Rio Tinto seeks joint venture partner for St James's Square redevelopment

Location: London, UK

Rio Tinto is seeking a joint venture partner to redevelop its former HQ building in St James's Square, London, and has decided to retain the development as an investment when completed. Leading development companies have received a pre-qualification document and it is likely that a shortlist will be drawn up over the coming weeks.

Neil Usher, Rio Tinto's general manager of Group Property, said that the company, which relocated to offices in Paddington and Aldermanbury Square in the City in December, 2007, will retain an option to relocate its HQ team currently in Aldermanbury Square to the redeveloped building.

"St James's Square is considered to be one of the most prestigious locations in the country, if not globally, and the design by Dixon Jones for 5 and 6 St James's Square, which has received planning consent, provides a scheme which matches the location. There will be 125,000 sq ft of new highly sustainable offices, 15 residential units and a new art gallery located around a landscaped courtyard," said Mr Usher.

"As part of the redevelopment, the Grade II* listed 15,000 sq ft 5 St James's Square will be carefully renovated to more closely reflect the Square's historic roots'," he added.

The development is expected to be completed in 2010. Cushman and Wakefield Central London Development Team is advising Rio Tinto.

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.

For further information and images of the development, please contact:

Media Relations, Rio Tinto,
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

Investor Relations, Rio Tinto
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

Cushman and Wakefield
Helen Basil
Tel: 00 44 (0) 20 7152 5110
Mob: 00 44 (0) 7793 808110
Email: helen.basil@eur.cushwake.com

Website: http://www.riotinto.com/
Email: questions@riotinto.com
High resolution photographs available at: http://www.newscast.co.uk/