Filed by: BHP Billiton Plc

and BHP Billiton Limited

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Rio Tinto plc

Commission File No.: 001-10533

The following are slides comprising a presentation that was first given by Alberto Calderon, Chief Commercial Officer, BHP Billiton on May 14, 2008.

Sales Desk Update

Alberto Calderon, Chief Commercial Officer

14 May 2008

Page 2

Page 2

Disclaimer

This

document

has

been

prepared

by

BHP

Billiton

Limited

and

BHP

Billiton

Plc

(“BHP

Billiton")

and

comprises

the

written

materials/slides

for

a

presentation

concerning

BHP

Billiton's

offers

for

Rio

Tinto

Limited

and

Rio

Tinto

plc

(“Rio

Tinto”).

By

reviewing/attending

this

presentation

you

agree

to

be

bound

by

the

following

conditions.

The

directors

of

BHP

Billiton

accept

responsibility

for

the

information

contained

in

this

presentation.

Having

taken

all

reasonable

care

to

ensure

that

such

is

the

case,

the

information

contained

in

this

presentation

is,

to

the

best

of

the

knowledge

and

belief

of

the

directors

of

BHP

Billiton,

in

accordance

with

the

facts

and

contains

no

omission

likely

to

affect

its

import.

Subject

to

the

above,

neither

BHP

Billiton

nor

any

of

its

directors,

officers,

employees

or

advisers

nor

any

other

person

makes

any

representation

or

warranty,

express

or

implied,

as

to,

and

accordingly

no

reliance

should

be

placed

on,

the

fairness,

accuracy

or

completeness

of

the

information

contained

in

the

presentation

or

of

the

views

given

or

implied.

To

the

extent

permitted

by

law,

neither

BHP

Billiton

nor

any

of

its

directors,

officers,

employees

or

advisers

nor

any

other

person

shall

have

any

liability

whatsoever

for

any

errors

or

omissions

or

any

loss

howsoever

arising,

directly

or

indirectly,

from

any

use

of

this

information

or

its

contents

or

otherwise

arising

in

connection

therewith.

This

presentation

is

for

information

purposes

only

and

does

not

constitute

or

form

part

of

any

offer

or

invitation

to

acquire,

sell

or

otherwise

dispose

of,

or

issue,

or

any

solicitation

of

any

offer

to

sell

or

otherwise

dispose

of,

purchase

or

subscribe

for,

any

securities,

nor

does

it

constitute

investment

advice,

nor

shall

it

or

any

part

of

it

nor

the

fact

of

its

distribution

form

the

basis

of,

or

be

relied

on

in

connection

with,

any

contract

or

investment

decision,

nor

does

it

constitute

a

proposal

to

make

a

takeover

bid

or

the

solicitation

of

any

vote

or

approval

in

any

jurisdiction,

nor

shall

there

be

any

sale

of

securities

in

any

jurisdiction

in

which

such

offer,

solicitation

or

sale

would

be

unlawful

prior

to

registration

or

qualification

under

the

securities

laws

of

any

such

jurisdiction

(or

under

an

exemption

from

such

requirements).

No

offering

of

securities

shall

be

made

into

the

United

States

except

pursuant

to

registration

under

the

US

Securities

Act

of

1933,

as

amended,

or

an

exemption

therefrom.

Neither

this

presentation

nor

any

copy

of

it

may

be

taken

or

transmitted

or

distributed

or

redistributed

(directly

or

indirectly)

in

Japan.

The

distribution

of

this

document

in

other

jurisdictions

may

be

restricted

by

law

and

persons

into

whose

possession

this

document

comes

should

inform

themselves

about,

and

observe,

any

such

restrictions.

Information

about

Rio

Tinto

is

based

on

public

information

which

has

not

been

independently

verified.

This

presentation

is

directed

only

at

persons

who

(i)

are

persons

falling

within

Article

49(2)(a)

to

(d)

("high

net

worth

companies,

unincorporated

associations

etc.")

of

the

Financial

Services

and

Markets

Act

2000

(Financial

Promotion)

Order

2005

(as

amended)

(the

"Order")

or

(ii)

have

professional

experience

in

matters

relating

to

investments

falling

within

Article

19(5)

of

the

Order

or

(iii)

are

outside

the

United

Kingdom

(all

such

persons

being

referred

to

as

"relevant

persons").

This

presentation

must

not

be

acted

on

or

relied

on

by

persons

who

are

not

relevant

persons.

Certain

statements

in

this

presentation

are

forward-looking

statements.

The

forward-looking

statements

include

statements

regarding

contribution

synergies,

future

cost

savings,

the

cost

and

timing

of

development

projects,

future

production

volumes,

increases

in

production

and

infrastructure

capacity,

the

identification

of

additional

mineral

Reserves

and

Resources

and

project

lives

and,

without

limitation,

other

statements

typically

containing

words

such

as

"intends",

"expects",

"anticipates",

"targets",

"plans",

"estimates"

and

words

of

similar

import.

These

forward-looking

statements

speak

only

as

at

the

date

of

this

presentation.

These

statements

are

based

on

current

expectations

and

beliefs

and,

by

their

nature,

are

subject

to

a

number

of

known

and

unknown

risks

and

uncertainties

that

could

cause

actual

results,

performance

and

achievements

to

differ

materially

from

any

expected

future

results,

performance

or

achievements

expressed

or

implied

by

such

forward-looking

statements.

The

forward-looking

statements

are

based

on

numerous

assumptions

regarding

BHP

Billiton's

present

and

future

business

strategies

and

the

environments

in

which

BHP

Billiton

and

Rio

Tinto

will

operate

in

the

future

and

such

assumptions

may

or

may

not

prove

to

be

correct.

There

are

a

number

of

factors

that

could

cause

actual

results

or

performance

to

differ

materially

from

those

expressed

or

implied

in

the

forward-looking

statements.

Factors

that

could

cause

actual

results

or

performance

to

differ

materially

from

those

described

in

the

forward-looking

statements

include,

but

are

not

limited

to,

BHP

Billiton's

ability

to

successfully

combine

the

businesses

of

BHP

Billiton

and

Rio

Tinto

and

to

realise

expected

synergies

from

that

combination,

the

presence

of

a

competitive

proposal

in

relation

to

Rio

Tinto,

satisfaction

of

any

conditions

to

any

proposed

transaction,

including

the

receipt

of

required

regulatory

and

anti-trust

approvals,

Rio

Tinto’s

willingness

to

enter

into

any

proposed

transaction,

the

successful

completion

of

any

transaction,

as

well

as

additional

factors

such

as

changes

in

global,

political,

economic,

business,

competitive,

market

or

regulatory

forces,

future

exchange

and

interest

rates,

changes

in

tax

rates,

future

business

combinations

or

dispositions

and

the

outcome

of

litigation

and

government

actions.

Additional

risks

and

factors

that

could

cause

BHP

Billiton

results

to

differ

materially

from

those

described

in

the

forward-looking

statements

can

be

found

in

BHP

Billiton's

filings

with

the

US

Securities

and

Exchange

Commission

(the

"SEC"),

including

BHP

Billiton's

Annual

Report

on

Form

20-F

for

the

fiscal

year-ended

June

30,

2007,

and

Rio

Tinto’s

filings

with

the

SEC,

including

Rio

Tinto’s

Annual

Report

on

Form

20-F

for

the

fiscal

year-ended

December

31,

2007,

which

are

available

at

the

SEC's

website

(http://www.sec.gov).

Other

unknown

or

unpredictable

factors

could

cause

actual

results

to

differ

materially

from

those

in

the

forward-looking

statements.

The

information

and

opinions

expressed

in

this

presentation

are

subject

to

change

without

notice

and

BHP

Billiton

expressly

disclaims

any

obligation

(except

as

required

by

law

or

the

rules

of

the

UK

Listing

Authority

and

the

London

Stock

Exchange,

the

UK

Takeover

Panel,

or

the

listing

rules

of

ASX

Limited)

or

undertaking

to

disseminate

any

updates

or

revisions

to

any

forward-looking

statements

contained

herein

to

reflect

any

change

in

BHP

Billiton’s

expectations

with

regard

thereto

or

any

change

in

events,

conditions

or

circumstances

on

which

any

such

statement

is

based.

Page 3

Page 3

Disclaimer (continued)

Cautionary

Note

to

US

Investors

–

The

SEC

permits

oil

and

gas

companies,

in

their

filings

with

the

SEC,

to

disclose

only

proved

reserves

that

a

company

has

demonstrated

by

actual

production

or

conclusive

formation

tests

to

be

economically

and

legally

producible

under

existing

economic

and

operating

conditions.

BHP

Billiton

uses

certain

terms

in

this

presentation,

such

as

“probable

reserves”

and

"contingent

resources",

that

the

SEC's

guidelines

strictly

prohibit

oil

and

gas

companies

from

including

in

filings

with

the

SEC.

US

Investors

are

urged

to

consider

closely

the

disclosure

in

BHP

Billiton

Annual

Report

on

Form

20-F

fro

the

year

ended

June

20,

2007,

File

No.

001-09526

(for

BHP

Billiton

Limited)

and

File

No.

001-31714

(for

BHP

Billiton

Plc),

available

from

BHP

Billiton

at

BHP

Billiton

Limited,

180

Lonsdale

Street,

Melbourne,

Victoria,

3000

Australia

or

at

BHP

Billiton

Plc,

Neathouse

Place,

Victoria,

London,

United

Kingdom.

You

can

also

obtain

the

BHP

Billiton

Annual

Report

from

the

SEC

by

calling

1-800-SEC-

0330

or

by

visiting

the

SEC's

website

(http://www.sec.gov).

The

SEC

generally

permits

mining

companies

in

their

filings

with

the

SEC

to

disclose

only

those

mineral

deposits

that

the

company

can

economically

and

legally

extract.

Certain

terms

in

this

presentation,

including

“resource",

would

not

generally

be

permitted

in

an

SEC

filing.

The

material

denoted

by

such

terms

is

not

proven

or

probable

Reserves

as

such

terms

are

used

in

the

SEC's

Industry

Guide

7,

and

there

can

be

no

assurance

that

BHP

Billiton

will

be

able

to

convert

such

material

to

proven

or

probable

Reserves

or

extract

such

material

economically.

BHP

Billiton

urges

investors

to

refer

to

its

Annual

Report

on

Form

20-F

for

the

fiscal

year

ended

June

30,

2007,

for

its

most

recent

statement

of

mineral

Reserves

calculated

in

accordance

with

Industry

Guide

7.

Information

Relating

to

the

US

Offer

for

Rio

Tinto

plc

BHP

Billiton

plans

to

register

the

offer

and

sale

of

securities

it

would

issue

to

Rio

Tinto

plc

US

shareholders

and

Rio

Tinto

plc

ADR

holders

by

filing

with

the

Securities

and

Exchange

Commission

(the

“SEC”)

a

Registration

Statement

(the

“Registration

Statement”),

which

will

contain

a

prospectus

(the

“Prospectus”),

as

well

as

other

relevant

materials.

No

such

materials

have

yet

been

filed.

This

communication

is

not

a

substitute

for

any

Registration

Statement

or

Prospectus

that

BHP

Billiton

may

file

with

the

SEC.

U.S.

INVESTORS

AND

U.S.

HOLDERS

OF

RIO

TINTO

PLC

SECURITIES

AND

ALL

HOLDERS

OF

RIO

TINTO

PLC

ADRs

ARE

URGED

TO

READ

ANY

REGISTRATION

STATEMENT,

PROSPECTUS

AND

ANY

OTHER

DOCUMENTS

MADE

AVAILABLE

TO

THEM

AND/OR

FILED

WITH

THE

SEC

REGARDING

THE

POTENTIAL

TRANSACTION,

AS

WELL

AS

ANY

AMENDMENTS

AND

SUPPLEMENTS

TO

THOSE

DOCUMENTS,

WHEN

THEY

BECOME

AVAILABLE

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION.

Investors

and

security

holders

will

be

able

to

obtain

a

free

copy

of

the

Registration

Statement

and

the

Prospectus

as

well

as

other

relevant

documents

filed

with

the

SEC

at

the

SEC's

website

(http://www.sec.gov),

once

such

documents

are

filed

with

the

SEC.

Copies

of

such

documents

may

also

be

obtained

from

BHP

Billiton

without

charge,

once

they

are

filed

with

the

SEC.

Information

for

US

Holders

of

Rio

Tinto

Limited

Shares

BHP

Billiton

Limited

is

not

required

to,

and

does

not

plan

to,

prepare

and

file

with

the

SEC

a

registration

statement

in

respect

of

the

Rio

Tinto

Limited

Offer.

Accordingly,

Rio

Tinto

Limited

shareholders

should

carefully

consider

the

following:

The

Rio

Tinto

Limited

Offer

will

be

an

exchange

offer

made

for

the

securities

of

a

foreign

company.

Such

offer

is

subject

to

disclosure

requirements

of

a

foreign

country

that

are

different

from

those

of

the

United

States.

Financial

statements

included

in

the

document

will

be

prepared

in

accordance

with

foreign

accounting

standards

that

may

not

be

comparable

to

the

financial

statements

of

United

States

companies.

Information

Relating

to

the

US

Offer

for

Rio

Tinto

plc

and

the

Rio

Tinto

Limited

Offer

for

Rio

Tinto

shareholders

located

in

the

US

It

may

be

difficult

for

you

to

enforce

your

rights

and

any

claim

you

may

have

arising

under

the

US

federal

securities

laws,

since

the

issuers

are

located

in

a

foreign

country,

and

some

or

all

of

their

officers

and

directors

may

be

residents

of

foreign

countries.

You

may

not

be

able

to

sue

a

foreign

company

or

its

officers

or

directors

in

a

foreign

court

for

violations

of

the

US

securities

laws.

It

may

be

difficult

to

compel

a

foreign

company

and

its

affiliates

to

subject

themselves

to

a

US

court's

judgment.

You

should

be

aware

that

BHP

Billiton

may

purchase

securities

of

Rio

Tinto

plc

and

Rio

Tinto

Limited

otherwise

than

under

the

exchange

offer,

such

as

in

open

market

or

privately

negotiated

purchases.

References

in

this

presentation

to

“$”

are

to

United

States

dollars

unless

otherwise

specified.

THIS

MEMORANDUM

IS

SOLELY

FOR

INTERNAL

USE

IN

THE

OFFICES

OF

GOLDMAN

SACHS

INTERNATIONAL,

AND

COPIES

OF

THIS

MEMORANDUM

OR

ANY

PORTION

THEREOF

MAY

NOT

BE

MADE

AVAILABLE

TO

CUSTOMERS

OR

OTHERWISE

DISTRIBUTED

OUTSIDE

THE

OFFICES

OF

GOLDMAN

SACHS

INTERNATIONAL.

Page 4

Resourcing

the future

•

BHP Billiton Petroleum update

•

Merrill Lynch conference

•

Update on growth

Page 4

Page 5

BHP Billiton Petroleum

Reserve misconceptions corrected

•

These assets can be very long life.

–

BHP Billiton Petroleum targets +20 year life assets

•

Proved Reserves 1,353 mmboe

PLUS probable Reserves plus 2C Contingent Resources 2,241

mmboe

= Total Resources 3,594 mmboe

•

With capital and expertise any competent E&P company can replace

reserves for <$20/bbl,

–

BHP Billiton Petroleum 3 year average <US$15/bbl

•

Greater than 100% reserve replacement expected in FY08

Page 5

Source:

BHP Billiton.

Notes: 

Historical information.

Future production is mid point estimate based on an array of future scenarios.

BHP Billiton attributable production

Annual production

(mmboe)

History

Projected

Bass Strait

NWS

Page 6

Page 6

BHP Billiton Petroleum

Operating performance is strong

•

Significant improvements in safety performance

–

3 LTIs

YTD (9 mos) vs

20 in FY06

•

Significant improvement in uptime performance

–

3QFY08: 93.5%  vs

1QFY07: 89.0%

–

1% improved uptime = ~1.5 mmboe

•

Well into new projects coming on line

–

Average daily production for Apr-08 was 378

kboed

vs. ~318 kboed

FY06/FY07

•

Industry leading deepwater drilling performance

–

GOM  7 year average 3.29 days/1000 feet, 45%

better than peer average

–

Can cost US$750,000 per day

•

Unit operating costs holding steady ~US$5.00/boe

–

Rising to ~US$6.00/boe over next 4 years

•

Unit DD&A at ~US$6.00/boe worldwide

–

Expected to rise as major projects come on-line

•

1H ‘08 Underlying EBIT US$1,972m

0

5

10

15

20

25

2005

2006

2007

1H0

0

5

10

15

20

25

2005

2006

2007

1H08

Cash operating costs

(US$/boe)

DD&A

(US$/boe)

Peers

Peers

Peer group includes: Anadarko, Apache, Devon, Hess, Murphy, Noble, Talisman, and Woodside.

Source: BHP Billiton, John S. Herold, Inc. and annual reports.

Page 7

Page 7

BHP Billiton Petroleum

Financial outlook is underpinned by growth and price

BHP Billiton net production forecast

(mmboe/yr)

0

50

100

150

200

FY07

FY08E

FY09E

FY10E

FY11E

Gas

Liquids

Gas and LNG contracts pricing structure

•

Forecast volume growth of ~10% CAGR to FY11, underpinned by projects in execution

•

Oil

price

environment

expected

to

remain

robust,

excellent

fiscal

regimes

–

captures

full

upside

•

LNG market major shift in demand-supply fundamentals and crude price linkages

–

LNG contract reopeners are leading to large price increases -

tied to crude

–

New, large volume LNG contracts capture current crude price terms

Page 8

Page 8

BHP Billiton Petroleum

Ahead: Inventory of future projects under design and evaluation

Petroleum HQ

Algeria

UK

Pakistan

Gulf of Mexico

Mad Dog West (23.9%)

Subsea

tie-back

Puma (29.8%)

Subsea

tie-back

Shenzi

N (44%)

Subsea

tie-back

Neptune N (35%)

Subsea

tie-back

Knotty Head (25%)

Deepwater development

Macedon (71.43%)

Subsea

wells and gas plant

Thebe (100%)

LNG development

Scarborough (50%)

LNG development

Browse LNG (10.5%)

LNG development

Trinidad

Angostura Gas (45%)

Gas field development

W Australia

OIL

GAS

LNG

Bass Strait

Turrum

(50%)

Gas field development

NWS CWLH (16.67%)

Replacement of FPSO and

associated subsea

facilities

North West Shelf

NWS WFGH (16.67%)

Gas field development

Page 9

Page 9

BHP Billiton Petroleum

An E&P player with the power and reach of a super-major

Market capitalisation

(US$ bn

April 2007)

•

Credibility and stature that Petroleum could

not secure in its own right

•

A unique offer to major resource holder

governments, NOC’s

and other potential

partners

–

The corporate stature and financial

strength of an oil super-major

–

A strong track record in building and

operating major resource projects

–

Our domicile is of lower political

sensitivity

•

Petroleum is a credible partner with

recognised expertise in key areas

•

Pushing scale and structure

–

Increased equity ownership from ~41% to

~55%

–

Increased percentage of portfolio that is

Operated to ~66%

0

50

100

150

200

250

Murphy Oil Corp

Nexen

Talisman

Canadian Oil

OMV AG

Petro-Canada

Chesapeake

Hess

PTT

Anadarko

EOG Resources

XTO Energy

Marathon

Husky Energy

Woodside

Canada Natural

Apache

Repsol YPF

Suncor Energy

Devon Energy

Imperial Oil

Encana

Occidental

BG Group

Statoilhydro

Conocophillips

ENI

Chevron

Total

BP

BHP Billiton

Royal Dutch

Exxon Mobil

Integrated

E&P

(1)

Source:

Bloomberg,

Note:

Exxon Mobil US$452bn

Page 10

Resourcing

the future

•

BHP Billiton Petroleum update

•

Merrill Lynch conference

•

Update on growth

Page 11

Merrill Lynch Conference

Diversified and balanced across high margin commodities

Underlying EBITDA

(12 months, US$bn)

Underlying EBITDA Margin

(a)

(CY2007, 12 months)

Note: Historical financial information has been restated for comparative purposes per note 1 of BHP Billiton’s half-year financial report for the half-year ended 31-Dec-2007. CY2007 represents the 12 months ending 31-Dec-2007.

FY2002 EBITDA numbers are presented in accordance with UK GAAP whereas CY2007 is based on IFRS (so underlying EBITDA).

a) EBITDA margin excludes third party sales.

Iron ore

75%

Manganese

Energy coal

Metallurgical coal

52%

52%

Diamond and

specialty products

Base metals

40%

43%

36%

Petroleum

70%

Stainless

steel materials

Aluminium

34%

23%

0

6,000

12,000

18,000

24,000

FY2002

CY2007

4,677

23,623

Iron Ore

Manganese

Met. Coal

Petroleum

Energy Coal

Aluminium

Base Metals

Stainless

Steel

Diamond & Specialty

Products

Non

ferrous

(56%)

Energy

(21%)

Carbon

Steel

Materials

(22%)

Page 12

Merrill Lynch Conference

Significant price increases across all product groups

552%

512%

337%

Met. Coal

Manganese

Iron Ore

421%

228%

90%

Copper

Nickel

Aluminium

491%

346%

163%

Uranium

Oil

Energy Coal

a)

Hard

coking

coal

based

on

Peak

Downs/Goonyella/Hay

Point

FOB.

JFY2008

forecast

prices

calculated

based

on

206-240%

increase

above

JFY2007

benchmark

–

per

BHP

Billiton

announcement

9-Apr-2008.

b)

Manganese

based

on

GEMCO

lump

ore

contract

FOB.

JFY2008

prices

based

on

recent

manganese

spot

price

settlement

reported

in

the

Tex

Report

on

12-Feb-2008.

c)

Iron

ore

based

on

benchmark

FOB

prices.

JFY2008

forecast

prices

calculated

based

on

65-71%

increase

above

JFY2007

benchmark

–

per

Vale

settlement

for

Itabira

fines.

d)

Copper

listed

on

the

London

Mercantile

Exchange

(LME)

e)

Nickel

listed

on

the

London

Mercantile

Exchange

(LME)

f)

Aluminium

listed

on

the

London

Mercantile

Exchange

(LME)

g)

Uranium

NEUXCO

spot

prices

h)

WTI

Crude

Oil

listed

on

the

New

York

Mercantile

Exchange

(NYMEX)

i)

Energy

Coal

(Powder

River

Basin)

Carbon Steel Materials

Non-Ferrous

Energy

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Page 13

Page 13

Source:

BHP

Billiton

2007

Annual

Report,

2008

Interim

Financial

Results

Announcement, Goldman

Sachs

JBWere

Research

Note:

(a)Iron

equivalent

production

based

on

coking

coal

and

manganese

production

converted

to

iron

ore

equivalent

tons.

Prices

estimated

by

dividing

CY

2007

revenue

by

CY

2007production.

Includes

production

and

EBIT

from

Iron

Ore,

Coking

Coal

and

Manganese.

Production

calculated

on

BHP

Billiton

figures

for

the

last

twelve

months,

calendarised

to

31-Dec-2007.

Merrill Lynch Conference

Our Carbon Steel Materials assets are Tier 1 assets

•

Carbon Steel Materials (Iron

Ore, Coking Coal and

Manganese)

•

Resource and mineralisation

that supports production for

more than 50 years in both

Coking Coal and Iron Ore

•

Large high grade ore bodies,

concentrated around key

infrastructure

•

Very low cost curve position and

close proximity to Asian growth

market

•

Project development and

production growth record, the

equal of its peers

Iron Ore

Coking Coal

Manganese

27.4

103.5

62.5

Iron ore equivalent(a)

production

(mt) (CY 2007)

193.3

1.1

0.6

3.0

4.7

Underlying EBIT

(12 months, US$bn)

Page 14

Escondida

Norte

+

Sulphide Leach

Phase IV +

Laguna Seca

Concentrator

Oxide Plant

Expansion

Phase 3.5 +

Oxide Plant

Phase III 

Phase I + II 

Original plan: 320kt of copper a year

Page 14

Copper production at Escondida

(Tonnes, 000)

Source: BHP Billiton estimates

Merrill Lynch Conference

Escondida

demonstrates the true value of Tier 1 assets

Tier 1 Assets

•

Tier 1 assets are large, long-

life, low-cost and expandable

resources that generate

exportable commodities. 

•

This means that they can

deliver more value for longer.

They are robust in the down-

cycle.

•

But the real value of Tier 1 is

revealed during times of high

prices when they can be

expanded as needed to meet

increased demand

•

Sometimes several times

•

Staged development maximises

return.

Page 15

Merrill Lynch Conference

Staged development of Olympic Dam appears the key

(a) Does not include silvers approximate $1 per tonne

Source:Resources, metal grades and recover rates obtained from the BHP Billiton FY2007 Annual Report. Prices as at 30 April 2008 as per Financial Times

20

180

150

190

190

730

4.0

0.5

4.5

5

5

19

100

20

280

200

200

800

Copper

kt

p.a.

Gross average revenue yield by per

tonne of resource

(a)

(US$)

29

Olympic Dam

Escondida

71

106

6

33

Uranium

kt

p.a.

Gold

koz

p.a.

Staged development concept -

forecast production at each stage

Expansion stages

1.2&1.3

1.1

2.0

3.0

Today

Full

produc-

tion

Page 16

Resourcing

the future

•

BHP Billiton Petroleum update

•

Merrill Lynch conference

•

Update on growth

Page 17

Copper equivalent: care required for future projections

Approach

•

Converting all production to a common basis allows volumes of different commodities to be

aggregated and compound annual growth rates per annum (CAGR) to be calculated. 

•

Copper equivalent conversion achieves this in a simplistic way.

Price used to convert

•

Long term consensus prices used to convert key commodities to the common basis

Which projects, what years?

•

Volumes include attributable production from existing operations, plus new production through

expansions of existing operations and development of new greenfield

projects

•

Time frame of CY07 to CY12 used

–

Use of CY07 as base year anchors growth rates on most recent, actual results*

–

Five year forecast used as better able to gauge likelihood of projects.  Projects beyond the

five year time frame typically have much greater risks and uncertainty.

•

Index vs

absolute?

–

Indexed does not show scale and scale matters

•

Unrisked or risked ? 

–

Unrisked removes subjectivity, whilst nearer term focus on deliverable volumes reduces

likelihood of “aspirational”

projects

Value Considerations

•

Absolute copper equivalent units show scale, which is a significant driver of project economics

•

Copper equivalent units do not consider profitability

Note *:  Rio Tinto adjusted for Alcan acquisition (full year PF included for CY07)

Page 18

Olympic Dam

Expansion 3

Boffa/Santou

Refinery

2010

As at 2 May 2008

Proposed

capital expenditure

<$500m

$501m-$2bn

$2bn+

SSM

Energy Coal

D&SP

Iron Ore

Base Metals

Petroleum

Met Coal

CSG

Manganese

Aluminium

2008

Execution

Pyrenees

Samarco

Neptune

Shenzi

Alumar

Atlantis

North

Klipspruit

GEMCO

Zamzama

Phase 2

2013

Feasibility

Guinea

Alumina

Worsley

E&G

Perseverance

Deeps

Maruwai

Stage 1

Douglas-

Middelburg

Mt Arthur

Coal UG

Future Options

Cliffs

Newcastle

Third Port

NWS

Angel

Nimba

Ekati

Canadian

Potash

WA Iron Ore

Quantum 1

CW Africa

Exploration

Angola

& DRC

WA Iron Ore

RGP 5

WA Iron Ore

Quantum 2

Macedon

Turrum

CMSA Heap

Leach 1

NWS

CWLH

Peak Downs

Exp

DRC

Smelter

Mad Dog

West

KNS

Exp

Hallmark

Corridor

Sands 1

Puma

Cerrejon

Opt Exp

Angostura

Gas

NWS

T5

BHP Billiton has an attractive growth profile of significant scale

Navajo

Sth

Bakhuis

Maruwai

Stage 2

NWS Nth

Rankin B

WA Iron Ore

RGP 4

Kipper

Antamina

Exp

Goonyella

Expansions

Corridor

Sands 2

Gabon

Daunia

RBM

Olympic Dam

Expansion 2

Browse

LNG

Resolution

Saraji

Thebe

CMSA

Pyro

Expansion

Cannington

Life Ext

SA Mn

Ore Exp

Wards

Well

Eastern

Indonesian

Facility

NWS

WFGH

Blackwater

UG

Olympic Dam

Expansion 1

CMSA Heap

Leach 2

Escondida

3rd Conc

Red Hill

UG

GEMCO

Exp

Samarco

4

Shenzi

Nth

Neptune

Nth

MKO

Talc

Scarborough

Caroona

Kennedy

Maya

Nickel

Knotty

Head

Page 19

Simple Copper Equivalent

•

Focused on deliverable

growth over the next five

years.

•

Commence from CY ’07, a

year of known production

•

BHP Billiton 6.9% CAGR,

and growing from 8.2 million

tonnes of Cu equivalent to

11.4 million tonnes of Cu

equivalent

•

Rio Tinto on the same basis

shows a growth rate of 6.0%

CAGR but of lesser scale

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

CY 07

CY 08

CY 09

CY 10

CY 11

CY 12

BHP Billiton has an attractive growth profile of significant scale

Copper Equivalent Tonnes '000

Production in copper equivalent tonnes

BHP Billiton

Rio Tinto

Note:

Copper

equivalent

units

calculated

using

BHP

Billiton

(BHPB)

estimates

for

BHPB

production;

Rio

Tinto

forecasts

for

RioTinto’s

iron

ore,

copper,

alumina

and

aluminium

production

per

Rio

Tinto

presentation

13

February

2008,

with

Aluminium

forecast

adjusted

to

exclude

Coega

project

(BHPB

estimate).

BHPB

estimates

used

for

Rio

Tinto’s

production

in

other

commodities.

Production

volumes

exclude

Rio

Tinto

Alcan’s

Engineered

and

Packaging

operations,

Industrial

Minerals,

Lead

and

Zinc

businesses;

BHPB’s

Specialty

Products

operation;

all

bauxite

production.

All

energy

coal

businesses

are

included.

Alumina

volumes

reflect

only

tonnes

available

for

external

sale.

Conversion

of

production

forecasts

to

copper

equivalent

units

completed

using

long

term

consensus

price

forecasts,

plus

BHPB

assumptions

for

diamonds,

domestic

coal

and

manganese.

Rio

Tinto’s

CY07

production

volumes

include

pro-

forma

full

year

Alcan

alumina

and

aluminium

as

per

12

March

2008

announcement.

Estimated &

unrisked

Page 20

BHP Billiton’s growth capital expenditure is focused on high

margin commodities

Source: BHP Billiton analysis. EBIT margin excludes third party trading.

Note:  BHP Billiton margins are actual CY07 margins.

Carbon Steel Materials

Non-Ferrous

Energy

Margins matter

•

Cu equivalent production is

based on implied revenue.

•

$1 million of revenue from

energy coal

calculates to the

same tonnage

of copper

equivalent as $1 million of

revenue from petroleum.

•

One tonne of petroleum

derived copper is worth more

than 4 times as much as one

tonne of energy coal derived

copper

Using BHP Billiton CY’07

EBIT margins

Page 21

64%

61%

47%

47%

37%

Copper

Petroleum

Nickel

Iron Ore

Aluminium

BHP Billiton’s growth capital expenditure is focused on

high margin commodities

EBIT Margin %

EBIT Margin %

20%

46%

63%

41%

14%

Aluminium

Iron Ore

Copper

Uranium

Energy Coal

Note:  BHP Billiton margins are actual CY07 margins.  Rio Tinto margins are actual where reported, otherwise BHP Billiton estimate (eg uranium, calculated using Rio Tinto 20F disclosures) or set at BHPB level (met coal,

other base metals).

(a) Excluding mean synergies, and excludes Rio Tinto Alcan Engineering and Packaging. Source:  BHP Billiton analysis

Top 5 Divisional CY07 EBIT Margin by Commodity

BHP Billiton CY07

Rio Tinto CY07

(a)

Ranked by

order of

contribution to

EBIT CY ‘07

Page 22

Capital cost and risk matter

Growth in Copper Equivalent Tonnes (CY’07-12)

Production growth from brownfield

expansions vs

greenfield

development

82%

78%

22%

18%

Source:

BHP

Billiton

analysis.

Rio

Tinto

excludes

Coega

greenfield

project

development.

Brownfield

•

Expansions or additional

developments of, or around

existing operations

•

Lower cost and lower risk

•

BHP Billiton 82% of growth

in copper equivalent units

(CY07-12)

Greenfield

•

Development of a new

operation where no

operations exist to

ameliorate risk or cost

•

BHP Billiton 18% of growth

in copper equivalent units

(CY07-12)

Page 23

Page 23