Australian mining billionaire Nicola Forrest has made a $500 million donation from her personal wealth to charitable organisations focused on early childhood development, women and First Nations people.
The gift will go to the Coaxial Foundation through $125 million in cash and 25 million Fortescue shares. A further 25 million Fortescue shares have been transferred to investment company Coaxial Ventures.
The donated shares represent half of the Fortescue stock Ms Forrest received as part of her initial separation from the company’s founder, Andrew Forrest. She also supports the Coaxial Foundation through dividends from her Fortescue holdings.
Ms Forrest said the money would help female entrepreneurs and Indigenous children, as well as supporting the foundation’s wider focus on early childhood development.
“I have a great belief in this wonderful country that we live in,” she said in a statement. “I just think that it should be the lucky country, but we are seeing more and more that there is a great divide between people that have opportunity and those that don’t.”
“You can’t take things with you, and my children don’t want to inherit great wealth. I just think there is so much that needs to be done, let’s get on with it.”
Ms Forrest’s wealth has been estimated at about $17 billion, placing her seventh on Australia’s various rich lists. Mr Forrest ranks eighth.
The couple were married for 31 years before jointly announcing their separation in 2023. At the time, they said they had no plans to divorce, while Ms Forrest this week declined to comment on whether a divorce had been finalised.
