Rio Tinto: Iron ore price negotiations

Rio Tinto is currently negotiating contracts with its customers to supply iron ore priced on a quarterly basis.

Sam Walsh, Chief executive Iron Ore and Australia, said “Rio Tinto’s position reflects the recent structural shift in the iron ore market away from benchmark pricing. It is in line with our recent comments that benchmark pricing only works if it reflects market fundamentals, otherwise the system would need to change.”

As discussions are still underway, no further guidance is possible at this stage.

ENDS

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

Follow us on Twitter

Website: www.riotinto.com