Construction|Environment|Iron Ore|Sustainable
Construction|Environment|Iron Ore|Sustainable

Forrest gifts Minderoo A$5bn of Fortescue shares

Image shows Fortescue founder Andrew Forrest

Photo by Bloomberg

21st June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – The share price of iron-ore major Fortescue Metals stumbled on Wednesday with the announcement that founder and executive chairperson Andrew Forrest would gift 220-million of the company’s shares to the Minderoo Foundation.

The shareholding makes up one-fifth of the Forrest family’s shareholding in the company.

Fortescue shares were trading at A$22.12 a share on Wednesday, valuing the gift at A$4.8-billion.

Minderoo Foundation is the philanthropic foundation of Andrew and his wife Nicola Forrest.

Forrest has assured Fortescue shareholders that there would be no change in director or control of Fortescue.

The share donation in Fortescue brings Minderoo’s endowment to about A$7.6-billion, with the foundation saying on Wednesday that it enabled the deployment of substantial investment for ‘greater public benefit’.

“As our world faces enormous challenges, we have elected to continue to use our material wealth to help humanity and the environment meet these existential risks,” Forrest said.

“Accumulating wealth should only be a small part of a person. Their contribution to their family and society is way more important. Other skills such as carpentry, farming, the arts, working in construction, or for government are equally as important. If you happen to be good at accumulating wealth, then I believe in using that skill for the greater good.

“This is why we will continue to donate our wealth to causes where we can make a sustainable difference.”

Edited by Creamer Media Reporter


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