The announcement, which sees Rio Tinto become a domestic Tier Three sponsor of the London 2012 Games as the Official Mining and Metals Provider and the 40th domestic sponsor for them, marks the second time Rio Tinto has supplied the metals for Olympic and Paralympic medals having previously done so at the Salt Lake City 2002 Winter Games.

London 2012 commercial director Chris Townsend, said: "The medals are one of the great traditions and enduring images of any Olympic or Paralympic Games, so Rio Tinto will play a significant role in the successful delivery of London 2012.

"We welcome them to the London 2012 family and we look forward to working with them to ensure that our medals will be both spectacular and sustainable."

The metal for the London 2012 medals will come from opposite sides of the globe as it will be supplied from Rio Tinto's Kennecott Utah Copper mine in Salt Lake City and the Oyu Tolgoi mine in Mongolia.

But they will cast in the UK by the Royal Mint, who were awarded the contract by London 2012 last December.

Tom Albanese, Rio Tinto chief executive said: "All of us at Rio Tinto are excited to have the special job once again of digging the ore that will become treasured medals for the world's elite athletes.

"We are right behind London 2012's commitment to delivering sustainable Games, which aligns with Rio Tinto's passionate commitment to sustainable development wherever we operate around the world".

The 4,700 medals will be presented at 771 victory ceremonies across 31 venues.

They will be contested by 10,500 athletes from 205 countries competing in 26 Olympic sports and 4,200 athletes from 162 countries competing in 20 Paralympic sports.

London 2012 are set to unveil the official medal design for the Games later this year.

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