Rio Tinto announces record first half underlying earnings of $5.8 billion

Record underlying earnings of $5.8 billion, 125 per cent above 2009 first half.
Underlying EBITDA1 of $11.3 billion, 85 per cent above 2009 first half.
Cash flow from operations up 78 per cent from 2009 first half to $9.9 billion.
Net debt reduced to $12.0 billion at 30 June 2010, from $18.9 billion at 31 December 2009. Gearing improved to 20 per cent.
Renewed focus on growth. $3 billion approved in 2010 to date for multiple projects including expansion of Pilbara iron ore, funding for Simandou, increased investment in Ivanhoe, Iron Ore Company of Canada expansion, construction of Eagle nickel/copper mine and the molybdenum autoclave project at Kennecott Utah Copper.
Joint venture agreement signed with Chalco for the development and operation of the Simandou iron ore project in Guinea. $170 million investment approved for the project, associated with optimising mine, rail and port development. Mining operations anticipated within five years.
$790 million capital approved for preparation of the expansion of iron ore operations in Western Australia related to marine works and long lead items, to support the Pilbara operations' overall capacity increase to 330 million tonnes a year and beyond. This is in addition to $200 million recently approved for dredging contracts.
Full year investment in capital expenditure is expected to approach $6 billion. 2011 capital expenditure anticipated to be approximately $9 billion subject to stable investment conditions.
Divestments completed during 2010 first half for total consideration of $3.6 billion.
Interim dividend of 45 US cents per share declared, in line with previous guidance.

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.

Forward looking statements

This announcement includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 and Accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or filed with, 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 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.

For further information, please contact:

Media Relations, EMEA / Americas

Tony Shaffer
Office: +44 (0) 20 7781 1138
Mobile: +44 (0) 7920 041 003

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

Media Relations, Australia / Asia

David Luff
Office: +61 (0) 3 9283 3620
Mobile: +61 (0) 0419 850 205

Media Relations, Canada

Bryan Tucker
Office: +1 (0) 514 848 8151
Mobile: +1 (0) 514 825 8319

Investor Relations, London

Mark Shannon
Office: +44 (0) 20 7781 1178
Mobile: +44 (0) 7917 576597

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