Rio Tinto offer for Alcan commenced

24 July 2007

Montréal, Melbourne and London (24 July 2007) - Rio Tinto plc and Alcan Inc. announce that Rio Tinto Canada Holding Inc., an indirect wholly-owned subsidiary of Rio Tinto, will today commence its offer for Alcan and mail its offer and take-over bid circular to Alcan shareholders. The Alcan directors' circular containing the Alcan board's unanimous recommendation to accept the Rio Tinto Canada Holding offer is also being mailed to Alcan shareholders. Earlier this month, Rio Tinto and Alcan reached an agreement for Rio Tinto Canada Holding to make an offer to acquire all of Alcan's outstanding common shares for US$101 per common share in a recommended, all cash transaction.

The offer represents a total consideration for Alcan common shares of approximately US$38.1 billion.

The offer is open for acceptance until 6:00 pm (Eastern Time) on September 24, 2007, unless extended, and is subject to a number of conditions including valid acceptances by holders of not less than 66 # per cent of Alcan shares on a fully diluted basis. The board of Rio Tinto has approved the transaction. The offer is expected to close in the fourth quarter of 2007.

About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London 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.

About Alcan
Alcan Inc. is a leading global materials company, delivering high quality products, engineered solutions and services worldwide. With operations in bauxite mining, alumina processing, primary metal smelting, power generation, aluminium fabrication, engineered solutions as well as flexible and specialty packaging, and with world class technology, Alcan is well positioned to meet and exceed its customers' needs. Alcan is represented by 68,000 employees, including its joint ventures, in 61 countries and regions.
 
For the year ended 31 December 2006, Alcan had audited consolidated revenues of US$23,641 million (2005: US$20,320 million), and profit before taxation of US$2,373 million (2005: US$323 million). Alcan had audited gross assets as at 31 December 2006 of US$28,939 million. The Alcan financial information presented above has been extracted without material amendment from published financial reports prepared under US GAAP.