plc and Rio Tinto Limited will be Wednesday 8 August 2007. Dividends will be paid to Rio Tinto ADR holders on Friday 7 September 2007.

As usual, Rio Tinto will operate its Dividend Reinvestment Plan, details of which can be obtained from the Company Secretaries’ offices and from the Rio Tinto website (www.riotinto.com).  The last date for receipt of the election notice for the Dividend Reinvestment Plans is Wednesday 15 August 2007.  

6

Rio Tinto financial information by business unit

	Rio
	Tinto		Gross sales
Six months ended 30 June	interest		revenue (a)		EBITDA (b)				Net earnings (c)
US$ millions	%		2007	2006	2007		2006		2007		2006
Iron Ore
Hamersley (inc. HIsmelt)	100.0		2,564	1,889	1,398		1,088		861		698
Robe River	53.0		761	608	460		393		233		197
Iron Ore Company of Canada	58.7		379	435	103		168		28		54
Rio Tinto Brasil	100.0		32	43	2		14		(1	)	6
Other			—	—	(22	)	(11	)	(22	)	(11	)
			3,736	2,975	1,941		1,652		1,099		944
Energy
Rio Tinto Energy America	100.0		727	714	139		150		46		90
Rio Tinto Coal Australia	(d	)	1,127	1,149	306		500		177		272
Rössing	68.6		215	74	110		20		44		7
Energy Resources of Australia	68.4		92	114	25		38		2		8
Other			—	—	(34	)	(3	)	(24	)	(3	)
			2,161	2,051	546		705		245		374
Aluminium	(e	)	1,749	1,658	739		673		406		369
Copper
Kennecott Utah Copper	100.0		1,736	1,562	1,267		1,136		785		1,033
Escondida	30.0		1,655	1,311	1,364		1,144		835		700
Grasberg joint venture	(f	)	183	149	127		140		63		65
Palabora	57.7		352	276	116		105		32		38
Kennecott Minerals	100.0		171	101	93		56		56		45
Northparkes	80.0		227	245	148		208		93		124
Other			—	—	(72	)	(8	)	(46	)	(7	)
			4,324	3,644	3,043		2,781		1,818		1,998
Diamonds & Minerals
Diamonds	(g	)	445	411	232		230		93		113
Iron and Titanium			783	664	247		204		79		83
Rio Tinto Minerals	(h	)	595	588	128		109		60		54
Other			—	—	(23	)	(19	)	(20	)	(17	)
			1,823	1,663	584		524		212		233
Other operations			137	120	(6	)	17		(4	)	16
Other items					(289	)	(118	)	(260	)	(116	)
Exploration and evaluation					55		(60	)	25		(53	)
Net interest					—		—		(12	)	(14	)
Underlying EBITDA / earnings					6,613		6,174		3,529		3,751
Items excluded from underlying earnings					10		45		(276	)	45
Total			13,930	12,111	6,623		6,219		3,253		3,796
Depreciation and amortisation in subsidiaries					(865	)	(706	)
Impairment charges					(449	)	—
Depreciation and amortisation in equity accounted units					(140	)	(122	)
Taxation and finance items in equity accounted units					(507	)	(427	)
Profit on ordinary activities before finance items and tax					4,662		4,964

References above are to notes on page 28

7

Rio Tinto financial information by business unit (continued)

							Depreciation
	Rio						&
	Tinto		Capital expenditure				amortisation				Operating assets
Six months ended 30 June	interest		(i)				(j)				(k)
US$ millions	%		2007		2006		2007		2006		2007		2006
Iron Ore
Hamersley (inc. HIsmelt)	100.0		854		790		153		98		5,530		3,531
Robe River	53.0		73		36		49		44		1,805		1,587
Iron Ore Company of Canada	58.7		36		37		34		26		755		594
Rio Tinto Brasil	100.0		10		11		3		4		112		88
			973		874		239		172		8,202		5,800
Energy
Rio Tinto Energy America	100.0		104		177		63		56		1,139		1,097
Rio Tinto Coal Australia	(d	)	85		104		85		80		1,592		1,366
Rössing	68.6		17		16		5		4		19		64
Energy Resources of Australia	68.4		17		19		22		16		192		160
Other			—		—		—		—		25		—
			223		316		175		156		2,967		2,687
Aluminium	(e	)	120		114		146		125		3,866		3,291
Copper
Kennecott Utah Copper	100.0		86		119		126		75		1,656		1,421
Escondida	30.0		87		103		50		37		1,102		916
Grasberg joint venture	(f	)	26		22		19		26		359		346
Palabora	57.7		9		12		19		22		55		(245	)
Kennecott Minerals	100.0		39		35		12		11		233		162
Northparkes	80.0		22		6		15		30		215		137
Other			13		10		—		—		566		39
			282		307		241		201		4,186		2,776
Diamonds & Minerals
Diamonds	(g	)	232		104		81		79		987		1,238
Iron and Titanium			188		86		57		55		1,619		1,349
Rio Tinto Minerals	(h	)	(5	)	63		46		37		1,129		1,122
			415		253		184		171		3,735		3,709
Other operations			7		15		—		—		213		170
Other items			41		75		20		3		324		(344	)
Less: equity accounted units			(145	)	(171	)	(140	)	(122	)
Total			1,916		1,783		865		706		23,493		18,089
Less: net debt											(2,862	)	(2,623	)
Total shareholders’ equity											20,631		15,466

References above are to notes on page 28

8

Review of operations

Comparison of underlying earnings

First half 2007 underlying earnings of $3,529 million were $222 million below the first half underlying earnings of 2006. The table below shows the difference by product group. All financial amounts in the tables below are US$ millions unless indicated otherwise.

	US$m
First half 2006 underlying earnings	3,751
Iron ore	155
Energy	(129	)
Aluminium	37
Copper	(180	)
Diamonds & Minerals	(21	)
Other operations	(20	)
Exploration and evaluation	78
Interest	2
Other	(144	)
First half 2007 underlying earnings	3,529

All subsequent references to earnings within the business unit section refer to underlying earnings. Production numbers represent the Rio Tinto share.

IRON ORE

	First half	First half			Full year
	2007	2006	Change		2006
Production (million tonnes)	69.4	62.0	+12	%	132.8
Gross sales revenue ($ millions)	3,736	2,975	+26	%	6,938
Underlying earnings ($ millions)	1,099	944	+16	%	2,251
EBITDA ($ millions)	1,941	1,652	+17	%	3,936
Capital expenditure ($ millions)	973	874	+11	%	1,981

Market conditions

Global iron ore demand remained extremely strong in all markets during the first half of 2007, with the Chinese market very robust. In light of this continued strong demand, Rio Tinto announced its intention to undertake studies into a further expansion of its Pilbara operations’ annual production capacity to around 320 million tonnes.

9

Hamersley

First half 2007 earnings of $861 million were $163 million above the first half of 2006. Production in the first half of 2007 was at record levels as Yandicoogina and other brownfield expansions continued to deliver additional tonnage.

Increased production rates were achieved during the first half, despite scheduled shutdowns associated with the integration of major capacity upgrades. These recently completed major upgrades at Tom Price, Paraburdoo and Dampier Port performed well.

Hamersley’s first half earnings included a net loss of $24 million for HIsmelt (first half 2006 $13 million net loss) due to scheduled pre-production and marketing costs.

Robe River

First half earnings of $233 million were $36 million above the first half of 2006. Higher prices and volumes were partially offset by higher costs from increased demurrage and contractor rates.

Iron Ore Company of Canada

Earnings of $28 million were $26 million below the first half of 2006. Production of concentrates and pellets was 30 per cent below the first half of 2006 as a result of industrial disruption which lasted for approximately 52 days, and ended on 25 April.

Rio Tinto Brasil

Rio Tinto Brasil reported a loss of $1 million in the first half of 2007 compared with earnings of $6 million in the first half of 2006, as sales volumes were affected by low availability of third party transport.

Other

Iron ore projects are now reported within the product group. Higher expenditure was reported at the Simandou project in Guinea as the pre-feasibility study advanced.

ENERGY

		First half	First half			Full year
		2007	2006	Change		2006
Production  Coal (million tonnes)
	US	60.7	61.2	-1	%	125.3
	Hard coking coal	3.1	2.7	+15	%	5.9
	Other Australian	12.9	15.7	-18	%	31.2
Uranium (000 lbs)		6,006	5,525	+9	%	12,561
Gross sales revenue ($ millions)		2,161	2,051	+5	%	4,240
Underlying earnings ($ millions)		245	374	-34	%	707
EBITDA ($ millions)		546	705	-23	%	1,366
Capital expenditure ($ millions)		223	316	-29	%	582

US Coal – Rio Tinto Energy America (RTEA)

RTEA’s first half 2007 earnings of $46 million were $44 million below the first half of 2006. Improved prices were offset by higher cash costs, notably higher stripping costs, increased haul profiles and higher maintenance costs. In the first half of 2006 a $14 million tax credit was recognised as a deferred tax asset. There was no such credit recognised in 2007.

US coal production during the first half of 2007 was consistent with the first half of 2006, with unusually wet spring weather slowing rail shipments and coal production.

Asia Pacific seaborne coal markets

Following severe wet weather in the Hunter Valley region of New South Wales in June 2007, Asian seaborne thermal coal prices rose sharply to peak at $70 per tonne in the first half of

10

2007. Issues relating to infrastructure controlled by external parties are likely to maintain market tightness for the foreseeable future.

Rio Tinto Coal Australia

Earnings of $177 million were $95 million below the first half of 2006, with higher coking coal volumes unable to compensate for lower thermal coal volumes, which were constrained by infrastructure issues and wet weather.

Production of hard coking coal benefited from an improvement in the coking coal market but was restricted due to external infrastructure problems in Queensland.

The New South Wales operations were impacted by heavy rains in June which resulted in the declaration of force majeure by Rio Tinto’s subsidiary Coal & Allied. Reduced port throughput from infrastructure limitations led to continued delays in shipping and a resultant decrease in production as the effects were felt along the Hunter Valley coal chain.

Uranium markets

The uranium market has softened from its recent price highs of $135 per pound. Market sentiment continues to be positive, with supply disruptions likely to persist for longer than previously expected.

Rössing

Earnings of $44 million were $37 million above the first half of 2006, reflecting the benefit of higher realised prices. These more than compensated for reduced production volumes due to lower grades.

Energy Resources of Australia

The Rio Tinto share of ERA reported earnings of $2 million in the first half of 2007 was $6 million below the first half of 2006, due to lower sales volumes and higher costs associated with the heavy rains during the first quarter of 2007. The subsequent flooding of the operational pit 3 led to the declaration of force majeure on ERA’s sales contracts.

The full impact of rising uranium prices will only flow through to sales as new contracts come into effect.

Other

Energy projects are now reported within the product group. The increased charge in the first half of 2007 includes Rio Tinto’s share of expenditure for the Hydrogen Energy joint venture.

ALUMINIUM

	First half	First half			Full year
	2007	2006	Change		2006
Production  Bauxite (000 tonnes)	8,462	7,658	+10	%	16,139
Alumina (000 tonnes)	1,346	1,632	-18	%	3,247
Aluminium (000 tonnes)	428.2	413.7	+3	%	844.7
Gross sales revenue ($ millions)	1,749	1,658	+5	%	3,493
Underlying earnings ($ millions)	406	369	+10	%	746
EBITDA ($ millions)	739	673	+10	%	1,365
Capital expenditure ($ millions)	120	114	+5	%	236

Prices

The average aluminium price of 126 cents per pound was ten per cent above the first half 2006 average price. The alumina market remained tight with spot prices trading at around $365 per tonne. Recent supply disruptions have not had any strong impact on the spot alumina market. The rate of Chinese alumina imports has decreased, as domestic

11

production continues to grow rapidly. These effects, together with the impacts of other price movements, increased earnings by $79 million.

Bauxite

Half year bauxite production was ten per cent above the first half of 2006 reflecting severe weather conditions that occurred in the prior year and the commissioning of the second shiploader in late 2006.

Alumina

Alumina production at the Yarwun alumina refinery in the first half of 2007 was seven per cent higher than the corresponding period of 2006 due to improved process stability. Rio Tinto’s overall share of alumina production in the first half of 2007 was 18 per cent lower than the same quarter of 2006 following the sale of its interest in the Eurallumina refinery in October 2006.

Aluminium

Production at the aluminium smelters during the first half of 2007 was three per cent above the corresponding half of 2006. Much of this improvement was attributable to the Tiwai Point smelter where production was eight per cent higher than the first half of 2006 when low rainfall in the hydropower catchment area resulted in cells being taken out of circuit.

Production costs were adversely affected by higher input prices.

COPPER

	First half	First half			Full year
	2007	2006	Change		2006
Production  Mined copper (000 tonnes)	384.5	410.8	-6	%	803.5
Refined copper (000 tonnes)	202.3	169.5	+19	%	299.2
Mined molybdenum (000 tonnes)	8.5	7.9	+7	%	16.8
Mined gold (000 oz)	606	461	+32	%	1,003
Gross sales revenue ($ millions)	4,324	3,644	+19	%	7,079
Underlying earnings ($ millions)	1,818	1,998	-9	%	3,538
EBITDA ($ millions)	3,043	2,781	+9	%	5,118
Capital expenditure ($ millions)	282	307	-8	%	697

Prices

The average copper price of 307 cents per pound was 13 per cent above the first half 2006 average price. This increased earnings by $32 million, net of the effects of provisional pricing movements, which were a credit to earnings of $109 million in the first half of 2007 compared with a credit of $291 million in the corresponding period of 2006.

Kennecott Utah Copper

First half earnings of $785 million were $248 million lower than the first half of 2006 due to lower volumes of molybdenum sales, higher non-cash costs and the absence of tax credits. In 2006 the operation benefited from a tax credit of $215 million, following recognition of deferred tax assets.

Lower grades of copper and gold at Bingham Canyon, which were in line with the operation’s expectations, resulted in mined copper production declining by 16 per cent compared with the first half of 2006. Molybdenum production increased by seven per cent compared with the corresponding half of 2006 as a result of higher recoveries, with molybdenum inventories replenished following a draw down in 2006. The smelter continued to operate at targeted levels with refined production of copper and gold consistent with the first half of 2006.

12

Escondida

Earnings of $835 million were $135 million above the first half of 2006. Refined copper production increased by 180 per cent compared with the first half of 2006 due to the ramp up of sulphide leach production in the latter half of 2006.

Grasberg joint venture

Earnings of $63 million were $2 million below the first half of 2006. Changes in the metal sharing rate for 2007 were a major factor in lowering Rio Tinto’s share of copper production and increasing its share of gold production in the first half of 2007, compared with the same half of 2006. Higher gold grades also contributed to this positive variance.

Kennecott Minerals

Earnings of $56 million were $11 million above the first half of 2006. Higher volumes and higher prices were partly offset by the absence of a $10 million deferred tax asset recognised in 2006.

Palabora

Earnings of $32 million were $6 million below the first half of 2006, with improved volumes offset by higher cash costs.

Northparkes

Earnings of $93 million were $31 million below the first half of 2006. Copper production was 27 per cent below the first half of 2006, in line with an expected decline in grades in the E26 block cave as this resource nears the end of life ahead of bringing the new E48 block cave into production.

Other

Copper projects are now reported within the product group. Higher costs associated with projects including La Granja and Resolution reduced earnings by $39 million compared with the first half of 2006.

The Oyu Tolgoi copper-gold project moved a step closer to development approval with the Mongolian Government’s announcement that it had completed the draft Investment Agreement on 26 June 2007. The Agreement has been submitted to the Mongolian National Parliament. This is expected to be the final step in the Government’s approval process. Approval will also be needed from the boards of Rio Tinto and Ivanhoe Mines, the Canadian joint venture partner. The agreement provides for the Mongolian Government to own a 34 per cent stake in the project.

13

DIAMONDS AND MINERALS

	First half	First half			Full year
	2007	2006	Change		2006
Production   Diamonds (000 carats)	11,446	15,530	-26	%	35,162
Titanium dioxide (000 tonnes)	718	697	+3	%	1,415
Borates (000 tonnes)	274	271	+1	%	553
Salt (000 tonnes)	2,075	2,650	-22	%	5,405
Talc (000 tonnes)	679	727	-7	%	1,392
Gross sales revenue ($ millions)	1,823	1,663	+10	%	3,461
Underlying earnings ($ millions)	212	233	-9	%	407
EBITDA ($ millions)	584	524	+11	%	1,062
Capital expenditure ($ millions)	415	253	+64	%	617

This restructures the previous Diamonds and Industrial Minerals product groups from May 2007.

Diamond markets

Stocks accumulated by cutting centres in 2006 continued to be drawn down and some shortages of higher quality rough diamonds are starting to emerge. This is driving increasingly positive sentiment in the rough market, although expectations for the lower quality product are more subdued.

Argyle

Earnings of $29 million were $12 million below the first half of 2006. Lower prices for rough diamonds were only partly compensated by higher sales volumes and lower non-cash costs.

Diavik

Earnings of $64 million were $6 million below the first half of 2006. Record production at Diavik was achieved during the first half with strong throughput and continued higher grades contributing to the 30 per cent increase in production compared with the first half of 2006. 2006 earnings included a $21 million release of deferred tax provisions following a reduction in the Canadian corporate tax rate.

Murowa

Murowa broke even in the first half of 2007, compared with earnings of $2 million for the same period of 2006.

Iron & Titanium

Earnings of $79 million were $4 million below the first half of 2006. Global demand for titanium dioxide feedstocks remained firm in the first half of 2007 due to domestic shortages and heightened demand for use in the pigment industry. In 2006, a reduction in the Canadian corporate tax rate resulted in an $18 million release of deferred tax provisions. This did not recur in 2007.

Rio Tinto Minerals

Earnings of $60 million were $6 million above the first half of 2006 with higher prices and property sales offsetting the impact of a stronger Euro, lower volumes and increased costs.

Other

Diamonds and Minerals projects are now reported within the product group. This includes the potash project in Argentina which is in the final stages of feasibility study.

14

OTHER OPERATIONS

	First half		First half			Full year
	2007		2006	Change		2006
Underlying earnings ($ millions)	(4	)	16	-125	%	33

The sale of the last remaining gold inventories at Kelian generated earnings of $15 million in the first half of 2006, accounting for much of the above variance. At Kennecott Land’s Project Daybreak, land sales remained constant. During the first half of 2007, over 300 residential lots were sold, in line with the corresponding period of 2006.

OTHER ITEMS

	First half		First half				Full year
	2007		2006		Change		2006
Underlying earnings ($ millions)	(260	)	(116	)	-124	%	(243	)

The increase in other items can be attributed to a higher technology spend, a higher settlement of claims by the captive insurer and the absence of accounting policy changes in 2007, compared with a positive impact on the first half of 2006.

EXPLORATION AND EVALUATION

	First half	First half				Full year
	2007	2006		Change		2006
Post-tax credit / (charge) ($ millions)	25	(53	)	+147	%	(84	)

Central exploration and evaluation credits of $25 million, on a post-tax basis, were 147 per cent lower than the first half of 2006. Higher greenfield expenditure was offset by increased divestments including the sale of the Peñasquito royalty rights. A summary of activity for the period is as follows:

Product Group	Advanced projects	Greenfield programmes
Aluminium	Curuá, Brazil: Government- sponsored environmental management plans expected to take two to three years.	Brazil, Australia
Copper	Sulawesi nickel, Indonesia: Contract of Work negotiations continued Lakeview nickel-copper, US: resource estimation work underway	Russia (RioNor JV), Kazakhstan, US, Mexico, Chile, Peru, Argentina
Diamonds & Minerals	Bunder diamonds, India; Xai Xai and Inhambane ilmenite, Mozambique; Jarandol and Jadar borates,Serbia Namekara vermiculite, Uganda:order of magnitude studies underway	India, Canada, Russia, Mauritania and Mali (diamonds); Australia, Canada, US and Turkey (industrial minerals)
Energy	Chapudi thermal coal, South Africa: order of magnitude study completed Whitehorse thermal coal and Sweetwater uranium, US: order of magnitude studies underway	Colombia, Canada, US, South Africa and Mongolia
Iron Ore	Pilbara, Australia: delineation drilling underway at several advanced prospects	Brazil and Guinea; title applications in several new countries

15

Capital projects

	Estimated
	cost
Project	(100%)	Status/Milestones
Ongoing
Copper – Kennecott Utah Copper (Rio Tinto 100%) East 1 pushback. The project extends the life of the open pit to 2017 while retaining options for further underground or open pit mining thereafter.	$170m	The project was approved in February 2005 and work on the pushback continues. The pebblecrushing unit was commissioned in the third quarter of 2006.
Diamonds – Construction at Diavik (Rio Tinto 60%) of the A418 dike, and funding for further study of the viability of underground mining, including the construction of an exploratory decline.	$265m	The project was approved in 2004. The A418 dike was closed off in late 2005 with dewatering completed in 2006. Pre-stripping commenced in 2006 with production from the A418 pipe expected to begin in late 2007. Construction of the exploratory decline is complete.
Iron ore – Brownfields mine expansion of Hamersley’s (Rio Tinto 100%) Yandicoogina mine from 36 million tonnes per annum to 52 million tonnes per annum	$530m	The project was approved in October 2005 and completion is expected by the end of the third quarter of 2007 ahead of schedule and on budget.
Iron ore – Expansion of Hamersley’s (Rio Tinto 100%) Dampier port (Phase B) from 116 million tonnes per annum to 140 million tonnes per annum capacity and additional rolling stock and infrastructure.	$803m	This project was also approved in October 2005 and completion is expected by the end of 2007 on schedule and on budget.
Titanium dioxide – Construction by QMM (Rio Tinto 80%) of a greenfield ilmenite operation in Madagascar and associated upgrade of processing facilities at QIT.	$850m	Basic infrastructure is being put in place and the port construction contract was awarded in 2006. First production is scheduled for 2008.
Gold – Development of Cortez Hills (Rio Tinto 40%)	$504m	Approved in September 2005, the project continues to focus on permitting requirements. The project is on time and on budget.
Energy – Rössing (Rio Tinto 68.6%) uranium mine life extension to 2016	$82m	Approved in December 2005, works are on schedule and on budget to prolong the life of the mine to 2016 and beyond.
Diamonds – Argyle (Rio Tinto 100%) development of underground mine, extending the life of the mine to 2018.	Of the order of $1.5 billion	Approved in December 2005, the underground development is transitioning from single exploratory decline to multi-phase tunnelling.
Iron ore – Hope Downs development (Rio Tinto share: 50% of mine and 100% of infrastructure). Construction of 22 million tonnes per annum mine and related infrastructure.	$980m	Construction is well advanced. First production is expected in early 2008.
Copper – Northparkes (Rio Tinto 80%) E48 block cave project extending mine life to 2016	$160m	Approved in November 2006. Underground development has commenced and is on schedule for May 2009 production start.

16

	Estimated
	cost
Project	(100%)	Status/Milestones
Recently approved
Energy - Clermont (Rio Tinto 50.1%) will produce 12.2 million tonnes per annum, replacing Blair Athol.	$750m	Approved in January 2007, first shipments are expected in the second quarter of 2010 with full capacity being reached in 2013.
Iron ore – Cape Lambert port expansion (Rio Tinto share 53%) from 55 to 80 million tonnes per annum.	$860m	Approved in January 2007, the project is forecast to be complete by the end of 2008, with progressive capacity ramp up in the first half of 2009.
Alumina – Expansion of Yarwun Alumina Refinery from 1.4 to 3.4 million tonnes per annum.	$1.8bn	Approved in July 2007, the expansion will more than double annual production at Yarwun and is expected to come onstream by 2011.
Iron ore – Expansion of Hope Downs South (Rio Tinto share 50%) from 22 to 30 million tonnes per annum.	$350m	Approved in August 2007, the expansion will be complete by early 2009.

Price & exchange rate sensitivities

The following sensitivities give the estimated effect on underlying earnings assuming that each individual price or exchange rate moved in isolation. The relationship between currencies and commodity prices is a complex one and movements in exchange rates can cause movements in commodity prices and vice versa. The exchange rate sensitivities quoted below include the effect on operating costs of movements in exchange rates but exclude the effect due to the revaluation of foreign currency working capital. They should therefore be used with care.

				Effect on full
				year underlying
	Average price/exchange			earnings
	rate for first half 2007		Change	US$m
Copper	307c/lb		+/- 31c/lb	436
Aluminium	126c/lb		+/-13c/lb	198
Gold	$	659/oz	+/- $66/oz	43
Molybdenum	$	28/lb	+/- $3/lb	69
Australian dollar	81USc		+/-8USc	409
Canadian dollar	88USc		+/-9USc	74
South African rand	14USc		+/-1USc	22

17

CAUTIONARY STATEMENT ABOUT FORWARD LOOKING STATEMENTS

This document contains certain forward looking statements with respect to the financial condition, results of operations and business of the Rio Tinto Group. The words “intend”, “aim”, “project”, “anticipate”, “estimate”, “plan”, “believes”, “expects”, “may”, “should”, “will”, or similar expressions, commonly identify such forward looking statements. Examples of forward looking statements in this announcement include, without limitation, those regarding anticipated production or construction dates, costs, outputs and productive lives of assets or similar factors. Forward looking statements involve known and unknown risks, uncertainties, assumptions and other factors set forth in this document that are beyond the Group’s control. For example, future ore reserves will be based in part on market prices that may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors that could affect the Group’s results include the ability to produce and transport products profitably, demand for our products, the effect of foreign currency exchange rates on market prices and operating costs, and activities by governmental authorities, such as changes in taxation or regulation, and political uncertainty.

In light of these risks, uncertainties and assumptions, actual results could be materially different from any future results expressed or implied by these forward looking statements which speak only as at the date of this report. Except as required by applicable regulations or by law, the Group does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information or future events. The Group cannot guarantee that its forward looking statements will not differ materially from actual results.

For further information, please contact:

LONDON	AUSTRALIA
Media Relations	Media Relations
Christina Mills	Ian Head
Office: +44 (0) 20 8080 1306	Office: +61 (0) 3 9283 3620
Mobile: +44 (0) 7825 275605	Mobile: +61 (0) 408 360 101
Nick Cobban	Amanda Buckley
Office: +44 (0) 20 8080 1305	Office: +61 (0) 3 9283 3627
Mobile: +44 (0) 7920 041 003	Mobile: +61 (0) 419 801 349
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

High resolution photographs available at: www.newscast.co.uk

18

Group income statement

	Six months		Six months		Year to 31
	to 30 June		to 30 June		December
	2007		2006		2006
	US$m		US$m		US$m
Gross sales revenue (including share of equity accounted units) (a)	13,930		12,111		25,440
Consolidated sales revenue	12,055		10,621		22,465
Net operating costs (excluding items shown separately below)	(7,746	)	(6,344	)	(13,650	)
Impairment (charges)/net reversals	(449	)	—		396
Exploration and evaluation costs (b)	(63	)	(113	)	(237	)
Operating profit	3,797		4,164		8,974
Share of profit after tax of equity accounted units	865		800		1,378
Profit before finance items and taxation	4,662		4,964		10,352
Finance items
Exchange gains on external net debt and intragroup balances	65		29		46
Gains/(losses) on currency and interest rate derivatives not qualifying
for hedge accounting	23		(18	)	35
Interest receivable and similar income	46		64		106
Interest payable and similar charges	(67	)	(104	)	(160	)
Amortisation of discount related to provisions	(70	)	(56	)	(139	)
	(3	)	(85	)	(112	)
Profit before taxation	4,659		4,879		10,240
Taxation	(1,258	)	(911	)	(2,373	)
Profit for the period	3,401		3,968		7,867
- attributable to outside equity shareholders	148		172		429
- attributable to equity shareholders of Rio Tinto (Net earnings)	3,253		3,796		7,438
Basic earnings per ordinary share (c)	251.3	c	282.0	c	557.8	c
Diluted earnings per ordinary share	250.4	c	280.9	c	555.6	c
Dividends paid during the period (US$m)	837		2,024		2,573
Dividends per share: paid during the period
- ordinary dividend	64.0	c	41.5	c	81.5	c
- special dividend	—		110.0	c	110.0	c
Dividends per share: declared in the announcement of the results for the period
- ordinary dividend	52.0	c	40.0	c	64.0	c

(a) Gross sales revenue includes the sales revenue of equity accounted units of US$1,875 million (half year 2006:

US$1,490 million; full year 2006: US$2,975 million) in addition to Consolidated sales revenue, which relates only to subsidiary companies.

(b) Exploration and evaluation costs are stated net of gains on disposal of undeveloped properties totalling US$131 million (half year 2006: US$nil; full year 2006: US$46 million).

(c) For the purpose of calculating basic earnings per ordinary share, the weighted average number of Rio Tinto plc and Rio Tinto Limited shares outstanding during the period was 1,294.4 million, being the weighted average number of Rio Tinto plc shares outstanding (1,008.7 million) plus the weighted average number of Rio Tinto Limited shares outstanding not held by Rio Tinto plc (285.7 million).

19

Group cash flow statement

	Six months		Six months		Year to 31
	to 30 June		to 30 June		December
	2007		2006		2006
	US$m		US$m		US$m
Cash flow from consolidated operations	4,950		4,297		9,196
Dividends from equity accounted units	691		788		1,727
Cash flow from operations	5,641		5,085		10,923
Net interest paid	(69	)	(49	)	(128	)
Dividends paid to outside shareholders	(71	)	(122	)	(193	)
Tax paid	(1,747	)	(1,615	)	(2,799	)
Cash flow from operating activities	3,754		3,299		7,803
Cash used in investing activities
(Acquisitions)/disposals of subsidiaries, joint ventures and associates	(17	)	3		(279	)
Purchase of property, plant and equipment and intangible assets	(1,942	)	(1,778	)	(3,992	)
Sales of other financial assets	18		286		293
Purchases of other financial assets	(197	)	(30	)	(167	)
Other investing cash flows	243		6		56
Cash used in investing activities	(1,895	)	(1,513	)	(4,089	)
Cash flow before financing activities	1,859		1,786		3,714
Cash used in financing activities
Equity dividends paid to Rio Tinto shareholders	(837	)	(2,024	)	(2,573	)
Own shares purchased from Rio Tinto shareholders	(1,417	)	(1,098	)	(2,370	)
Proceeds from issue of ordinary shares in Rio Tinto	10		30		31
Proceeds from issue of new borrowings	1,383		38		483
Repayment of borrowings	(843	)	(142	)	(1,102	)
Other financing cash flows	23		5		142
Cash used in financing activities	(1,681	)	(3,191	)	(5,389	)
Effects of exchange rates on cash and cash equivalents	(10	)	(3	)	30
Net increase/(decrease) in cash and cash equivalents	168		(1,408	)	(1,645	)
Opening cash and cash equivalents	722		2,367		2,367
Closing cash and cash equivalents	890		959		722
Cash flow from consolidated operations
Profit for the period	3,401		3,968		7,867
Adjustments for:
Taxation	1,258		911		2,373
Finance items	3		85		112
Share of profit after tax of equity accounted units	(865	)	(800	)	(1,378	)
Impairment (reversals) less charges	449		—		(396	)
Depreciation and amortisation	865		706		1,509
Provisions	133		(11	)	60
Utilisation of provisions	(116	)	(148	)	(271	)
Change in inventories	(77	)	(269	)	(454	)
Change in trade and other receivables	132		(232	)	(394	)
Change in trade and other payables	(88	)	38		116
Other items	(145	)	49		52
	4,950		4,297		9,196

20

Group balance sheet

	30 June		30 June		31 December
	2007		2006		2006
	US$m		US$m		US$m
Non current assets
Goodwill	883		1,022		841
Intangible assets	518		247		384
Property, plant and equipment	24,045		19,178		22,207
Investments in equity accounted units	2,761		2,014		2,235
Loans to equity accounted units	123		139		136
Inventories	104		82		99
Trade and other receivables	1,304		770		983
Deferred tax assets	144		281		225
Tax recoverable	4		127		135
Other financial assets	647		238		374
	30,533		24,098		27,619
Current assets
Inventories	2,724		2,300		2,540
Trade and other receivables	2,840		2,727		2,938
Loans to equity accounted units	19		15		15
Tax recoverable	79		31		79
Other financial assets	252		545		567
Cash and cash equivalents	926		989		736
	6,840		6,607		6,875
Current liabilities
Bank overdrafts repayable on demand	(36	)	(30	)	(14	)
Borrowings	(1,793	)	(2,275	)	(1,490	)
Trade and other payables	(2,633	)	(2,169	)	(2,693	)
Other financial liabilities	(341	)	(227	)	(193	)
Tax payable	(676	)	(642	)	(1,024	)
Provisions	(407	)	(301	)	(366	)
	(5,886	)	(5,644	)	(5,780	)
Net current assets	954		963		1,095
Non current liabilities
Borrowings	(1,957	)	(1,686	)	(2,007	)
Trade and other payables	(369	)	(240	)	(362	)
Other financial liabilities	(224	)	(448	)	(233	)
Tax payable	(38	)	(91	)	(86	)
Deferred tax liabilities	(2,453	)	(2,214	)	(2,339	)
Provisions	(4,499	)	(4,043	)	(4,302	)
	(9,540	)	(8,722	)	(9,329	)
Net assets	21,947		16,339		19,385
Capital and reserves
Share capital
- Rio Tinto plc	172		172		172
- Rio Tinto Limited (excluding Rio Tinto plc interest)	1,178		1,029		1,099
Share premium account	1,929		1,918		1,919
Other reserves	1,647		(435	)	641
Retained earnings	15,705		12,782		14,401
Equity attributable to Rio Tinto shareholders	20,631		15,466		18,232
Attributable to outside equity shareholders	1,316		873		1,153
Total equity	21,947		16,339		19,385

(a)  On 12 July 2007, Rio Tinto and Alcan Inc. announced an agreement for Rio Tinto to make an offer to acquire all of Alcan’s outstanding common shares for US$101 per common share in a recommended all cash transaction. The offer represents a total consideration of approximately US$38.1 billion for the equity of Alcan.

(b) At 30 June 2007, Rio Tinto plc had 998.8 million ordinary shares in issue and Rio Tinto Limited had 285.7 million shares in issue, excluding those held by Rio Tinto plc.

(c) At 30 June 2007, net tangible assets per share amounted to US$14.97 per share (half year 2006: US$10.64 per share, full year 2006: US$12.99 per share).

21

Group statement of recognised income and expense (SORIE)

	Attributable				Six months		Six months to		Year to 31
	to				to 30 June		30 June		December
	shareholders		Outside		2007		2006		2006
	of Rio Tinto		interests		Total		Total		Total
	US$m		US$m		US$m		US$m		US$m
Currency translation adjustment	1,051		80		1,131		170		866
Cash flow hedge fair value losses	(55	)	(81	)	(136	)	(597	)	(378	)
Gains on available for sale securities	54		2		56		14		19
Cash flow hedge losses transferred to the income statement	29		30		59		42		137
Gains on available for sale securities transferred to the income statement	(15	)	—		(15	)	(4	)	(4	)
Actuarial gains on post retirement benefit plans	332		15		347		244		373
Net tax recognised directly in equity	(47	)	17		(30	)	22		102
Net income/(expense) recognised directly in equity	1,349		63		1,412		(109	)	1,115
Profit after tax for the period	3,253		148		3,401		3,968		7,867
Total recognised income for the period	4,602		211		4,813		3,859		8,982

Group statement of changes in equity

	Attributable				Six months		Six months to		Year to 31
	to				to 30 June		30 June		December
	shareholders		Outside		2007		2006		2006
	of Rio Tinto		interests		Total		Total		Total
	US$m		US$m		US$m		US$m		US$m
Opening balance	18,232		1,153		19,385		15,739		15,739
Total recognised income for the year	4,602		211		4,813		3,859		8,982
Dividends	(837	)	(71	)	(908	)	(2,160	)	(2,766	)
Own shares purchased from Rio Tinto shareholders
- Under capital management programme	(1,361	)	—		(1,361	)	(1,098	)	(2,658	)
- To satisfy share options	(31	)	—		(31	)	(45	)	(49	)
Ordinary shares issued	10		—		10		30		31
Subsidiary company share issue	—		23		23		8		69
Employee share options charged to the income statement	16		—		16		11		23
Other movements	—		—		—		(5	)	14
Closing balance	20,631		1,316		21,947		16,339		19,385

Reconciliation with Australian IFRS

The Group’s financial statements have been prepared in accordance with IFRS as adopted by the European Union (‘EU IFRS’), which differs in certain respects from the version of IFRS that is applicable in Australia (‘Australian IFRS’).

Prior to 1 January 2004, the Group’s financial statements were prepared in accordance with UK GAAP. Under EU IFRS, goodwill on acquisitions prior to 1998, which was eliminated directly against equity in the Group’s UK GAAP financial statements, has not been reinstated. This was permitted under the rules governing the transition to EU IFRS set out in IFRS 1. The equivalent Australian Standard, AASB 1, does not provide for the netting of goodwill against equity. As a consequence, shareholders’ funds under Australian IFRS include the residue of such goodwill, which amounted to US$736 million at 30 June 2007 (half year 2006: US$744 million; full year 2006: US$740 million).

Save for the exception described above, the Group’s financial statements drawn up in accordance with EU IFRS are consistent with the requirements of Australian IFRS.

22

Reconciliation of Net earnings to Underlying earnings

							Six months		Six months		Year to 31
							to 30 June		to 30 June		December
							2007		2006		2006
							Net		Net		Net
					Outside		amount		amount		amount
	Pre-tax		Taxation		interests		US$m		US$m		US$m
Exclusions from Underlying earnings
Profits less losses on disposal of interests in businesses (a)	—		—		—		—		10		3
Impairment (charges)/net reversals (b)	(449	)	135		—		(314	)	—		44
Exchange differences and derivatives:
- Exchange gains/(losses) on external net debt and intragroup balances (c)	65		(59	)	—		6		12		(16	)
- Gains/(losses) on currency and interest rate derivatives not qualifying for hedge accounting (d), (e)	23		(8	)	4		19		(13	)	30
Other exclusions (f)	12		1		—		13		36		39
Total excluded from Underlying earnings	(349	)	69		4		(276	)	45		100
Net earnings	4,659		(1,258	)	(148	)	3,253		3,796		7,438
Underlying earnings	5,008		(1,327	)	(152	)	3,529		3,751		7,338

‘Underlying earnings’ is an additional measure of earnings, which is reported by Rio Tinto to provide greater understanding of the underlying business performance of its operations. Underlying earnings and Net earnings both represent amounts attributable to Rio Tinto shareholders. Items

(a)   to (f) below are excluded from Net earnings in arriving at Underlying earnings. (a) Gains and losses arising on the disposal of interests in businesses.

(b)   Charges and credits relating to impairment of non-current assets other than undeveloped properties.

(c)   Exchange gains and losses on US dollar debt and intragroup balances.

(d)   Valuation changes on currency and interest rate derivatives which are ineligible for hedge accounting, other than those embedded in commercial contracts.

(e)   The currency revaluation of embedded US dollar derivatives contained in contracts held by entities whose functional currency is not the US dollar.

(f)    Other credits and charges that, individually, or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance.

The impairment charge for the six months to 30 June 2007 relates to Argyle Diamonds and is based on an assessment of fair value less costs to sell. The deterioration in value is mainly due to large increases in the estimated capital cost of the underground project.

Consolidated net debt

	30 June		30 June		31 December
	2007		2006		2006
	Net debt		Net debt		Net debt
	US$m		US$m		US$m
Analysis of changes in consolidated net debt
Opening balance	(2,437	)	(1,313	)	(1,313	)
Adjustment on currency translation	(163	)	(24	)	(56	)
Exchange gains recognised in the income statement	103		7		38
(Losses)/gains on derivatives related to net debt	(3	)	25		44
Cash movement excluding exchange movements	(362	)	(1,300	)	(1,146	)
Other movements	—		(18	)	(4	)
Closing balance	(2,862	)	(2,623	)	(2,437	)
Analysis of closing balance
Borrowings	(3,750	)	(3,961	)	(3,497	)
Bank overdrafts repayable on demand	(36	)	(30	)	(14	)
Cash and cash equivalents	926		989		736
Other liquid resources	6		6		6
Derivatives related to net debt	(8	)	373		332
Consolidated net debt	(2,862	)	(2,623	)	(2,437	)

23

Primary segmental analysis (by product group)

	Six months		Six months		Year to 31
	to 30 June		to 30 June		December
	2007		2006		2006
	US$m		US$m		US$m
Sales revenue
Iron ore	3,736		2,975		6,938
Energy	2,076		1,974		4,070
Aluminium	1,749		1,658		3,493
Copper	2,593		2,291		4,396
Diamonds and Minerals	1,764		1,603		3,339
Other	137		120		229
Consolidated sales revenue	12,055		10,621		22,465
Share of equity accounted units	1,875		1,490		2,975
Gross sales revenue	13,930		12,111		25,440
Consolidated profit before finance items and taxation
Iron ore	1,702		1,480		3,847
Energy	348		523		801
Aluminium	603		500		1,069
Copper	1,472		1,501		3,333
Diamonds and Minerals	(79	)	330		311
Exploration and evaluation not attributed to product groups	55		(60	)	(101	)
Other	(304	)	(110	)	(286	)
Operating profit (segment result)	3,797		4,164		8,974
Share of profit after tax of equity accounted units
Copper	842		710		1,271
Other product groups	23		90		107
Profit before finance items and taxation	4,662		4,964		10,352

(a)   The product groups shown above reflect the Group’s management structure and are the Group’s primary segments in accordance with IAS 14. The analysis deals with: the sales revenue, profit before finance costs and taxation for subsidiary companies and proportionally consolidated units. The amounts presented for each product group exclude equity accounted units, but include the amounts attributable to outside equity shareholders. The product groups are consistent with those identified in the financial information by business unit data included on pages 7 and 8 of this news release. However, that information includes the results of equity accounted units and presents different financial measures.

(b)   The analysis of profit before finance costs and taxation includes the profit on disposal of interests in businesses (including investments), and impairment charges/reversals, which are excluded from Underlying earnings.

Geographical analysis (by destination)

				Six months	Six months	Year to 31
First half	First half	Year		to 30 June	to 30 June	December
2007	2006	2006		2007	2006	2006
%	%	%		US$m	US$m	US$m
			Gross sales revenue
22.2	23.8	21.9	North America	3,093	2,882	5,575
17.0	17.3	17.2	Europe	2,368	2,095	4,378
18.8	19.8	19.6	Japan	2,620	2,396	4,986
17.3	14.1	16.0	China	2,404	1,709	4,062
14.0	13.6	13.5	Other Asia	1,949	1,643	3,438
5.3	6.0	5.8	Australia and New Zealand	739	723	1,477
5.4	5.4	6.0	Other	757	663	1,524
100.0	100.0	100.0		13,930	12,111	25,440

24

Prima facie tax reconciliation

	Six months		Six months		Year to 31
	to 30 June		to 30 June		December
	2007		2006		2006
	US$m		US$m		US$m
Profit before taxation	4,659		4,879		10,240
Deduct: share of profit after tax of equity accounted units	(865	)	(800	)	(1,378	)
Parent companies’ and subsidiaries’ profit before tax	3,794		4,079		8,862
Prima facie tax payable at UK and Australian rate of 30%	1,138		1,224		2,659
Impact of items excluded in arriving at Underlying earnings	36		8		201
Other permanent differences
Additional recognition of deferred tax assets (a)	—		(211	)	(335	)
Utilisation of previously unrecognised deferred tax assets	—		(68	)	(140	)
Adjustments to deferred tax liabilities following changes in tax rates (b)	(10	)	(46	)	(46	)
Other tax rates applicable outside the UK and Australia	139		122		242
Resource depletion and other depreciation allowances	(86	)	(105	)	(187	)
Research, development and other investment allowances	(8	)	(9	)	(21	)
Other	49		(4	)	—
	84		(321	)	(487	)
Total taxation charge (c) (d) (e)	1,258		911		2,373

(a)   The ‘Additional recognition of deferred tax assets’ of US$211 million in half year 2006 (full year 2006: US$335 million) reflected improved prospects for future earnings from the Group’s US operations.

(b)   The ‘Adjustments to deferred tax liabilities following changes in tax rates’, totalling US$10 million (2006 half year and full year: US$46 million), resulted from a reduction in Canadian tax rates.

(c)   This tax reconciliation relates to the parent companies, subsidiaries and proportionally consolidated units. The Group’s share of profit of equity accounted units is net of tax charges of US$478 million (2006 half year: US$403 million; 2006 full year: US$770 million).

(d)   The tax reconciliation for all periods analyses US tax on a regular tax basis.

(e)   The total taxation charge includes UK - US$(39) million, Australia - US$596 million and Other - US$701 million (half year 2006: UK - US$33 million, Australia - US$675 million and Other - US$203 million; full year 2006: UK - US$41 million, Australia - US$1,420 million, Other - US$912 million).

Other disclosures

Capital commitments

Capital commitments, including those relating to joint ventures and associates, were US$2,827 million (at 30 June 2006: US$1,846 million; at 31 December 2006: US$2,413 million).

Contingent liabilities

There were no material changes in contingent liabilities or contingent assets during the period.

The disagreement with the Australian tax office relating to certain transactions undertaken in 1997 to acquire franking credits was settled on 14 June 2007, resulting in an additional tax charge of US$46 million for the six months to 30 June 2007.

Share buyback

Between 1 January 2007 and 30 June 2007, Rio Tinto plc bought back 25,510,000 of its own shares from public shareholders, to be held in treasury, at an average buy back price of £29.23. During the year to 31 December 2006, Rio Tinto plc bought back 46,340,000 shares, to be held in treasury, at an average buyback price of £27.27 per share and 800,000 shares were bought back at an average buyback price of £27.36 and cancelled. Between 1 January 2006 and 30 June 2006, Rio Tinto plc bought back 21,965,000 of its own shares from public shareholders, to be held in treasury, at an average buyback price of £28.02. The total consideration paid in half year 2007 was US$1,417 million (half year 2006: US$1,098 million; full year 2006: US$2,370 million) after deducting proceeds of US$11 million for treasury shares reissued (half year 2006: nil; full year 2006: US$24 million).

Related party matters

Transactions and balances with equity accounted units are summarised below. Purchases relate largely to amounts charged by equity accounted units for toll processing of bauxite and alumina. Sales relate largely to charges for supply of coal to jointly controlled marketing entities for onsale to third party customers.

	Six months		Six months		Year to 31
	to 30 June		to 30 June		December
	2007		2006		2006
Income statement items	US$m		US$m		US$m
Purchases from equity accounted units	(719	)	(645	)	(1,364	)
Sales to equity accounted units	692		573		1,497

Balance sheet items	US$m		US$m		US$m
Investments in equity accounted units	2,761		2,014		2,235
Loans to equity accounted units	142		154		151
Loans from equity accounted units	(111	)	(32	)	(65	)
Trade and other receivables: amounts due from equity accounted units	722		521		648
Trade and other payables: amounts due to equity accounted units	(103	)	(112	)	(143	)

Cash flow statement items	US$m		US$m		US$m
Funding of equity accounted units	(18	)	(13	)	(47	)
					25

25

Accounting policies

The condensed financial information included in this report is unaudited and has been prepared in accordance with International Financial Reporting Standards adopted by the European Union (‘EU IFRS’) under the requirements of IAS 34  ‘Interim financial reporting’, and an Order under section 340 of the Australian Corporations Act 2001 issued by the Australian Securities and Investments Commission on 27 January 2006 (as amended on 22 December 2006).

The EU IFRS financial information has been drawn up on the basis of accounting policies consistent with those applied in the financial statements for the year to 31 December 2006.

Certain prior year information has been reclassified to conform with the current year presentation. Exploration and evaluation costs charged against income were previously included in ‘Cash used in investing activities’ but are now included within  ‘Cash flow from operating activities’. As a result, exploration and evaluation costs expensed of US$117 million and US$273 million have been reclassified in the comparative figures for half year 2006 and full year 2006 respectively, within the Cash flow statement.

Status of financial information

These interim financial results do not have the status of statutory accounts within the meaning of Section 240 of the Companies Act 1985.

Financial information for the year to 31 December 2006 has been extracted from the full financial statements prepared under the historical cost convention, as modified by the revaluation of certain derivative contracts and financial assets, as filed with the Registrar of Companies. The Auditors’ report on the full financial statements for the year to 31 December 2006 was unqualified and did not contain statements under section 237(2) of the United Kingdom Companies Act 1985 (regarding adequacy of accounting records and returns), or under 237(3) (regarding provision of necessary information and explanations).

Directors’ declaration

In the directors’ opinion:

The financial statements and notes have been prepared in accordance with the Listing Rules of the Financial Services Authority in the United Kingdom, applicable accounting standards and the Australian Corporations Act 2001 (as modified by an order of the Australian Securities and Investments Commission dated 27 January 2006) (as amended on 22 December 2006) using the most appropriate accounting policies for Rio Tinto’s business and supported by reasonable and prudent judgements.

The financial statements and notes give a true and fair view of the Rio Tinto Group’s financial position as at 30 June 2007 and of its performance, as represented by the results of its operations, recognised income and expense and its cash flows for the half year then ended.

There are reasonable grounds to believe that each of the Rio Tinto Group, Rio Tinto Limited and Rio Tinto plc, has adequate financial resources to continue in operational existence for the foreseeable future and to pay its debts as and when they become due and payable.

By order of the board

G R Elliott

Finance Director
2 August 2007

Auditors’ Independence Declaration

As lead auditor for the review of Rio Tinto Limited for the half year ended 30 June 2007, I declare that to the best of my knowledge and belief, there have been:

a)   no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b)   no contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Rio Tinto Limited and the entities it controlled during the period.

Rob Hubbard	Brisbane
Partner	2 August 2007
PricewaterhouseCoopers

26

Independent review report to Rio Tinto plc and Rio Tinto Limited   (“the Companies”)

Introduction

We have been instructed by the Companies to review the financial information of the Rio Tinto Group (comprising the Companies and their subsidiaries, associates and joint ventures) for the six months ended 30 June 2007 which comprises the Group interim balance sheet as at 30 June 2007, the Group interim statements of income, cash flows and recognised income and expense for the six months then ended and the related notes (including the financial information by Business Unit). We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

Directors’ responsibilities

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors of the Companies. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority in the United Kingdom and the Australian Corporations Act 2001 as amended by the Australian Securities and Investments Commission Order dated 27 January 2006 (as amended on 22 December 2006).

The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.

This interim report has been prepared in accordance with International Accounting Standard 34, ‘Interim financial reporting’ as adopted by the European Union.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of Group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with auditing standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for Rio Tinto plc for the purpose of the Listing Rules of the Financial Services Authority in the United Kingdom and for Rio Tinto Limited for the purpose of the Australian Corporations Act 2001 as amended by the Australian Securities and Investments Commission Order dated 27 January 2006 (as amended on 22 December 2006) and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Review conclusion

On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2007.

PricewaterhouseCoopers LLP	PricewaterhouseCoopers
Chartered Accountants	Chartered Accountants
London	Brisbane
2 August 2007	2 August 2007
in respect of Rio Tinto plc	in respect of Rio Tinto Limited

27

Notes to financial information by business unit (Pages 7 and 8)

The following changes have been made to the presentation of this information. Half year 2006 results have been reclassified accordingly.

Product groups/business segments

During 2007, Industrial Minerals and Diamonds were combined to form the Diamonds and Minerals product group.

Other

Project evaluation and other costs specifically attributable to product groups are now reported as part of product group earnings. Previously, these were reported centrally in ‘Exploration and evaluation and Other items’, respectively.

Capitalised evaluation costs

Capital expenditure by product group now includes capitalised evaluation costs.

Business units have been classified according to the Group’s management structure. Generally, this structure has regard to the primary product of each business unit but there are exceptions. For example, the Copper group includes certain gold operations.

(a) Gross sales revenue includes 100 per cent of subsidiaries’ sales revenue and the Group’s share of the sales revenue of equity accounted units.

(b) EBITDA of subsidiaries and the Group’s share of equity accounted units represents profit before: tax, net finance items, depreciation and amortisation.

(c) Net earnings represent profit after tax for the period attributable to the Rio Tinto Group. Earnings of subsidiaries are stated before finance items but after the amortisation of the discount related to provisions. Earnings attributable to equity accounted units include interest charges and amortisation of discount. Earnings attributed to business units exclude amounts that are excluded in arriving at Underlying earnings.

(d) Includes Rio Tinto’s 75.7 per cent interest in Coal and Allied, which is managed by Rio Tinto Coal Australia, a 100 per cent subsidiary of Rio Tinto.

(e) Includes Rio Tinto’s interests in Rio Tinto Aluminum (100 per cent) and Anglesey Aluminium (51 per cent).

(f) Under the terms of a joint venture agreement, Rio Tinto is entitled to 40 per cent of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998.

(g) Diamonds includes Rio Tinto’s interests in Argyle (100 per cent), Diavik (60 per cent) and Murowa (77.8 per cent).

(h) Includes Rio Tinto’s interests in Rio Tinto Borax (100 per cent), Dampier Salt (64.9 per cent) and Talc (100 per cent).

(i) Capital expenditure comprises the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100 per cent of subsidiaries’ capital expenditure and Rio Tinto’s share of the capital expenditure of equity accounted units. Amounts relating to equity accounted units not specifically funded by Rio Tinto are deducted before arriving at total capital expenditure for the Group.

(j) Depreciation figures include 100 per cent of subsidiaries’ depreciation and amortisation and include Rio Tinto’s share of the depreciation and amortisation of equity accounted units. Amounts relating to equity accounted units are deducted before arriving at the total depreciation and amortisation charge. Depreciation and amortisation includes US$15 million (2006 half year: US$15 million, 2006 full year: US$40 million) relating to deferred stripping costs.

(k) Operating assets of subsidiaries comprise net assets before deducting net debt, less outside shareholders’ interests which are calculated by reference to the net assets of the relevant companies (i.e. net of such companies’ debt). For equity accounted units, Rio Tinto’s net investment is shown.

28

Summary financial data in Australian dollars, Sterling and US dollars

Six		Six		Six		Six			Six		Six
months		months		months		months			months		months
to 30		to 30		to 30		to 30			to 30		to 30		Year to 31
June		June		June		June			June		June		December
2007		2006		2007		2006			2007		2006		2006
A$m		A$m		£m		£m			US$m		US$m		US$m
17,198		16,366		7,071		6,766		Gross sales revenue	13,930		12,111		25,440
14,883		14,353		6,119		5,934		Consolidated sales revenue	12,055		10,621		22,465
5,752		6,593		2,365		2,726		Profit before taxation	4,659		4,879		10,240
4,199		5,362		1,726		2,217		Profit for the period	3,401		3,968		7,867
4,016		5,130		1,651		2,121		Net earnings attributable to Rio Tinto shareholders	3,253		3,796		7,438
4,357		5,069		1,791		2,096		Underlying earnings *	3,529		3,751		7,338
310.2c	c	381.1	c	127.6	p	157.6	p	Basic earnings per ordinary share	251.3	c	282.0	c	557.8	c
336.5c	c	376.6	c	138.4	p	155.7	p	Basic underlying earnings per ordinary share	272.6	c	278.7	c	550.3	c
								Dividends per share to Rio Tinto shareholders
82.84	c	200.28	c	32.63	p	85.24	p	- paid (2006 including special dividend)	64.0c		151.5c		191.5	c
60.69	c	52.48	c	25.59	p	21.42	p	- proposed	52.0c		40.0c		64.0	c
2,295		2,414		944		998		Cash flow before financing activities	1,859		1,786		3,714
(3,367	)	(3,545	)	(1,431	)	(1,426	)	Net debt	(2,862	)	(2,623	)	(2,437	)
24,272		20,900		10,316		8,405		Equity attributable to Rio Tinto shareholders	20,631		15,466		18,232

*  Underlying earnings for the six months to 30 June 2007 are stated after excluding items totalling US$(276) million (half year 2006: US$45 million, full year 2006: US$100 million), which are analysed on page 23.

The financial data above have been extracted from the primary financial statements set out on pages 19 to 22. The Australian dollar and Sterling amounts are based on the US dollar amounts, retranslated at average or closing rates as appropriate, except for the dividends which are the actual amounts payable.

Metal prices and exchange rates

		Six months	Six months			Year to 31
		to 30 June	to 30 June	Change		December
		2007	2006	1H07 v 1H06		2006
Metal prices - average for the period
Copper	- US cents/lb	307c	271c	13	%	306c
Aluminium	- US cents/lb	126c	115c	10	%	116c
Gold	- US$/troy oz	US$659	US$588	12	%	US$602
Molybdenum	- US$/lb	US$28	US$23	19	%	US$25
Average exchange rates in US$
Sterling		1.97	1.79	10	%	1.84
Australian dollar		0.81	0.74	9	%	0.75
Canadian dollar		0.88	0.88	—		0.88
South African rand		0.14	0.16	(14%	)	0.15
Period end exchange rates in US$
Sterling		2.00	1.84	9	%	1.96
Australian dollar		0.85	0.74	15	%	0.79
Canadian dollar		0.95	0.90	6	%	0.86
South African rand		0.14	0.14	—		0.14

Availability of this report

This report is available on the Rio Tinto website.

29

IMPORTANT INFORMATION:

Rio Tinto Canada Holding Inc. (referred to herein as the “Offeror”), a corporation incorporated under the laws of Canada, and an indirect wholly-owned subsidiary of Rio Tinto plc, a public limited company organised under the laws of England and Wales (“Rio Tinto”), is offering to purchase (the “Offer”), upon the terms and subject to the conditions set forth in the Offer and in the related letter of transmittal, each issued and outstanding common share of Alcan Inc. (“Alcan”), together with the associated rights (the “Alcan Rights”) (and, together with the common shares of Alcan, the “Alcan Common Shares”) issued and outstanding under Alcan’s Shareholder Rights Plan which is described in this take-over bid circular, for U.S.$101 (equivalent to Cdn$105.44 based on the July 20, 2007 Bank of Canada Noon Rate) per Alcan Common Share in cash (less any applicable withholding taxes and without interest).

The Offer will be open for acceptance until 6:00 p.m., Eastern Time, on September 24, 2007, unless extended or withdrawn by the Offeror.

This announcement is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. The Offer (as the same may be varied or extended in accordance with applicable law) is being made exclusively by means of, and subject to the terms and conditions set out in, the take-over bid circular delivered to Alcan and filed with Canadian provincial securities regulators and the United States Securities and Exchange Commission (the “SEC”) and mailed to Alcan shareholders.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

In connection with the Offer, Rio Tinto has filed with the Canadian securities regulatory authorities and the SEC a take-over bid circular as well as ancillary documents such as a letter of transmittal and a notice of guaranteed delivery and Alcan has filed a directors’ circular with respect to the Offer. Rio Tinto has also filed with the SEC a Tender Offer statement on Schedule TO (the “Schedule TO”) and Alcan has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”). SHAREHOLDERS OF ALCAN ARE URGED TO READ THE TAKE-OVER BID CIRCULAR (INCLUDING THE LETTER OF TRANSMITTAL AND NOTICE OF GUARANTEED DELIVERY), THE SCHEDULE TO (INCLUDING THE OFFER AND TAKEOVER BID CIRCULAR, LETTER OF TRANSMITTAL AND RELATED TENDER OFFER DOCUMENTS) AND THE SCHEDULE 14D-9 AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER.

The take-over bid circular as well as other materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com. The Schedule TO and the Schedule 14D-9 are available electronically without charge at the SEC’s website, www.sec.gov. Materials filed with the SEC or the Canadian securities regulatory authorities may also be obtained without charge at Rio Tinto’s website, www.riotinto.com

While the Offer is being made to all holders of Alcan Common Shares, this announcement does not constitute an offer or a solicitation in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made in, nor will deposits be accepted in, any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However, Rio Tinto may, in its sole discretion, take such action as they may deem necessary to extend the Offer in any such jurisdiction.

30