Rio Tinto announces 2009 iron ore price settlement

26 May 2009

Rio Tinto subsidiary Hamersley Iron has today reached agreement with Japan's Nippon Steel Corporation on the price for Hamersley iron ore deliveries for the contract year commencing 1 April 2009.

Under this agreement, the new prices for Hamersley products will be:

Pilbara Blend Fines
US cents 97 per dry metric tonne unit

Yandicoogina Fines
US cents 97 per dry metric tonne unit

Pilbara Blend Lump
US cents 112 per dry metric tonne unit

Rio Tinto Iron Ore chief executive, Sam Walsh said: "Rio Tinto is pleased to reach this agreement today with Nippon Steel Corporation, Japan's leading steelmaker.

"We believe this settlement is a realistic outcome for both parties – one that reflects the global market for iron ore and the current challenging market conditions facing our customers."

US cents per dry metric tonne unit

Pilbara Blend Fines Yandicoogina Fines Pilbara Blend Lump

2008 144.66 144.66 201.69
2009 97 97 112

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