Andrew Forrest says he has no plans to sell his stake in Fortescue Metals Group.
The comments come after speculation this week that Chinese investors were preparing to buy into the company.
Forrest told the Australian Financial Review that while he has held talks with investors, he has no intentions of selling his 33 per cent stake in FMG.
Forrest said no new shares would be issued to investors unless the price reflected the company's underlying asset value.
"We are here to build this company up, not sell out of it," he said.
"And no investor has ever been so undiplomatic to suggest a partial selldown of my own stake as it wouldn't reflect the overriding passion I have for Fortescue, the Pilbara and Australia."
FMG has been under pressure due to the falling price of iron ore, and has been forced to cut thousands of jobs from its Pilbara operations.
Shares in the company have also been hammered this year, and in April, fell to levels not seen since March 2007, at $1.90 a share.
Whispers about Chinese investment in FMG sent shares soaring by 10 per cent on Wednesday to $2.40 per share.
As of 11:30am on Friday, the company was trading at $2.46.