Ltd.’s top executives said the miner won’t rush into a deal with China’s state-backed iron ore buyer, and that any agreement must protect the company’s long-term interests as well as Australia’s.

Gus Pichot, chief executive officer for growth and energy, said it was “vital” to reach a deal that safeguarded both Fortescue and Australia, while founder and Executive Chairman Andrew Forrest said the company wouldn’t “cave in to demands” it viewed as contrary to shareholders or the country’s interests.

Fortescue has been locked in negotiations with China Mineral Resources Group Co. over contract pricing for months, resulting in curbs on some of its products. China is by far the miner’s biggest customer and buyer of Australian iron ore, the nation’s largest export.

“We want the right commercial outcome, not just the quickest one” Pichot said at Fortescue’s annual general meeting on Wednesday in Perth, noting the discussions had not been easy.

Negotiations have proved more difficult for Fortescue than for bigger rival Rio Tinto Group, which reached a long-term agreement with CMRG earlier this month. BHP Group also struggled to reach an accommodation with its main buyer before the two sides struck a deal earlier this year.

Forrest told shareholders “what BHP and Rio Tinto do is up to them,” and that Fortescue has always “played the long game.”Despite the patient tone at the AGM, Fortescue warned last week that its operations could be affected if negotiations with CMRG aren’t concluded by the end of the year. The company reported a 6% decline in ore shipments in the latest quarter, and a 10% drop in realized prices.