Opinion Former Article

Rio Tinto poised for exceptional growth

Rio Tinto today presents its annual investor seminar setting out in detail its strategy and
growth plans.

Chief executive Tom Albanese and some of his senior management team will provide
additional information to investors on the significant value within Rio Tinto and how the
Group's portfolio of assets and growth options are exceptionally well placed to benefit from
the global rise in demand for metals and minerals.

Five key value drivers will be outlined:
. An exceptional growth strategy in iron ore and a strong pricing outlook, with a conceptual
pathway to treble production to over 600 million tonnes per annum.
. Positioned as the world's leading aluminium and bauxite producer with an excellent
portfolio of growth projects and a strong market outlook. Anticipated post tax synergies
resulting from the Alcan integration have been increased by more than 50 per cent from
US$600 million to US$940 million per annum.
. As one of the world's leading copper businesses Rio Tinto has an impressive pipeline of
exciting projects with interests in many of the world's largest undeveloped mineralisation
opportunities. Recent exploration at the La Granja project in Peru has highlighted the
potential for doubling forecast production to in excess of 500,000 tonnes per annum.
. An increase in the divestment target from at least US$10 billion to at least US$15 billion
following a strategic review.
. A capital management strategy focused on enhancing shareholder returns from cash
flow while providing flexibility for ongoing growth. The total 2007 dividend will be
increased by 30 per cent with a further annual total increase of no less than 20 per cent
in each of the following two years. This reflects the Board's confidence in the business.

Tom Albanese said: "The rise in global mineral demand is a trend that we expect to continue
for decades because of fundamental demographic and economic shifts, especially in
developing economies like China and India. We believe that the value in Rio Tinto is yet to
be fully reflected by the market.

"We believe we have a better growth pipeline than our competitors, which puts Rio Tinto in a
strong position to supply the metal-hungry world. We have the people, execution capability
and resources to work smarter, faster and better than our competitors. We also believe our
track record of delivery is unrivalled and we look forward with confidence to a hugely exciting

The seminar will be webcast live at 09.00 GMT/20.00 Australian Eastern Daylight Saving
Time on the Rio Tinto website, www.riotinto.com, on Monday, 26 November and available
online afterwards. A copy of the presentation as well as a transcript of the presentation will
also be available on the Rio Tinto website.

Five key value drivers in detail:
1. Exceptional growth prospects in iron ore and strong pricing outlook
. Conceptual pathway to production of over 600 million tonnes per annum, including 420
million tonnes per annum from the Pilbara.
. US$2.4 billion has been committed to develop the Mesa A and Brockman 4 iron ore
deposits in the Pilbara in Western Australia.
. Targeted additional mineralisation in the Pilbara region of 20 to 30 billion tonnes and 8 to
11 billion tonnes at Simandou in Guinea (non-JORC compliant Rio Tinto estimates).
. Pilbara rail and port infrastructure secures Rio Tinto's position as the premier supplier,
positioning Rio Tinto to reap maximum benefit from strong pricing outlook.
. Simandou is a major new, high quality haematite deposit (with a targeted grade of 65 per
cent iron) in proximity to the Atlantic Basin and the Middle East. Simandou has a
potential production capacity of 70 million tonnes per annum with options to expand to
120 million tonnes per annum and 170 million tonnes per annum in the future. Feasibility
studies are likely to be completed by 2010 with first production in 2013.
. Demonstrated capability to deliver growth with a compound annual growth rate in iron
ore production of 14.8 per cent over the period from 1999 to 2007.

2. Number one position in global aluminium with excellent growth and market
outlook following integration of Alcan
. Strong outlook for pricing and demand.
. Post tax synergy target from Alcan integration increased to US$940 million per annum
(up from US$600 million), deliverable by the end of 2009.
. Enhanced growth options to achieve number one global position in alumina and retain
number one position in bauxite and aluminium.
. Strong fit with strategic focus on the best assets in the aluminium industry -
competitively positioned operations with improving cost position backed by hydro power.
. Cutting edge technology, global reach and operational expertise to capitalise on the
demand outlook.
. Renewed focus on upstream assets with decision to explore divestment of the
Engineered Products division.
. Attractive growth opportunities in alumina refining with expansions at Yarwun and Gove
and primary aluminium smelting with expansion at Kitimat in British Columbia, a new
smelter in Oman and other projects in Abu Dhabi, Malaysia and South Africa

3. One of the world's leading copper businesses with an impressive pipeline of
. Low position on cash cost curve.
. Excellent long term growth prospects with interests in many of the world's largest
undeveloped copper targets.
. La Granja in Peru has targeted mineralisation of 4 to 8 billion tonnes at a copper
equivalent grade of 0.5 per cent (a non-JORC compliant Rio Tinto estimate). The mine
has the potential to produce in excess of 500,000 tonnes per annum, double what was

previously anticipated. It was acquired in 2005 for US$22 million plus a work
commitment of US$60 million. First production is expected in 2014
. Development work on Oyu Tolgoi is progressing well with significant further exploration
potential in Mongolia. Average production is projected at 440,000 tonnes per annum of
copper and 320,000 ounces per annum of gold over the projected life of the mine.
. Significant extension options in copper, gold, and molybdenum at Kennecott Utah
Copper operations and upside on the Resolution project.
. Nickel projects in Indonesia and the US offer a pathway to becoming a top tier global
nickel producer.

4. Raising divestment target from at least US$10 billion to at least US$15 billion
following strategic review
. Asset divestment target following the Alcan acquisition raised from at least US$10 billion
to at least US$15 billion following the completion of a strategic review, which has
highlighted approximately US$30 billion of potential divestments.
. Rio Tinto will explore options for the sale of a shortlist of assets. These are all good
businesses and any sales will be value driven and dependent on price. The following
businesses are included in the short list:
o Rio Tinto Alcan Packaging (previously announced)
o Rio Tinto Energy America (previously announced)
o Rio Tinto Alcan Engineered Products (global)
o Cortez/Pipeline (gold, 40 per cent stake, US)
o Greens Creek (zinc, lead, silver, 70 per cent stake, US)
o Rio Tinto Minerals Talc (Europe, Australia, North America)
o Northparkes (copper/gold, 80 per cent stake, Australia)
o Sweetwater (uranium project, not operational, US)
o Kintyre (uranium project, not operational, Australia)

5. Capital management strategy focused on enhancing shareholder returns and
providing flexibility for ongoing growth.
. The total 2007 dividend will be increased by 30 per cent with a further annual total
increase of no less than 20 per cent in each of the following two years, reflecting the
Board's belief in the business.
. Estimated post tax US$1.7 billion per annum cash flow enhancement expected by 2010.
. Financial strength to pursue capital expenditure programme, forecast at U$9 billion in
2008 and 2009, while maintaining the goal of a single A credit rating and a commitment
not to raise equity as part of the refinancing of the debt incurred in the Alcan transaction.

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