Delivering the Sir Arvi Parbo oration at the 2016 AMEC Convention in Perth this morning, Forrest acknowledged the sector had seen some tough conditions.

Forrest pointed to PwC’s report on the world’s top 40 miners released yesterday, which highlighted the destruction of value.

“We’ve been seen to charge for supply quality over supply value maximisation,” he said.

But Forrest slammed the current media narrative that the mining industry was dead and said it still gave him a “quivering sense of excitement”.

“It is my belief that mining is neither dead nor in a negative transition,” he said.

He said the market might be taking a “breather” but China still had a long way to go.

“I have just come back from a major trip through Europe and North America and Asia and I'm not seeing industries looking crippled,” Forrest said.

“I'm seeing industries looking strong. I'm certainly seeing that there is a cohesive urgency in a requirement for America and China, Japan and Australia to co-exist and drive each other's economies.

“I think our leaders will see the sense in that and that comes together I think you are seeing the very early stages of the next wave of global economic growth.”

Ahead of a future upturn, Forrest said the mining industry had learned from its past mistakes and would not over-invest.
 
“We are already pretty well over-invested,” he said.

“I think we can handle any increase in demand comfortably from the capital we have already invested.

“We don't have to go reaching for our shareholders chequebook. We just have to conitnue to manage well and lead even better.”

Forrest said FMG would continue to lead by example.

“I would just say look driving for oversupply, driving for market share is what has collapsed resource markets in the past,” he said. 

“It has done it again recently. I am sure we have now got enough youthful leaders coming through to say I have seen that history, I'm still young enough to make a difference and I won't do that again.”

Forrest didn’t completely rule out another business venture.

“I would never say never but you are getting pretty close.”