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 a presentation that was given by Marius Kloppers, Chief Executive Officer, BHP Billiton to the Merrill Lynch Global Metals, Mining & Steel Conference on May 13, 2008.
 Merrill Lynch Global Metals, Mining & Steel Conference BHP Billiton: Resourcing the Future Marius Kloppers, Chief Executive Officer 13 May 2008 |
 Slide 1 Disclaimer This document has been prepared by BHP Billiton Limited and BHP Billiton Plc (“BHP Billiton") and comprises the written materials/slides for a presentation concerning BHP Billiton's offers for Rio Tinto Limited 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. Information about Rio Tinto is based on public information which has not been independently verified. 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. 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 |
 Slide 2 Disclaimer (continued) 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 (the "SEC"), including BHP Billiton's Annual Report on Form 20-F for the fiscal year-ended June 30, 2007, and Rio Tinto’s filings with the SEC, including Rio Tinto’s Annual Report on Form 20-F for the fiscal year-ended December 31, 2007, 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. 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. The SEC generally permits mining companies in their filings with the SEC to disclose only those mineral deposits that the company can economically and legally extract. Certain terms in this presentation, including “resource", would not generally be permitted in an SEC filing. The material denoted by such terms is not proven or probable Reserves as such terms are used in the SEC's Industry Guide 7, and there can be no assurance that BHP Billiton will be able to convert such material to proven or probable Reserves or extract such material economically. BHP Billiton urges investors to refer to its Annual Report on Form 20-F for the fiscal year ended June 30, 2007, for its most recent statement of mineral Reserves calculated in accordance with Industry Guide 7. 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 (the “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. |
 Slide 3 Disclaimer (continued) Information for US Holders of Rio Tinto Limited Shares BHP Billiton Limited is not required to, and does not plan to, prepare and file with the SEC a registration statement in respect of the Rio Tinto Limited Offer. Accordingly, Rio Tinto Limited shareholders should carefully consider the following: The Rio Tinto Limited 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 Limited 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 judgment. You should be aware that BHP Billiton may purchase securities of either Rio Tinto plc or Rio Tinto Limited 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. |
 Slide 4 Resourcing the future Industry outlook and growth Our strategy and management philosophy Growth drivers Conclusion |
 Slide 5 Demand growth expected to continue Finished steel consumption (kg/capita) Source: World Bank; Government Statistics for Taiwan; IISI GDP/Capita (Jan. 2008 Constant US Dollars) 0 200 400 600 800 1,000 1,200 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 China India Japan Korea, Rep. United States Taiwan |
 Slide 6 0 200 400 600 800 1,000 1,200 1,400 1997 2007 0 2,000 4,000 6,000 8,000 10,000 12,000 1996 2006 China's resource demand is not limited to steel 0 150 300 450 600 750 900 1997 2007 0 3,000 6,000 9,000 12,000 15,000 18,000 1997 2007 Copper consumption (kt) Nickel consumption (kt) Imported Iron ore (mt) Energy consumption (mtoe) China USA Other Notes: Seaborne iron ore demand based on import statistics - CRU data for 2007, IISI data for 1997. Energy consumption is all uses of coal, gas, oil and nuclear, expressed as millions tonnes of oil equivalent, 2007 data not yet available. Source: CRU, Brook Hunt, BP Statistical Review of World Energy (2007), IISI. |
 Slide 7 14 2008 2010 2012 2014 18 20 22 24 2016 2020 2018 12 16 0 Risk that copper supply gap will widen Source: BHP Billiton; McKinsey analysis Includes projects classified by Brook Hunt as probable Demand at mine level Production from existing mines Additional probable brownfield production Demand unmet by brownfield Additional probable brownfields Contained Copper Mt Current mines |
 Slide 8 Significant price increases across all product groups 552% 512% 337% Met. Coal Manganese Iron Ore 421% 228% 90% Copper Nickel Aluminium 491% 346% 163% Uranium Oil Energy Coal a) Metallurgical coal based on Peak Downs/Goonyella/Hay Point FOB. JFY2008 forecast prices calculated based on 206-240% increase above JFY2007 benchmark – per BHP Billiton announcement 9-Apr-2008. b) Manganese based on GEMCO lump ore contract FOB. JFY2008 prices based on recent manganese spot price settlement reported in the Tex Report on 12-Feb-2008. c) Iron ore based on benchmark FOB prices. JFY2008 forecast prices calculated based on 65-71% increase above JFY2007 benchmark – per Vale settlement for Itabira fines. d) Copper listed on the London Mercantile Exchange (LME) e) Nickel listed on the London Mercantile Exchange (LME) f) Aluminium listed on the London Mercantile Exchange (LME) g) Uranium NEUXCO spot prices h) WTI Crude Oil listed on the New York Mercantile Exchange (NYMEX) i) Energy Coal (Powder River Basin) Carbon Steel Materials Non-Ferrous Energy (a) (b) (c) (d) (e) (f) (g) (h) (i) |
 Slide 9 Resourcing the future Industry outlook and growth Our strategy and management philosophy Growth drivers Conclusion |
 Slide 10 Maintaining our commitment to our core strategy • Focus on Tier 1 assets that are large, low-cost, expandable and consistently profitable • Upstream focus and export-oriented commodities • A deep inventory of growth options • Portfolio diversified by commodity, geography and customer • Overriding commitment to ethics, safety, environment and community engagement • Employer of choice and a preferred partner |
 Slide 11 100 110 120 130 140 150 160 We have a strong track record of growth and delivery Production Growth 2001–2007 (a) (Index: FY2001 production = 100) BHP Billiton Ltd (b) (Index: Jun-2001 = 100) 4.2 31-Dec-02 23.0 31-Dec-03 28.3 31-Dec-04 51.0 31-Dec-05 13.3 31-Dec-06 85.2 31-Oct-07 (c) % Period Ended Total BHP Shareholder Return (b) FY05 FY04 FY03 FY07 FY02 FY06 BHP Billiton CAGR 8% Source: BHP Billiton production, interim and annual reports a) Production shown for the comparable 12 months ending 30-June for BHP Billiton. Converted to copper equivalent units using BHP Billiton FY2007 average realised prices and BHP Billiton estimates. b) Source: IRESS. As at 31-Oct-2007. Total Shareholder Return (“TSR”) calculated as the increase in share value including dividends reinvested at the date of receipt. Assumes Bluescope Steel shares received by BHP Billiton Ltd shareholders in July 2002 were immediately sold with proceeds reinvested in BHP Billiton Ltd. BHP Billiton Ltd TSR 30% CAGR, 433% cumulative growth c) 31-Oct-07 is the last undisturbed trading date for Rio Tinto prior to the BHP Billiton proposal BHP Billiton CAGR 30% 0 100 200 300 400 500 600 Jun-01 Jul-02 Jul-03 Aug-04 Aug-05 Sep-06 Oct-07 |
 Slide 12 • Corporate centre focuses on the things that matter • Ensures delivery of key directives including Zero Harm, reputation & ethics • Monitors and measures business performance Corporate Centre • Responsible for managing operations and delivering efficiency • Delivers key directives • Plans and delivers down to EBIT level Business Units To deliver our strategy at scale we need a simple, accountable organisation with global talent |
 Slide 13 Our globally diversified workforce enables deep understanding of operating contexts Office location GMC • …located in offices across the world • Our leadership team is diversified across a wide range of nationalities… Business Presidents |
 Slide 14 Resourcing the future Industry outlook and growth Our strategy and management philosophy Growth drivers Conclusion |
 Slide 15 Our portfolio is diversified and balanced across high margin commodities Underlying EBITDA (12 months, US$bn) Underlying EBITDA Margin (a) (CY2007, 12 months) Note: Historical financial information has been restated for comparative purposes per note 1 of BHP Billiton’s half-year financial report for the half-year ended 31-Dec-2007. CY2007 represents the 12 months ending 31-Dec-2007. FY2002 EBITDA numbers are presented in accordance with UK GAAP whereas CY2007 is based on IFRS (so underlying EBITDA). a) EBITDA margin excludes third party sales. Iron ore 75% Manganese Energy coal Metallurgical coal 52% 52% Diamond and specialty products Base metals 40% 43% 36% Petroleum 70% Stainless steel materials Aluminium 34% 23% 0 6,000 12,000 18,000 24,000 FY2002 CY2007 4,677 23,623 Iron Ore Manganese Met. Coal Petroleum Energy Coal Aluminium Base Metals Stainless Steel Diamond & Specialty Products Non ferrous (56%) Energy (21%) Carbon Steel Materials (22%) |
      Slide 16 Boffa/Santou Refinery 2010 As at 2 May 2008 Proposed capital expenditure SSM Energy Coal D&SP Iron Ore Base Metals Petroleum Met Coal CSG Manganese Aluminium 2008 Execution Pyrenees Samarco Neptune Shenzi Alumar Atlantis North Klipspruit GEMCO Zamzama Phase 2 2013 Feasibility Guinea Alumina Guinea Alumina Worsley E&G Perseverance Deeps Maruwai Stage 1 Douglas- Middelburg Mt Arthur Coal UG Future Options Cliffs Newcastle Third Port NWS Angel Nimba Ekati Canadian Potash WA Iron Ore Quantum 1 CW Africa Exploration Angola & DRC WA Iron Ore RGP 5 Macedon Turrum CMSA Heap Leach 1 NWS CWLH Peak Downs Exp DRC Smelter Mad Dog West KNS Exp Hallmark Corridor Sands 1 Puma Cerrejon Opt Exp Angostura Gas NWS T5 Our Tier 1 project growth pipeline is attractive Navajo Sth Bakhuis Maruwai Stage 2 NWS Nth Rankin B WA Iron Ore RGP 4 Kipper Antamina Exp Goonyella Expansions Olympic Dam Expansion 3 Corridor Sands 2 Knotty Head Maya Nickel Gabon Daunia RBM Olympic Dam Expansion 2 Browse LNG Resolution Saraji Saraji Thebe CMSA Pyro Expansion Cannington Life Ext SA Mn Ore Exp Wards Well Eastern Indonesian Facility NWS WFGH Blackwater UG Olympic Dam Expansion 1 CMSA Heap Leach 2 Escondida 3rd Conc Red Hill UG GEMCO Exp Samarco 4 Shenzi Nth Neptune Nth MKO Talc Scarborough Caroona Kennedy WA Iron Ore Quantum 2 $2bn+ $501m-$2bn <$500m |
 Slide 17 Source: BHP Billiton 2007 Annual Report, 2008 Interim Financial Results Announcement, Goldman Sachs JBWere Research Note: (a) Iron equivalent production based on coking coal and manganese production converted to iron ore equivalent tons. Prices estimated by dividing CY 2007 revenue by CY 2007production. Includes production and EBIT from Iron Ore, Coking Coal and Manganese. Production calculated on BHP Billiton figures for the last twelve months, calendarised to 31-Dec-2007. Our Carbon Steel Materials assets are Tier 1 • Significant producer of Carbon Steel Materials (Iron Ore, Coking Coal and Manganese) • Resource and mineralisation that supports production for more than 50 years in both Coking Coal and Iron Ore • Large high grade ore bodies, concentrated around key infrastructure • Very low cost curve position and close proximity to Asian growth market • First class project development and production growth record • Attractive infrastructure Iron Ore Coking Coal Manganese 27.4 103.5 62.5 Iron ore equivalent (a) production (mt) (CY 2007) 193.3 1.1 0.6 3.0 4.7 Underlying EBIT (12 months, US$bn) |
 Slide 18 We are a significant independent petroleum player with a strong growth pipeline Source: BHP Billiton estimates Key growth pipeline Project Stybarrow Genghis Khan Atlantis Zamzama Neptune Train 5 NWS LNG Shenzi Pyrenees Stage Online Online Online Online 2Q CY2008 Expansion late 2008 Start up mid-2009 Start-up 2010 BHP Billiton % interest 50.00 44.00 44.00 38.50 35.00 16.67 44.00 71.43 Significant further growth options in Gulf of Mexico (U.S.), and Western Australia 0 50 100 150 200 FY07 FY08E FY09E FY10E FY11E Liquid Gas Petroleum net production forecast (mmboe/yr) |
 Slide 19 0 200 400 600 800 1,000 1,200 1,400 1,600 FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 Escondida Norte + Sulphide Leach Phase IV + Laguna Seca Concentrator Oxide Plant Expansion Phase 3.5 + Oxide Plant Phase III Phase I + II Copper production at Escondida (Tonnes, 000) Source: BHP Billiton estimates The value of Tier 1 assets is the ability to expand production Original plan: 320kt of copper a year |
 Slide 20 20 180 150 190 190 730 Staged development of Olympic Dam will unlock significant value Staged development . . . 4.0 + 0.5 4.5 5 5 = 19 100 + 20 280 200 200 = 800 (a) Does not include silvers approximate $1 per tonne Source:Resources, metal grades and recover rates obtained from the BHP Billiton FY2007 Annual Report. Prices as at 30 April 2008 as per Financial Times Copper kt p.a. Gross average revenue yield per tonne of resource (a) (US$) . . . of an incredibly rich resource 29 Olympic Dam Escondida 71 106 6 33 Uranium kt p.a. Gold koz p.a. Staged development concept - forecast production at each stage Expansion stages 1.2&1.3 1.1 2.0 3.0 Today Full produc- tion |
 Slide 21 BHP Billiton has an attractive growth profile of significant scale Copper Equivalent Tonnes '000 Production in copper equivalent tonnes Source: BHP Billiton analysis. Similar methodology as per Rio Tinto 13 February 2008 presentation on an unrisked basis. CAGR 6.9% Estimate 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 CY 07 CY 08 CY 09 CY 10 CY 11 CY 12 |
 Slide 22 47% 37% 29% 64% 47% 37% 61% 14% Iron Ore Manganese Met Coal Copper Stainless Steel Materials Aluminium Petroleum Energy Coal BHP Billiton’s growth is focused on high margin commodities Source: BHP Billiton analysis. EBIT margin excludes third party trading. Note: BHP Billiton margins are actual CY07 margins. Carbon Steel Materials Non-Ferrous Energy |
 Slide 23 Resourcing the future Industry outlook and growth Our strategy and management philosophy Growth drivers Conclusion |
 Slide 24 Conclusion – Strength, stability and growth • Strong pricing fundamentals due to increased demand and lagging supply • BHP Billiton’s strategy is unchanged - a diversified upstream portfolio of Tier 1, large, low-cost, expandable assets • BHP Billiton is well positioned to continue to create strong value for shareholders with a large project pipeline, focussed on high margin investments, which will deliver strong growth • The Rio Tinto acquisition can generate additional value for both sets of shareholders and is strongly aligned with BHP Billiton’s strategy and management philosophy of simplicity, accountability and global talent • The combined organisation would deliver: – More production, faster and lower cost, an enhanced set of future growth options and quantifiable synergies - $3.7B in incremental EBITDA by year 7 – A compelling 45% premium for Rio Tinto shareholders and participation in the world’s largest mining company |