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Rio Tinto divestments reach US$10 billion with completion of Alcan Packaging Food Americas sale

Rio Tinto divestments reach US$10 billion with completion of Alcan Packaging Food Americas sale

Monday, 1 March 2010 12:00 AM

Rio Tinto's divestment programme has passed the US$10 billion mark with the completion of the sale of its Alcan Packaging Food Americas division to Bemis Company, Inc for a total all cash consideration of US$1.2 billion.

Guy Elliott, chief financial officer Rio Tinto, said: "Our balance sheet has been transformed in the past twelve months on the back of the divestment programme, the rights issues and continued strong operating cash flows. The recapitalisation leaves Rio Tinto well placed to consider value adding investment opportunities as they emerge."

Rio Tinto has now completed divestments in excess of $10 billion, with over $7 billion having been completed since the beginning of 2009, predominantly for cash. In 2008, Rio Tinto completed divestments totalling US$3.1 billion. In 2009, Rio Tinto completed asset sales of US$3.7 billion. In 2010, the Group has completed divestments of US$3.5 billion comprising Alcan Packaging Food Americas, Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions, Vickery (Coal & Allied) and Maules Creek (Coal & Allied).

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

Contacts:

Media Relations London
Christina Mills
Office: +44 (0) 20 7781 1154
Mobile: +44 (0) 7825 275 605

Nick Cobban
Office: +44 (0) 20 7781 1138
Mobile: +44 (0) 7920 041 003

Media Relations, US
Tony Shaffer
Office: +61 (0) 3 9283 3612
Mobile: +1 202 256 3667

Media Relations, Australia
David Luff
Office: +61 (0) 3 9283 3620
Mobile: +61 (0) 419 850 205

Tony Shaffer
Office: +61 (0) 3 9283 3612
Mobile: +1 202 256 3667

Media Relations, Canada
Stefano Bertolli
Office +1 (0) 514 848 8151
Mobile +1 (0) 514 945 1800

Investor Relations, London
Mark Shannon
Office: +44 (0) 20 7781 1178
Mobile: +44 (0) 7917 576 597

David Ovington
Office: +44 (0) 20 7781 2051
Mobile: +44 (0) 7920 010 978

Investor Relations, North America
Jason Combes
Office: +1 (0) 801 204 2919
Mobile: +1 (0) 801 558 2645

Investor Relations, Australia
Dave Skinner
Office: +61 (0) 3 9283 3628
Mobile: +61 (0) 408 335 309

Simon Ellinor
Office +61 (0) 7 3361 4365
Mobile +61 (0) 439 102 811

Further information:

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Website: www.riotinto.com

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