Exhibit 99.1

News release…

Date: 22 December 2006
Ref: PR506g

Iron ore price settlement

Hamersley Iron has today reached agreement with China’s Baosteel on the price for Hamersley iron ore deliveries for the contract year commencing 1 April 2007. Under this agreement, the price of Hamersley lump and fine ores will increase by 9.5 per cent.

The new prices will be:-

Hamersley Fines	US $ 0.8042 per dry metric tonne unit
Hamersley Lump	US $ 1.0264 per dry metric tonne unit

Sam Walsh, Chief Executive of Rio Tinto’s Iron Ore Group, said, “As a major supplier to China for over thirty years, Hamersley Iron is pleased to reach this agreement today with Baosteel, China’s largest steelmaker. The agreement reflects the continuing strong demand in the market for Hamersley’s products.”

For further information, please contact:
LONDON	AUSTRALIA
Media Relations	Media Relations
Nick Cobban	Ian Head
Office:  +44 (0) 20 7753 2305	Office:  +61 (0) 3 9283 3620
Mobile: +44 (0) 7920 041 003	Mobile: +61 (0) 408 360 101
Investor Relations	Investor Relations
Nigel Jones	Dave Skinner
Office:  +44 (0) 20 7753 2401	Office:  +61 (0) 3 9283 3628
Mobile: +44 (0) 7917 227 365	Mobile: +61 (0) 408 335 309
David Ovington	Susie Creswell
Office:  +44 (0) 20 7753 2326	Office:  +61 (0) 3 9283 3639
Mobile: +44 (0) 7920 010 978	Mobile: +61 (0) 418 933 792

Website: www.riotinto.com
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