FORM 425

Filed by: BHP Billiton Plc

and BHP Billiton Limited

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Rio Tinto Plc

Commission File No.: 001-10533

The following are slides comprising an investor presentation that was first given on March 5, 2008.


February 2008
Investor Presentation


Slide 2
Disclaimer
This
document
has
been
prepared
by
BHP
Billiton
Ltd
and
BHP
Billiton
Plc
(“BHP
Billiton")
and
comprises
the
written
materials/slides
for
a
presentation
concerning
BHP
Billiton's
offer
for
Rio
Tinto
Ltd
and
Rio
Tinto
plc
(“Rio
Tinto”).
By
reviewing/attending
this
presentation
you
agree
to
be
bound
by
the
following
conditions.
The
directors
of
BHP
Billiton
accept
responsibility
for
the
information
contained
in
this
presentation.
Having
taken
all
reasonable
care
to
ensure
that
such
is
the
case,
the
information
contained
in
this
presentation
is,
to
the
best
of
the
knowledge
and
belief
of
the
directors
of
BHP
Billiton,
in
accordance
with
the
facts
and
contains
no
omission
likely
to
affect
its
import.
Subject
to
the
above,
neither
BHP
Billiton
nor
any
of
its
directors,
officers,
employees
or
advisers
nor
any
other
person
makes
any
representation
or
warranty,
express
or
implied,
as
to, and
accordingly
no
reliance
should
be
placed
on,
the
fairness,
accuracy
or
completeness
of
the
information
contained
in
the
presentation
or
of
the
views
given
or
implied.
To
the
extent
permitted by
law,
neither
BHP
Billiton
nor
any
of
its
directors,
officers,
employees
or
advisers
nor
any
other
person
shall
have
any
liability
whatsoever
for
any
errors
or
omissions
or
any
loss
howsoever
arising,
directly
or
indirectly,
from
any
use
of
this
information
or
its
contents
or
otherwise
arising
in
connection
therewith.
This
presentation
is
for
information
purposes
only
and
does
not
constitute
or
form
part
of
any
offer
or
invitation
to
acquire,
sell
or
otherwise
dispose
of,
or
issue,
or
any
solicitation
of
any
offer to
sell
or
otherwise
dispose
of,
purchase
or
subscribe
for,
any
securities,
nor
does
it
constitute
investment
advice,
nor
shall
it
or
any
part
of
it
nor
the
fact
of
its
distribution
form
the
basis
of,
or
be
relied
on
in
connection
with,
any
contract
or
investment
decision,
nor
does
it
constitute
a
proposal
to
make
a
takeover
bid
or
the
solicitation
of
any
vote
or
approval
in
any
jurisdiction,
nor
shall
there
be
any
sale
of
securities
in
any
jurisdiction
in
which
such
offer,
solicitation
or
sale
would
be
unlawful
prior
to
registration
or
qualification
under
the
securities
laws
of
any
such
jurisdiction
(or
under
an
exemption
from
such
requirements).
No
offering
of
securities
shall
be
made
into
the
United
States
except
pursuant
to
registration
under
the
US
Securities
Act
of
1933,
as
amended,
or
an exemption therefrom.
Neither
this
presentation
nor
any
copy
of
it
may
be
taken
or
transmitted
or
distributed
or
redistributed
(directly
or
indirectly)
in
Japan.
The
distribution
of
this
document
in
other
jurisdictions
may
be
restricted
by
law
and
persons
into
whose
possession
this
document
comes
should
inform
themselves
about,
and
observe,
any
such
restrictions.
This
presentation
is
directed
only
at
persons
who
(i)
are
persons
falling
within
Article
49(2)(a)
to
(d)
("high
net
worth
companies,
unincorporated
associations
etc.")
of
the
Financial
Services
and
Markets
Act
2000
(Financial
Promotion)
Order
2005
(as
amended)
(the
"Order")
or
(ii)
have
professional
experience
in
matters
relating
to
investments
falling
within
Article
19(5)
of
the
Order
or
(iii)
are
outside
the
United
Kingdom
(all
such
persons
being
referred
to
as
"relevant
persons").
This
presentation
must
not
be
acted
on
or
relied
on
by
persons
who
are
not
relevant
persons.
Information
about
Rio
Tinto
is
based
on
public
information
which
has
not
been
independently
verified.
Certain
statements
in
this
presentation
are
forward-looking
statements.
The
forward-looking
statements
include
statements
regarding
contribution
synergies,
future
cost
savings,
the
cost
and
timing
of
development
projects,
future
production
volumes,
increases
in
production
and
infrastructure
capacity,
the
identification
of
additional
mineral
Reserves
and
Resources
and
project
lives
and,
without
limitation,
other
statements
typically
containing
words
such
as
"intends",
"expects",
"anticipates",
"targets",
"plans",
"estimates"
and
words
of
similar
import.
These
forward-looking
statements
speak
only
as
at
the
date
of
this
presentation.
These
statements
are
based
on
current
expectations
and
beliefs
and,
by
their
nature,
are
subject
to
a
number
of
known
and
unknown
risks
and
uncertainties
that
could
cause
actual
results,
performance
and
achievements
to
differ
materially
from
any
expected
future
results,
performance
or
achievements
expressed
or
implied
by
such
forward-looking
statements.
The
forward-looking
statements
are
based
on
numerous
assumptions
regarding
BHP
Billiton's
present
and
future
business
strategies
and
the
environments in which BHP Billiton and Rio Tinto will operate in
the future and such assumptions may or may not prove to be correct.
There
are
a
number
of
factors
that
could
cause
actual
results
or
performance
to
differ
materially
from
those
expressed
or
implied
in
the
forward-looking
statements.
Factors
that
could
cause
actual
results
or
performance
to
differ
materially
from
those
described
in
the
forward-looking
statements
include,
but
are
not
limited
to,
BHP
Billiton's
ability
to
successfully
combine the
businesses
of
BHP
Billiton
and
Rio
Tinto
and
to
realise
expected
synergies
from
that
combination,
the
presence
of
a
competitive
proposal
in
relation
to
Rio
Tinto,
satisfaction
of
any conditions to
any proposed transaction, including the receipt of required regulatory and anti-trust approvals, Rio Tinto’s
willingness to enter into any proposed transaction, the successful completion of any
transaction,
as
well
as
additional
factors
such
as
changes
in
global,
political,
economic,
business,
competitive,
market
or
regulatory
forces,
future
exchange
and
interest
rates,
changes
in tax
rates,
future
business
combinations
or
dispositions
and
the
outcome
of
litigation
and
government
actions.
Additional
risks
and
factors
that
could
cause
BHP
Billiton
results
to
differ
materially
from
those
described
in
the
forward-looking
statements
can
be
found
in
BHP
Billiton's
filings
with
the
US
Securities
and
Exchange
Commission
("SEC"),
including
BHP
Billiton's
Annual
Report
on
Form
20-F
for
the
fiscal
year-ended
June
30,
2007,
and
Rio
Tinto’s
and
Alcan's
filings
with
the
SEC,
including
Rio
Tinto’s
Annual
Report
on
Form
20-F
for
the
fiscal
year-ended
December 31,
2006
and
Alcan’s
Annual
Report
on
Form
20-F
for
the
fiscal
year-ended
December
31,
2006,
which
are
available
at
the
SEC's
website
(http://www.sec.gov).
Other
unknown
or
unpredictable
factors
could
cause
actual
results
to
differ
materially
from
those
in
the
forward-looking
statements.
The
information
and
opinions
expressed
in
this
presentation
are
subject
to
change
without
notice
and
BHP
Billiton
expressly
disclaims
any
obligation
(except
as
required
by
law
or
the
rules
of
the
UK
Listing
Authority
and
the
London
Stock
Exchange,
the
UK
Takeover
Panel,
or
the
listing
rules
of
ASX
Limited)
or
undertaking
to
disseminate
any
updates
or
revisions
to
any
forward-looking
statements
contained
herein
to
reflect
any
change
in
BHP
Billiton’s
expectations
with
regard
thereto
or
any
change
in
events,
conditions
or
circumstances
on
which
any
such
statement
is
based.
BHP Billiton Offer for Rio Tinto


Slide 3
Disclaimer
(continued)
None
of
the
statements
concerning
expected
cost
savings,
revenue
benefits
(and
resulting
incremental
EBITDA)
and
EPS
accretion
in
this
presentation
should
be
interpreted
to
mean
that
the
future
earnings
per
share
of
the
enlarged
BHP
Billiton
group
for
current
and
future
financial
years
will
necessarily
match
or
exceed
the
historical
or
published
earnings
per
share
of
BHP
Billiton,
and
the
actual
estimated
cost
savings
and
revenue
benefits
(and
resulting
EBITDA
enhancement)
may
be
materially
greater
or
less
than
estimated.
Information Relating to the US Offer for Rio Tinto plc
BHP
Billiton
plans
to
register
the
offer
and
sale
of
securities
it
would
issue
to
Rio
Tinto
plc
US
shareholders
and
Rio
Tinto
plc
ADS
holders
by
filing
with
the
SEC
a
Registration
Statement
(the
“Registration
Statement”),
which
will
contain
a
prospectus
(“Prospectus”),
as
well
as
other
relevant
materials.
No
such
materials
have
yet
been
filed.
This
communication
is
not
a
substitute
for
any
Registration
Statement
or
Prospectus
that
BHP
Billiton
may
file
with
the SEC.
U.S.
INVESTORS
AND
U.S.
HOLDERS
OF
RIO
TINTO
PLC
SECURITIES
AND
ALL
HOLDERS
OF
RIO
TINTO
PLC
ADSs
ARE
URGED
TO
READ
ANY
REGISTRATION
STATEMENT,
PROSPECTUS
AND
ANY
OTHER
DOCUMENTS
MADE
AVAILABLE
TO
THEM
AND/OR
FILED
WITH
THE
SEC
REGARDING
THE
POTENTIAL
TRANSACTION,
AS
WELL
AS ANY
AMENDMENTS
AND
SUPPLEMENTS
TO
THOSE
DOCUMENTS,
WHEN
THEY
BECOME
AVAILABLE
BECAUSE
THEY
WILL
CONTAIN
IMPORTANT
INFORMATION.
Investors
and
security
holders
will
be
able
to
obtain
a
free
copy
of
the
Registration
Statement
and
the
Prospectus
as
well
as
other
relevant
documents
filed
with
the
SEC
at
the
SEC's
website
(http://www.sec.gov),
once
such
documents
are
filed
with
the
SEC.
Copies
of
such
documents
may
also
be
obtained
from
BHP
Billiton
without
charge,
once
they
are
filed
with
the SEC.
Information
for
US
Holders
of
Rio
Tinto
Ltd
Shares
BHP
Billiton
Ltd
is
not
required
to,
and
does
not
plan
to,
prepare
and
file
with
the
SEC
a
registration
statement
in
respect
of
the
Rio
Tinto
Ltd
Offer.
Accordingly,
Rio
Tinto
Ltd
shareholders
should
carefully
consider
the
following:
The
Rio
Tinto
Ltd
Offer
will
be
an
exchange
offer
made
for
the
securities
of
a
foreign
company.
Such
offer
is
subject
to
disclosure
requirements
of
a
foreign
country
that
are
different
from
those
of
the
United
States.
Financial
statements
included
in
the
document
will
be
prepared
in
accordance
with
foreign
accounting
standards
that
may
not
be
comparable
to
the
financial
statements
of
United
States
companies.
Information
Relating
to
the
US
Offer
for
Rio
Tinto
plc
and
the
Rio
Tinto
Ltd
Offer
for
Rio
Tinto
shareholders
located
in
the US
It
may
be
difficult
for
you
to
enforce
your
rights
and
any
claim
you
may
have
arising
under
the
U.S.
federal
securities
laws,
since
the
issuers
are
located
in
a
foreign
country,
and
some
or all
of
their
officers
and
directors
may
be
residents
of
foreign
countries.
You
may
not
be
able
to
sue
a
foreign
company
or
its
officers
or
directors
in
a
foreign
court
for
violations
of
the U.S.
securities
laws.
It
may
be
difficult
to
compel
a
foreign
company
and
its
affiliates
to
subject
themselves
to
a
U.S.
court's
judgement.
You
should
be
aware
that
BHP
Billiton
may
purchase
securities
of
either
Rio
Tinto
plc
or
Rio
Tinto
Ltd
otherwise
than
under
the
exchange
offer,
such
as
in
open
market
or
privately
negotiated purchases.
References
in
this
presentation
to
“$”
are
to
United
States
dollars
unless
otherwise
specified.
BHP Billiton Offer for Rio Tinto


Slide 4
The largest mining company by market capitalisation
US$B
Market Capitalisation as at 31 January 2008
0
20
40
60
80
100
120
140
160
180
200
220
*Rio Tinto Market Cap = Market Cap of Rio Tinto Plc + 62.6% of Market Cap of Rio Tinto Ltd (due to Rio Tinto
Plc’s
approximate
37.4%
holding
of
Rio
Tinto
Ltd,
as
per
www.riotinto.com/investors/590
data
book.asp)
**Market
value
may
be
unreliable
due
to
a
high
percentage
of
non
free-float
shares.
Sources: Investments and Value Management, Datastream, Bloomberg


Slide 5
Structure driven by customer needs
Petroleum
Energy Coal
Metallurgical Coal
Manganese
Iron Ore
Stainless Steel Materials
Base Metals
Aluminium
Diamonds & Spec Prod
Note: Location of dots indicative only


Slide 6
Core strategy is unchanged
Focus on value creation
People
Run current assets at
full potential
Accelerate development
projects
Create future options
People
‘Licence to Operate’
World Class Assets
The BHP Billiton Way
(Value Added Processes)
Financial Strength
and Discipline
Project Pipeline
Growth
Options
People
‘Licence to Operate’
World Class Assets
The BHP Billiton Way
(Value Added Processes)
Financial Strength
and Discipline
Project Pipeline
Growth
Options


Slide 7
Highlights –
Half year ended December 2007
Strong operating and financial results
Cost control focus
is yielding excellent results
Project delivery
first production from seven new projects
Healthy volume growth from new production expected in FY 2008
A further four projects approved
Interim dividend increased 45% to 29 US cents per share
Longer term fundamentals remain strong


Slide 8
2006
% Change
Underlying EBIT by Customer Sector Group
2007
Half year ended December (US$m)
Petroleum
1,972
1,612
+22
Aluminium
680
840
-19
Base Metals (including Uranium)
3,367
2,889
+17
Diamonds & Specialty Products
72
78
-8
Stainless Steel Materials
799  
1,427
-44
Iron Ore
1,673
1,404
+19
Manganese
431
105
+311
Metallurgical Coal
523
657
-20
Energy Coal
277
242
+15
Group & Unallocated Items
(1)
(171)
(120)
BHP Billiton (Total)
9,623
9,134
+5
(1)  Includes Technology


Slide 9
Declining rate of cost increase
H1 FY2005 and H2 FY2005 are shown on the basis of UKGAAP.
Other
periods are calculated under IFRS. All periods excluded third party trading.
4.0%
2.2%
3.0%
1.7%
5.5%
8.4%
5.9%
4.5%
4.3%
5.8%
6.7%
5.6%
4.9%
3.9%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
H1 FY2005
H2 FY2005
H1 FY2006
H2 FY2006
H1 FY2007
H2 FY2007
H1 FY2008
Total
Excl Non-Cash
Operating cost increase relative to preceding half year


Slide 10
Outlook –
long term fundamentals strong, shorter term more fluid
0
1,000
2,000
3,000
4,000
5,000
India
China
40
42
44
46
48
50
52
54
56
58
Jan-07
Apr-07
Jul-07
Oct-07
Gross domestic product (US$bn)
ISM purchasing manufacturers index
Source: International Monetary Fund
Source: Thomson Financial


Slide 11
China’s growth driven by domestic demand…
Asian export
markets more important than the US
0
5
10
15
20
25
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007F
Consumption
Investment
Inventories
Net Exports
Source:  CEIC Data Co. Ltd (February 2008), BHP Billiton Estimates for CY2007
Composition of Chinese GDP
(RMB trillions)
Destination of Chinese exports
24%
46%
21%
9%
Europe
Other
North
America
Asia


Slide 12
Can Chinese consumption growth offset the shorter term slow
down in the US?
0
10
20
30
40
50
60
70
80
90
100
Iron Ore
Copper
Energy
China
India
USA
Europe
Share of Consumption
(2007, %)
China Share of Incremental Demand
(1997-2007, %)
0
10
20
30
40
50
60
70
80
90
100
Iron Ore
Copper
Energy
Sources of data:  CRU Quarterly Reports (January 2008); IISI –
Steel Statistical Yearbook (December 2007);
BP Statistical Review of World Energy June 2007


Slide 13
A unique balance across high margin CSM, non ferrous
and energy commodities
0%
10%
20%
30%
40%
50%
60%
70%
80%
Diamonds
Aluminium
Nickel
Copper
Ag/Pb/Zn
Energy Coal
Petroleum
Met Coal
Manganese
Iron Ore
Note:  EBITDA margin excludes third party trading.
EBITDA excluded third party trading and Group and Unallocated.
EBITDA margin H1 FY 2008
EBITDA H1 FY 2008
(Total = US$11.4bn)
CSM
Energy
Non Ferrous
Other
49%
24%
26%
1%
Non Ferrous
CSM
Energy
Other


Slide 14
Future growth from high quality opportunities
Future Options
2010
2008
As at 6 February 2008
Proposed
capital expenditure
<$500m
$501m-$2bn
$2bn+
Feasibility
Execution
Scarborough
SSM
Petroleum
D&SP
Energy Coal
Aluminium
Iron Ore
Base Metals
Met Coal
Manganese
CSG
2013
Guinea
Alumina
Samarco
4
Nimba
Worsley
E&G
Pyrenees
Samarco
Perseverance
Deeps
Navajo
Sth
Ekati
Canadian
Potash
Thebe
Browse
LNG
WA Iron Ore
Quantum 2
CW Africa
Exploration
CW Africa
Exploration
Goonyella
Expansions
GEMCO
Exp
CMSA
Pyro
Expansion
Olympic Dam
Expansion 1
Puma
Puma
CMSA Heap
Leach 2
Olympic Dam
Expansion 2
Olympic Dam
Expansion 3
Neptune
Shenzi
WA Iron Ore
RGP 4
NWS
T5
Cliffs
Cerrejon
Opt Exp
Escondida
3rd Conc
Angola
& DRC
Caroona
WA Iron Ore
RGP 5
SA Mn
Ore Exp
Resolution
Corridor
Sands I
Angostura
Gas
NWS
Angel
WA Iron Ore
Quantum 1
Saraji
MKO
Talc
Gabon
Newcastle
Third Port
Alumar
Atlantis
North
Yabulu
Klipspruit
Kipper
GEMCO
Zamzama
Phase 2
Macedon
Maruwai
Stage 1
Turrum
Neptune
Nth
CMSA Heap
Leach 1
Knotty
Head
Eastern
Indonesian
Facility
Red Hill
UG
Kipper
Ph 2
NWS CP
Corridor
Sands II
Wards
Well
RBM
Daunia
Boffa/Santou
Refinery
Peak Downs
Exp
Shenzi
Nth
Maya
Nickel
DRC
Smelter
Mad Dog
SWR
KNS
Exp
Cannington
Life Ext
Hallmark
Blackwater
UG
NWS
WFG
Kennedy
Douglas-
Middelburg
NWS Nth
Rankin B
Mt Arthur
Coal UG
Bakhuis
Maruwai
Stage 2


Slide 15
Development spend in high margin businesses
Note:
Represents pipeline projects in execution, feasibility does not include pre-feasibility projects.
EBITDA
margins
for
business
in
12
months
to
31
December
2007
not
for
individual
projects.
EBITDA margin excluded third party trading.
Source: BHP Billiton estimates.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Petroleum
Iron Ore
Aluminium
Development pipeline capex
(Total US$16.1bn)
EBITDA margins
(12 months to December 2007)
Petroleum
Aluminium
Iron Ore
Other
24%
33%
28%
15%


Slide 16
Strong cash flow -
delivering value to shareholders
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
H1
H2
0
1500
3000
4500
6000
7500
9000
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
Available Cash Flow
(US$m)
Available Cash Flow
(US$m)
Organic Growth¹
(US$m)
Return to Shareholders²
(US$m)
(1)
Capital and Exploration FY expenditures (exclude acquisitions).
(2)
Dividends paid and share buy-backs.
(3)
FY2005,
FY2006,
FY2007
and
H1
FY2008
have
been
calculated
on
the
basis
of
the
IFRS. 
Prior periods have been calculated on the basis of UKGAAP.
0
1500
3000
4500
6000
7500
9000
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008


Slide 17
Summary
Continued excellent operating and financial results
Unique portfolio balance provides stability
Project pipeline and global footprint to support future growth
Longer term outlook for global growth remains robust


BHP Billiton’s offer to acquire Rio Tinto


Slide 19
Background to the offer
Early 2007:  BHP Billiton discussed a merger of equals. This concept was rejected
by Rio Tinto
1 November 2007:  BHP Billiton made a confidential proposal to combine the
companies.  Rio Tinto rejected the proposal and refused to enter
discussions
8 November 2007:  BHP Billiton confirmed it had approached Rio Tinto with a proposal
12 November 2007:  BHP Billiton announced the proposal following
market speculation. 
Since then:
Global roadshow has indicated a clear understanding of the industrial logic of the
combination
Rio Tinto has refused to engage to discuss the proposal
21 December 2007:  BHP Billiton required to “put up or shut up”
by 6 February 2008
1 February 2008:  Chinalco
acquires a c.12% stake in Rio Tinto plc
6 February 2008:  BHP Billiton announced offers for all of the outstanding shares of Rio
Tinto
BHP Billiton Offer for Rio Tinto


Slide 20
BHP Billiton offer for Rio Tinto
Rio Tinto plc Offer:
Rio Tinto plc shareholders will receive 3.4 BHP Billiton shares for every Rio Tinto plc share held
80% in BHP Billiton Plc shares
20% in BHP Billiton Ltd shares
Separate US offer (which forms part of the Rio Tinto plc Offer) to:
US resident shareholders of Rio Tinto plc shares
All holders of Rio Tinto plc ADRs
UK CGT rollover relief expected to be available for UK resident shareholders accepting the Rio
Tinto plc Offer if there are approximately 70% acceptances under
the Rio Tinto plc Offer
Rio Tinto Ltd Offer:
Rio Tinto Ltd shareholders will receive 3.4 BHP Billiton Ltd shares for every Rio Tinto Ltd share
held
If compulsory acquisition is reached in the Rio Tinto Ltd Offer,
then Australian CGT rollover relief
is expected to be available for Australian resident shareholders
accepting the Rio Tinto Ltd
Offer
(a)
With a “mix and match”
facility
Notes:
a)
To
reach
the
compulsory
acquisition
thresholds
in
respect
of
Rio
Tinto
Ltd,
some
or
all
of
the
Rio
Tinto
plc
holding
in
Rio
Tinto
Ltd
will
need
to
be
accepted
into
the
Rio
Tinto
Ltd
Offer
by
Rio
Tinto
plc
or
ASIC
will
need
to
provide
relief
from the Australian Corporations Act.  ASIC has indicated that it would consider an application for this relief, if it becomes apparent that the Rio Tinto plc holding is having a clear defensive effect.
BHP Billiton Offer for Rio Tinto


Slide 21
BHP Billiton offer for Rio Tinto
Offers are inter-conditional
Subject to pre-conditions relating to certain anti-trust clearances in the EU, the US,
Australia, Canada and South Africa and FIRB approval in Australia
Conditional on more than 50% acceptances in respect of publicly-held shares
Subject to BHP Billiton shareholder approval and other terms and
conditions set out in the
offer announcement
Maintenance of BHP Billiton’s progressive dividend policy
Proposed initial share buyback of up to US$30bn following completion if the offer is
successful
(a)
Buyback and any refinancing of Rio Tinto’s
borrowings to be funded through a
combination
of
a
US$55bn
committed
bank
financing
facility,
cash
flow
from
operations,
asset disposal proceeds and, if required, debt financing
Target single A credit rating
DLC structure maintained
Notes:
a)
i.e.
if
BHP
Billiton
acquires
100%
of
the
shares
in
Rio
Tinto
Limited
and
Rio
Tinto
plc
on
the
3.4:1
offer
terms
announced
offer
terms.
BHP Billiton Offer for Rio Tinto


Slide 22
Unlocking value –
Why a combination with Rio Tinto?
Combined entity will have a unique portfolio of tier 1 assets
Enhanced ability to optimise
and high-grade portfolio
Greater diversity and reduced value at risk
Combination makes sense in both a rising and a falling market
Uniquely positioned to meet the growing demands of the global economy –
largely driven by
China growth
Expected material quantifiable synergies and financial benefits unique to this combination
(a)
US$1.7bn nominal per annum from cost savings
US$2.0bn additional nominal per annum primarily from volume acceleration
Other combination benefits
Broader stakeholders will benefit
Customers –
more product, more quickly and more efficiently
Communities, employees and developing countries
Notes:
a)
Estimated
incremental
EBITDA
based
on
publicly
available
information.
To
be
read
in
conjunction
with
the
notes
in
Appendix
IV
of
BHP
Billiton’s
announcement
dated
6-Feb-2008.
Full
run
rate
synergies
expected
by
year
7.
BHP Billiton Offer for Rio Tinto


Slide 23
Indicative timetable 
Event
Date
Satisfaction of regulatory approval pre-conditions
Second half of 2008
Posting of offer documents for Rio Tinto plc Offer and
Rio Tinto Ltd Offer to shareholders
Day 0
(Within 28 days after the pre-conditions
are satisfied)
Last date for fulfilment of minimum acceptance condition in Rio Tinto
plc Offer
Day 60
Last date for fulfilment of all conditions to the Rio Tinto plc Offer
and all conditions to the Rio Tinto Ltd Offer (because offers
are inter-conditional)
Day 81
First date for delivery of consideration under the offers
Within 14 days after the offers become wholly
unconditional
BHP Billiton Offer for Rio Tinto


Appendix


Slide 25
2006                     
2007
Financial highlights
Half year ended December (US$m)
Revenue
25,539
22,113
+15
Underlying EBITDA
11,167
10,494
+6
Underlying EBIT
9,623
9,134
+5
Attributable profit (excluding exceptionals)
5,995
6,168
-3
Attributable profit
6,017
6,168
-2
Net operating cash flows
7,870
7,116
+11
EPS (excluding exceptionals) (US cents)
106.8
103.9
+3
Dividends per share (US cents)
29
20
+45
%
Change


Slide 26
Cash flow
Operating cash flow
and dividends
(1)
11,600
10,188
Net interest paid
(313)
(231)
Tax paid
(2)
(3,417)
(2,841)
Net operating cash flow
7,870
7,116
Capital expenditure
(3,753)
(3,466)
Exploration expenditure
(598)
(312)
Purchases of investments
(153)
(31)
Proceeds from sale of fixed assets & investments
134
298
Net cash flow before dividends and
funding
3,500
3,605
Dividends paid
(3)
(1,571)
(1,122)
Net cash flow before funding & buy-backs
1,929
2,483
2007
2006
Half year ended December (US$m)
(1)
Operating cash flow includes dividends received.
(2)
Includes royalty related taxes paid.
(3)
Includes dividends paid to minority interests.


Slide 27
Return on capital and margins
(1)
H1 2008 is calculated on an annualised basis.
(2)
FY2005, FY2006, FY2007 and H1 2008 are shown on the basis of Underlying EBIT.
Prior periods are calculated under UKGAAP. All periods excluded third party trading.
35%
38%
30%
44%
48%
44%
29%
21%
13%
11%
40%
30%
24%
20%
0%
10%
20%
30%
40%
50%
60%
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2007
H1 2008
Return on Capital
EBIT Margin
(2)
(1)


Slide 28
2006
% Change
Underlying EBIT by Customer Sector Group
2007
Half year ended December (US$m)
Record half year EBIT
Record half year production from global continuing
operations
Cash costs flat with comparative half
Three major new projects on line in first half: Stybarrow,
Atlantis and Genghis Khan
Exploration –
successful drilling of Thebe and acreage
captured in Gulf of Mexico and Falklands
Shenzi
Petroleum
1,972
1,612
+22.3


Slide 29
2006
% Change
Underlying EBIT by Customer Sector Group
2007
Production at record levels
Softer prices for metals and cost impacted by weaker US$
South African power situation will impact metal production
Half year ended December (US$m)
Record copper concentrate production
Contribution of 96,000 tonnes from new projects
Olympic Dam pre-feasibility study progressing well
Mozal
Olympic Dam
Production and sales volumes improved second quarter
Ravensthorpe ramping up as expected
Nickel West
Aluminium
680
840
-19.0
Base Metals
3,367
2,889
+16.5
Stainless Steel Materials
799
1,427
-44.0


Slide 30
2006
% Change
Underlying EBIT by Customer Sector Group
2007
Half year ended December (US$m)
Record Half Year EBIT
Record production and shipments
RGP3 commissioned and RGP4 on schedule
Record production and shipments
Groote Eylandt expansion approved lifting capacity to
4.2mtpa of ore and concentrate
Record shipments benefiting from expanded Hay Point Terminal
EBIT impacted by lower prices
Severe flooding in Queensland will impact production
TEMCO
BMA
Mount Newman
Metallurgical Coal
523
657
-20.4
Manganese
431
105
+310.5
Iron Ore
1,673
1,404
+19.2


Slide 31
2006
% Change
Underlying EBIT by Customer Sector Group
2007
Higher export prices driven by strong demand
Record annual production at Hunter Valley and Cerrejon
Approval of Klipspruit (+1.8mtpa export coal) and
Newcastle
third port
Half year ended December (US$m)
BECSA
Koala Underground completed ahead of schedule and
budget
Increased exploration activity on diamond targets in
Angola and potash opportunity in Canada
Ekati
Energy Coal
277
242
+14.5
Diamonds & Specialty Products
72
78
-7.7


Slide 32
0%
10%
20%
30%
40%
50%
60%
70%
Petroleum
Aluminium
Base Metals
Diamonds
& Specialty
Products
Stainless
Steel
Materials
Iron Ore
Manganese
Met Coal
Energy
Coal
2005
2006
2007
H1 2008
EBIT margin
(1)
by Customer Sector Group
(1)
All periods excluded third party trading.


Slide 33
Underlying EBIT analysis
Half year ended Dec 2007 vs Dec 2006
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
Dec-06
Net Price
Volume
Exchange
Inflation
Cash Costs
Non Cash
Costs
Exploration
& Bus. Dev
Other
Dec-07
US$m
9,134
1,635
461
(506)
(206)
(199)
(61)
(222)
(413)
9,623
(1)
Including $154m of price-linked costs impact.
(2)
Including $324m due to increase in volume from new operations.
(1)
(2)


Slide 34
-250
-150
-50
50
150
250
350
450
Impact of major volume changes
Half year ended Dec 2007 vs Dec 2006
US$m
Total volume
(1)
variance US$461
million
Copper
387
Met
Coal
83
Iron
Ore
81
Aluminium/
Alumina
44
D&SP
24
Energy
Coal
(9)
Petroleum
(25)
Nickel
(226)
Other
102
(1)
Volume variances calculated using previous year margin and including $324m due
to increase in volume from new operations.


Slide 35
Impact of major commodity price
Half year ended Dec 2007 vs Dec 2006
-200
-100
0
100
200
300
400
500
Total price variance US$1,635 million
(1)
US$m
Petroleum
466
Base
Metals
350
Manganese
346
Iron Ore
333
Energy
Coal
308
SSM
97
Diamonds
(23)
Aluminium
(44)
Met Coal
(198)
(1) Including $154m of price-linked costs impact.


Slide 36
Developing world metals demand to show significant growth
US$ expenditure
(per capita)
10
20
30
40
50
GDP per capita (US$’000)*
10
20
30
40
Aluminium
Copper
Iron Ore
Coking Coal
* 1 January 2008 real US dollars
Sources of data:  CRU Quarterly Reports (January 2008); Brook Hunt Aluminium Metal
Service (February 2008); IISI –
Steel Statistical Yearbook
(December 2007); World Bank (World Development Indicators Online
Database, February 2008); BHP Billiton analysis
China: $2,000 per capita


Slide 37
But, the dollar value of oil intensity per capita is 10 times
that of non ferrous metals
US$ Expenditure
(per capita)
100
200
300
400
500
GDP per capita (US$’000)*
10
20
30
40
Crude Oil
Aluminium/Copper
China: $2,000 per capita
* 1 January 2008 real US dollars
Sources of data:  CRU Quarterly Reports (January 2008); Brook Hunt Aluminium Metal
Service (February 2008); IISI –
Steel
Statistical Yearbook (December 2007); World Bank (World Development Indicators Online Database, February 2008);
BP Statistical Review of World Energy June 2007; BHP Billiton analysis


Slide 38
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
FY02
H1 03
H2 03
H1 04
H2 04
H1 05
H2 05
H1 06
H2 06
H1 07
H2 07
H1 08
Petroleum
Aluminium
Base Metals
Iron Ore
Met Coal
Manganese
Energy Coal
SSM
Other
China
Diversification remains for sales into China
Currently 20% of total company revenues
US$m
431
785
1,075
1,357
371
1,588
Europe
Japan
Other Asia
Nth
America
China
ROW
Australia
2,407
2,946
3,611
3,999
5,293
5,013


Slide 39
But so is Metallurgical coal
Leading position in the seaborne market
100% BMA owned Hay Point limits impact of
infrastructure constraints
Significant growth options
Iron Ore is an important part of the mix
Geographic proximity to the growing Asian market
Record H1 production and shipments
Plans underway to expand WAIO to 300mtpa by 2015
And Manganese is a significant contributor
Largest supplier of seaborne manganese ore from high
quality resource base
Manganese ore and alloy assets operating at record
production levels in a strong demand environment
Broad exposure to carbon steel sector demand
20%
64%
Total Carbon Steel Sector H1 FY 2008
EBIT
(Total = US$2.6bn)
16%
Manganese
Met Coal
Iron Ore


Slide 40
Source:
EIA International Energy Outlook 2007
WNA Global Nuclear Fuel Market 2007
Well positioned to meet energy demand regardless of fuel mix
90
100
110
120
130
140
150
160
170
180
2007
2010
2015
2020
2025
2030
Energy Demand
Renewables
Nuclear
Gas
Oil
Coal
2007 = 100
Projected world primary energy demand


Slide 41
China’s copper, nickel, aluminium and iron ore demand
and its percentage share of world demand
‘000 tonnes
Data: CRU Copper Quarterly, January 2008
‘000 tonnes
Data: CRU Nickel Quarterly, January 2008
Data: Brook Hunt Aluminium Metal Service, February 2008
‘000 tonnes
million tonnes
Data: IISI –
Steel Statistical Yearbook (Dec. 2007); China Customs data
(www.customs.gov.cn); CRU -
"The Iron Ore Market Service" Interim
Report, December 2007; The Tex Report (February 2008); Iron ore data
are seaborne traded, based on import statistics
Copper
Nickel
Aluminium
Iron Ore
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
Chinese refined copper
consumption
% share of world refined copper
consumption (right hand scale)
0
50
100
150
200
250
300
350
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
Chinese primary nickel
consumption
% share of world primary nickel
consumption (right hand scale)
0
50
100
150
200
250
300
350
400
450
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Chinese iron ore imports
% share of global seaborne iron ore
(right hand scale)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
35%
Chinese aluminium
consumption
% share of global aluminium
consumption (right hand scale)


Slide 42
China and India account for a major share of world commodity
demand
Share of World Commodity Demand - 2007
0%
25%
50%
75%
100%
Other
Europe
Japan
USA
India
China
Notes: Iron ore is demand for seaborne imports.  Steel data are for crude steel production. Coal includes all
coal types. Source:  CRU Quarterly Reports (January 2008), Brook
Hunt Aluminium Metal Service (February
2008), BP Statistical Review of World Energy June 2007, IISI –
Steel Statistical Yearbook (December 2007);
BP Statistical Review of World Energy June 2007


Slide 43
China’s intensity of aluminium use is rising…but it has much
further to climb
Aluminium - GDP per capita vs consumption per capita
0
5
10
15
20
25
30
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
Note: Based on a project of similar growth patterns to the other
nations shown
Source: World Bank (World Development Indicators Online Database, February 2008); Government
Statistics for Taiwan (www.stat.gov.tw); Brook Hunt Aluminium Metal Service (February 2008)


Slide 44
China’s intensity of copper use is rising…but it has much further to
climb
Copper - GDP per capita vs consumption per capita
0
5
10
15
20
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
*Note: Based on a project of similar growth patterns to the other nations shown
Source: World Bank (World Development Indicators Online Database, February 2008); Government
Statistics for Taiwan (www.stat.gov.tw); CRU Copper Quarterly (January 2008)


Slide 45
China’s intensity of steel use is rising…but it has much further to
climb
Steel - GDP per capita vs consumption per capita
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
*Note: Based on a project of similar growth patterns to the other nations shown
Source: World Bank (World Development Indicators Online Database, February 2008); Government
Statistics for Taiwan (www.stat.gov.tw); IISI –
Steel Statistical Yearbook (Dec. 2007)


Slide 46
China’s energy use has far to grow, providing strong opportunities
for suppliers of energy raw materials
Energy - GDP per capita vs energy use per capita
0
2
4
6
8
10
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
*Note: Based on a project of similar growth patterns to the other nations shown
Source: World Bank –
World Development Indicators Online Database (February 2008), Government Statistics for Taiwan (www.stat.gov.tw);
BP Statistical Review of World Energy June 2007


Slide 47
Inventories remain at historically low levels;
Real LME metal prices are still high
Monthly Real LME Metal Prices and Stocks
0
20
40
60
80
100
120
140
160
180
200
0
2
4
6
8
10
12
14
16
18
20
LME Price Index (left scale)
Stocks (right scale)
Source: Macquarie Capital Securities Research, February 2008.  *
London Metal Exchange (LME) prices and stocks of Al, Cu, Zn, Pb, Ni
Stock/consumption ratios very low


Slide 48
1920-1945
Great Depression
World War II
High military demand
Investment dries up
Prices collapse
and stagnate
1975-2007
Emerging Market growth
Maturing of Japan
1990: Collapse of USSR
“Re-birth”
of US economy
Productivity & IT revolution
“Commodification”
Cost benefits from technology
and economies of scale
China’s long boom
Renewed “call”
on
copper resources
Global Copper Prices in 1880-2007
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
10-Year
Moving
Average
Real Annual
Cu Price
1880-1914
Second Industrial
Revolution & US economic expansion
Electrification
Colonial/imperial raw materials
networks
Rising real prices
Expansion of US
copper mining
Expansion in
African Copperbelt
Expansion in
Chile/Peru
Escondida &
Freeport
Flotation, open-pit
mining and
mechanisation
Flash smelting
Birth of Sx/Ew
WWI
WWII
Twin Oil
Shocks
Collapse
of USSR
Wall
Street
Crash
1920-2007
Sources of data: CRU Quarterly Reports (January 2008, and archives), US Geological Survey –
Metal Prices in the US Through 1998
(http://minerals.usgs.gov/minerals), US Bureau of Economic Analysis (US CPI Database)
China’s
Boom
1970s
Oil Shocks
Inflation/recession
Demand slumps
Substitution
LME pricing
Costs and prices
fall from peaks
Vietnam
War
1950-1973
Post-war boom
Japan’s
“economic miracle”
High demand growth
Nationalisation in
Chile,
Peru, Mexico
and Africa
Costs and prices rise
Producer pricing
Korean
War


Slide 49
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
Exploration
Sustaining
Capex
Growth
Expenditure
Capital & exploration expenditure
US$bn
9.9
7.4
6.4
4.3
3.1
3.0
3.2
Total
1.3
0.8
0.8
0.5
0.5
0.3
0.4
Exploration
(1)
1.5
1.4
1.4
1.2
0.8
0.7
0.9
Sustaining & Other
7.1
5.2
4.2
2.6
1.8
2.0
1.9
Growth
2008F
2007
2006
2005
2004
2003
2002
US$ Billion
(1)
2008 Forecast includes
US$600m for Petroleum
F


Slide 50
Portfolio management –
US$6.1bn of disposals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Sale Proceeds
Base Metals
D&SP
Energy Coal
SSM
Petroleum
Steel
Other
139
Dec 2007
444
FY 2007
6,146
Total proceeds
845
FY 2002
2,472
FY 2003
(1)
277
FY 2004
1,035
FY 2005
934
FY 2006
US$m
Proceeds from
sale of assets
(1) Includes BHP Steel demerger
and BHP Steel loans
(net of cash disposed and costs)
US$m


Slide 51
Sanctioned development projects (US$9.6bn)
Sanctioned
Third coal berth capable
of handling an estimated
30 million tpa
End CY10
390
Energy
Coal
Newcastle Third Port (Australia) –
35.5%
Sanctioned
Incremental 1.8 million
tpa export coal
Incremental 2.1 million
tpa domestic
H2 CY09
450
Energy
Coal
Klipspruit –
100%
Sanctioned
Additional 1 million tpa
manganese concentrate
H1 CY09
110
Mn Ore
GEMCO (Australia) –
60
%
On time and
budget.
Increase system capacity
to 155 million tpa
H1 CY10
1,850
Iron Ore
Western Australia Iron Ore RGP
4  (Australia) –
86.2%
On time and
budget.
7.6 million tpa
H1 CY08
590
Iron Ore
Samarco Third Pellet Plant
(Brazil) –
50%
On time and
budget.
2 million tpa
Q2 CY09
725
Alumina
Alumar Refinery Expansion
(Brazil) –
36%
Production Capacity
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Minerals Projects


Slide 52
Sanctioned development projects (US$9.6bn) cont.
On revised
schedule and
budget
150 million cubic feet gas
per day
H1 CY08
46
Gas
Zamzama Phase 2 (Pakistan) –
38.5%
On time and
budget.
LNG processing capacity
4.2 million tpa
Late CY08
350
LNG
North West Shelf  5th Train
(Australia) –
16.67%
On time and
budget.
50,000 barrels and 50
million cubic feet gas per
day
Q1 CY08
405
Oil/Gas
Neptune (US) –
35%
Production Capacity  
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Petroleum Projects
On revised
schedule and
budget
45,000 tpa nickel
Q1 CY08
556
Nickel
Yabulu (Australia) –
100%
On time and
budget.
360,000 tpa nickel ore
H1 CY08
139
Nickel
Cliffs (Australia) –
100%
Production Capacity
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Minerals Projects
(cont’d)


Slide 53
Sanctioned development projects (US$9.6bn) cont.
Sanctioned
10,000 bpd condensate
and processing capacity
of 80 million cubic feet
gas per day
CY11
500
Oil/Gas
Kipper (Australia)
32.5%-50%
On time and
budget.
96,000 barrels of oil and
60 million cubic feet gas
per day
H1 CY10
1,200
Oil/Gas
Pyrenees (Australia) –
71.43%
On time and
budget.
Tie-back to Atlantis South
H2 CY09
100
Oil/Gas
Atlantis North (US) –
44%
On time and
budget.
100,000 barrels and 50
million cubic feet of gas
per day
Mid CY09
1,940
Oil/gas
Shenzi (US) –
44%
On time and
budget.
800 million cubic feet gas
per day and 50,000 bpd
condensate
End CY08
200
Oil/Gas
North West Shelf Angel
(Australia) –
16.67%
Production Capacity  
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Petroleum Projects
(cont’d)


Slide 54
Development projects in feasibility (US$6.5bn)
3.2 million tpa
H2 CY11
1,000
Alumina
Guinea Alumina Project (Guinea) –
33.3%
1 million tpa clean coal
End CY08
50
Met Coal
Maruwai Stage 1 (Indonesia) –
100%
6.9 million tpa bauxite
H2 CY09
320
Bauxite
Bakhuis (Suriname) –
45%
Optimisation of existing
reserve base
H1 CY08
1,000
Energy Coal
Douglas-Middelburg Optimisation
(South Africa) –
84%
5 million tpa clean coal
H2 CY10
405
Met Coal
Maruwai (Indonesia) –
100%
1.1 million tpa
End CY10
1,750
Alumina
Worsley Efficiency and Growth
(Australia) –
86%
Project Capacity               
(100%)*
Forecast Initial
Production*
Estimated Share
of Capex*
US$m
Commodity
Minerals Projects
(US$4.7bn)
*
Indicative only


Slide 55
Development projects in feasibility (US$6.5bn) cont.
5.7 million tpa saleable coal
End CY10
480
Energy Coal
Navajo South Mine Extension
(USA) –
100%
Maintain Nickel West system
capacity
H2 CY13
500
Nickel
Perseverance Deeps (Australia) –
100%
7 million tpa saleable coal
End CY10
475
Energy Coal
Mt Arthur Coal UG (Australia) –
100%
Project Capacity               
(100%)*
Forecast Initial
Production*
Estimated Share
of Capex*
US$m
Commodity
Minerals Projects
(US$4.7bn)
LNG processing capacity
2.5 million tpa
H2 CY12
600
LNG
NWS North Rankin B –
16.67%
Project Capacity               
(100%)*
Forecast Initial
Production*
Estimated Share
of Capex*
US$m
Commodity
Petroleum Projects
(US$600m)
*
Indicative only


Slide 56
Development projects commissioned since July 2001
Q1 CY04
Q2 CY04
266
299
Products & Capacity Expansion (Australia) –
85%
Q1 CY04
Q1 CY04
33
50
Cerrejon Zona Norte (Colombia) –
33.3%
Q4 CY03
Q4 CY03
464
464
Ohanet (Algeria) –
45%
Q4 CY03
Q2 CY04
411
449
Hillside 3 (South Africa) –
100%
Q4 CY03
Q4 CY03
380
411
Mt Arthur North (Australia) –
100%
Q3 CY03
Q4 CY03
171
181
Area C (Australia)
85%
Q2 CY03
Q3 CY03
40
40
Zamzama (Pakistan) –
38.5%
Q2 CY01
Q2 CY01
752
775
Antamina (Peru) –
33.75%
Q4 CY02
Q2 CY03
34
50
Bream Gas Pipeline (Australia) –
50%
Q3 CY02
Q3 CY02
543
600
Escondida Phase IV (Chile) –
57.5%
Q3 CY02
Q3 CY02
143
146
San Juan Underground (US) –
100%
Q2 CY02
Q2 CY02
120
138
Tintaya Oxide (Peru) –
99.9%
Q3 CY01
Q3 CY01
114
128
Typhoon (US) –
50%
Mozal 2 (Mozambique)
47.1%
Project
Q2 CY03
Q4 CY03
311
405
Initial Production Date
Our Share of Capex
Actual
Budget
Actual
US$m
Budget
US$m


Slide 57
Development projects commissioned since July 2001
Q2 CY06
Q1 CY06
188
165
Worsley Development Capital Project (Australia) –
86%
Q4 CY05
Q3 CY05
33
29
Paranam Refinery Expansion (Suriname) –
45%
Oct 2005
Q4 CY05
251
230
Escondida Norte (Chile) –
57.5%
Mid CY05
Mid CY05
100
90.
BMA Phase 1 (Including Broadmeadow) (Australia) –
50%
April 2005
Mid CY05
200
200.
Dendrobium (Australia) –
100%
April 2005
Early CY05
139
146
Panda Underground (Canada) –
80%
Jan 2005
End CY04
337
327
Angostura (Trinidad) –
45%
Q2 CY04
Q2 CY04
80
83
WA Iron Ore Accelerated Expansion (Australia) –
85%
Jan 2005
End CY04
370
368.
Mad Dog (US) –
23.9%
Q4 CY04
Q4 CY04
132 .
132
GoM Pipelines Infrastructure (US) –
22/25%
Q4 CY04
Q4 CY04
101
95
Western Australia Iron Ore RGP (Australia) –
85%
Q4 CY04
Q4 CY04
192
192
ROD (Algeria) –
36%
Mid CY04
Mid CY04
252
247
NWS Train 4 (Australia) –
16.7%
Minerva (Australia) –
90%
Project
Jan 2005
Q4 CY04
157
150.
Initial Production Date
Our Share of Capex
Actual
Budget
Actual
US$m
Budget
US$m


Slide 58
Development projects commissioned since July 2001
Q4 CY07
Q4 CY07
144
(1)
140
Pinto Valley (USA) –
100%
Q4 CY07
Q4 CY07
1,300
(1)
1,300
Western Australia Iron Ore RGP3 (Australia) –
86.2%
Q4 CY07
Q1 CY08
2,079
(1)
2,200
Ravensthorpe (Australia) –
100%
End CY07
End CY07
176
200
Koala Underground (Canada)
80%
Q2 CY08
Q2 CY08
380
(1)
380
Stybarrow (Australia)-
50%
H2 CY07
H2 CY07
1,630
(1)
1,630
Atlantis
South
(US)
44%
H2 CY07
H2 CY07
365
(1)
365
Genghis Khan
(US)
44%
H1 CY07
Mid CY07
140
(1)
100
Blackwater
Coal
Preparation
(Australia)
50%
Q4 CY06
H2 CY06
88
(1)
88
BMA Phase 2 (Australia) –
50%
Q4 CY06
Q4 CY06
1,100
990
Spence (Chile) –
100%
Q2 CY06
H2 CY06
566
500
Escondida
Sulphide
Leach
(Chile)
57.5%
Q2 CY06
H2 CY06
501
489
Western
Australia
Iron
Ore
RGP2
(Australia)
85%
Project
Initial Production Date
Our Share of Capex
Actual
Budget
Actual
US$m
Budget
US$m
(1)
Actual cost subject to finalisation.


Slide 59
Key net profit sensitivities
US$1/t on iron ore price
60
US$1/bbl on oil price
30
US$1/t on metallurgical coal price
25
USc1/lb on aluminium price
25
USc1/lb on copper price
25
US$1/t on energy coal price
25
USc1/lb on nickel price
2
AUD (USc1/A$) Operations
(2)
65
RAND (0.2 Rand/US$) Operations
(2)
35
(US$m)
Approximate impact
(1)
on FY 2008 net profit
after tax of changes of:
(1)  Assumes total volumes exposed to price.
(2)  Impact based on average exchange rate for the period.