Rio Tinto
(ASX:RIO) is pulling no punches when it comes to iron ore prices in the second half.
Rising supply and tepid demand are set to drive the commodity price down.
Speaking at a mining conference, Pilbara iron ore boss Greg Lilleyman predicted depressed iron ore prices will make heavy work for the global industry.
The spot price for iron ore has rebounded to $US130 a tonne, from a low of $US86 a tonne in September.
Rio Tinto last reported a $2.9 billion loss to December 31.
