drilling has started, page-44

rio did say that

Rio Tinto chief economist Vivek Tulpule on Monday presented a graph to investors forecasting a steady decline in the iron ore price to just above $US100 per tonne by September 2014.
Although the company on Monday did not elaborate further on the expected price movements, former Iron Ore division boss, now chief executive, Sam Walsh in January warned that the recent price spike was temporary.
Mr Walsh said short-term factors such as restocking by steel mills and traders were behind the recent rise.
Iron ore comprises at least 80 per cent of the Rio Tinto's earnings.


Read more: http://www.news.com.au/business/breaking-news/rio-predicts-50-fall-in-iron-ore-price/story-e6frfkur-1226590189575#ixzz2MwvEa8Qs