Australia's iron ore industry is well placed to benefit from some of the world's fast-growing economies and will not be reliant upon on Chinese demand in the future, according to Fortescue Metals CEO Nev Power.
While China is still crucial for the industry at the moment, Power thinks that in the future, seaborne iron ore supply coming from Australia will be important in helping fuel the industrialization and urbanization of developing countries.
(Read more: Fortescue metals still betting big on China)
"In years to come, we will see growth continue in central Asia, India, the sub-continent, the Middle East and Northern Africa. There are around 3 billion people in the world's developing countries… and it's all very well suited to the seaborne trade with the Pilbara." Power told CNBC on a tour of its Pilbara operations.
Power says one of the key components to iron ore exports to China is the proximity of the Pilbara region to China's steel-making industry located by the coast. He noted that China has turned to importing iron ore, rather than mining its own reserves due to the logistical challenges which limit the competitiveness of its miners.