Rio Tinto to sell its 30% interest in Corani

    LONDON, UK, March 7 /CNW/ - Rio Tinto Mining and Exploration Limited
("RTME") has entered into an agreement with Bear Creek Mining Corporation
("BCMC") to sell its 30% interest in the Corani property located in Peru for
purchase price consideration of US$75 million comprised of the issuance of
3,871,000 common shares of BCMC to QIT-Fer et Titane Inc. ("QIT"), an indirect
wholly-owned Quebec-based subsidiary of Rio Tinto plc and an affiliate of
RTME, the payment of US$20 million in cash by December 31, 2008 and a further
payment of US$25 million in cash by December 31, 2009. In the event of a
change of control of BCMC, the deferred cash payments will be accelerated. The
common shares to be issued to QIT at closing will be subject to a four month
hold period under applicable securities laws and to additional resale
restrictions agreed to with BCMC. The completion of this sale transaction is
subject to customary conditions and the approval of the TSX Venture Exchange.

    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 aluminum, 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.

    Forward-Looking Statements

    This announcement includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Rio Tinto's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to Rio Tinto's products, production
forecasts and reserve and resource positions), are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Rio Tinto, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
    Such forward-looking statements are based on numerous assumptions
regarding Rio Tinto's present and future business strategies and the
environment in which Rio Tinto will operate in the future. Among the important
factors that could cause Rio Tinto's actual results, performance or
achievements to differ materially from those in the forward-looking statements
include, among others, levels of actual production during any period, levels
of demand and market prices, the ability to produce and transport products
profitably, the impact of foreign currency exchange rates on market prices and
operating costs, operational problems, political uncertainty and economic
conditions in relevant areas of the world, the actions of competitors,
activities by governmental authorities such as changes in taxation or
regulation and such other risk factors identified in Rio Tinto's most recent
Annual Report on Form 20-F filed with the SEC or Form 6-Ks furnished to the
SEC. Forward-looking statements should, therefore, be construed in light of
such risk factors and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
announcement. Rio Tinto expressly disclaims any obligation or undertaking
(except as required by applicable law, the City Code on Takeovers and Mergers
(the "Takeover Code"), the UK Listing Rules, the Disclosure and Transparency
Rules of the Financial Services Authority and the Listing Rules of the
Australian Securities Exchange) to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change in Rio
Tinto's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.
    Nothing in this announcement should be interpreted to mean that future
earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily
match or exceed its historical published earnings per share.
    Subject to the requirements of the Takeover Code, none of Rio Tinto, any
of its officers or any person named in this announcement with their consent or
any person involved in the preparation of this announcement makes any
representation or warranty (either express or implied) or gives any assurance
that the implied values, anticipated results, performance or achievements
expressed or implied in forward-looking statements contained in this
announcement will be achieved.

For further information:

For further information: 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,
Australia, Ian Head, Office: +61 (0) 3 9283 3620, Mobile: +61 (0) 408 360 101;
Amanda Buckley, Office: +61 (0) 3 9283 3627, Mobile: +61 (0) 419 801 349;
Media Relations, US, Nancy Ives, Mobile: +1 619 540 3751; Investor Relations,
London, Nigel Jones, Office: +44 (0) 20 7781 2049, Mobile: +44 (0) 7917 227
365; David Ovington, Office: +44 (0) 20 7781 2051, Mobile: +44 (0) 7920 010
978; Investor Relations, Australia, Dave Skinner, Office: +61 (0) 3 9283 3628,
Mobile: +61 (0) 408 335 309; Simon Ellinor, Office:+ 61 (0) 7 3867 1068;
Investor Relations, North America, Jason Combes, Office: +1 (0) 801 685 4535,
Mobile: +1 (0) 801 558 2645; Email:, Website:; High resolution photographs available at:

Organization Profile

Rio Tinto PLC

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890