Speaking at Paydirt's Africa Downunder conference in Perth, Barnett said Africa held great potential for mining development, and Australian companies had already established a substantial presence in the region.

He said many of the challenges African nations faced in supporting mining developments were similar to the issues found in WA and Australia.

“I think the challenge for African nations is to ensure that they administer it well and they derive a fair and proper return to their people,” he said.

“I've had to stand up to major global companies, I've had to stand up to major global economies on some issues about getting quality development and a fair return.”

Barnett said governments had to ensure they minimised risk for companies, but nations should also take a tough line in negotiations.

He said big developers often pushed for subsidies and other benefits, but those incentives often weren't constructive, and many African nations weren't in a position to provide them.

“Capital can move quickly but it always likes to find a safe home,” he said.

“Don't get spooked by the companies. If the resources are there they'll come.”

Taking stock of the wider economic picture, Barnett said the government was aiming to quickly complete the sale of some state assets, including Port Hedland's Utah Point bulk handling facility.

“I don't want to get caught up with endless consultants and other processes,” he said.

Barnett also said he expected the iron ore price to recover somewhat, but the new floor appeared to be levelling around $US90 a tonne.