Mining boss Andrew Forrest says he's not particularly concerned about sagging Chinese equities markets, despite the slump sparking worries about growth in the world's second biggest economy.
Australian shares have fluctuated on Tuesday following weaker global markets in the wake of an eight per cent slump in Chinese shares, the biggest one-day fall in eight years.
The turmoil on Chinese share markets comes after turbulence earlier in July that prompted Beijing to step in to stabilise local markets.
Speaking on Tuesday, Mr Forrest said while he had heard about the rout in Chinese equities he wasn't very worried about it.
"I'm not particularly concerned about it. That is a very volatile market," the Fortescue Metals chairman told reporters in Sydney.
"I've just had the opportunity to spend time with some very senior Chinese industrialists and they're telling me the underlying economy could be stronger, but it is strong." He said it was his understanding "several sectors are as strong as they've ever been".
Mr Forrest wouldn't speculate on where iron ore prices would head in the wake of the big falls in Chinese shares, but said forecasting commodity prices was usually unreliable.
"We'll continue to ensure that Fortescue Metals Group is in the bottom 10 per cent, the bottom decile, of operating costs in the world," he said.
"No matter what happens Fortescue will stay ... extremely competitive."
Mr Forrest was in Sydney for meetings as part of the ASA100 group of companies that want to encourage agricultural and food safety partnerships between Australia and China.
He said one priority for the ASA100 would be to defend Australian agricultural companies' legal rights in Chinese courts.
He said if there were Chinese firms that "tried to claim their product as Australian and it isn't, we will be putting them before a Chinese court as quick as a flash".
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