Andrew Forrest

Andrew Forrest
Andrew Forrest
Born	John Andrew Henry Forrest; November 18, 1961 (age 64); Perth, Western Australia, Australia
Other names	Twiggy
Occupation(s)	Entrepreneur, Philanthropist
Years active	1993–present
Known for	Former CEO and current non-executive chairman of Fortescue Metals Group; founder of Anaconda Nickel; philanthropy through Minderoo Foundation and Walk Free Foundation
Notable work	Founder of Fortescue Metals Group; Initiator of Global Rapid Rugby; Philanthropic initiatives for Indigenous Australians and modern slavery eradication

John Andrew Henry Forrest AO (born 18 November 1961), commonly known by the nickname Twiggy, is a prominent Australian entrepreneur recognized primarily as the former chief executive officer and current non-executive chairman of Fortescue Metals Group (FMG). His business interests also extend into mining ventures and cattle ranching.

According to the Australian Financial Review 2023 Rich List, Forrest's net worth is estimated at AUD 33.29 billion, positioning him as Australia's second wealthiest individual. He was previously acknowledged as the nation's richest person in 2008 by the same publication.

In 2013, Andrew and his then-spouse Nicola Forrest became the inaugural Australian billionaires to commit the majority of their fortune to philanthropy through The Giving Pledge. Forrest resigned from his role as Fortescue CEO in 2011. His charitable activities predominantly operate through the Minderoo Foundation, emphasizing education and support for Indigenous Australians, alongside the Walk Free Foundation, which focuses on eradicating modern slavery. In 2011, Forrest attracted scrutiny over Fortescue's tax approach after disclosing that the company had never remitted corporate tax.

Early life

Born in Perth, Western Australia on 18 November 1961, John Andrew Henry Forrest is the youngest among three siblings of Judith (née Fry) and Donald Forrest. His family legacy includes his father, grandfather (Mervyn), and great-grandfather (David), all of whom managed Minderoo Station, originally established in 1878 by David and his brothers Alexander and John Forrest. Several relatives, including John Forrest—the first premier of Western Australia—held parliamentary positions. Forrest spent his formative years at Minderoo in the Pilbara region. The station was sold in 1998 due to financial strain and drought conditions but was reacquired by Forrest in 2009.

His education began at Onslow Primary School and continued via the School of the Air before relocating to Perth for attendance at Christ Church Grammar School and Hale School. Overcoming a childhood stammer was facilitated through guidance from Ian Black, whose Aboriginal father played a significant role in Forrest’s development. He pursued studies in economics and politics at the University of Western Australia.

Anaconda Nickel

Following graduation, Forrest embarked on a career as a stockbroker with Kirke Securities and Jacksons. Observing an annual growth rate of around 4% in stainless steel demand, he transitioned from stockbroking to mining by establishing Anaconda Nickel. He assumed the role of founding CEO in 1993 after securing ownership stakes. However, in 2001 he was removed from his CEO position amid near-collapse of the company. During restructuring, US bondholders received $0.26 per dollar owed. The company’s shares plummeted by 89% before being acquired by Glencore and subsequently rebranded as Minara Resources.

Fortescue Metals

In April 2003, Forrest gained control over Allied Mining and Processing, which possessed iron ore exploration rights in the Pilbara region, renaming it Fortescue Metals Group (FMG). He continues to hold a significant shareholding through his private entity, The Metal Group.

One of FMG’s earliest Pilbara mines transported iron ore valued at $50 billion without obtaining approval or providing compensation to the Yindjibarndi people, resulting in damage to approximately 250 cultural heritage sites.

Fortescue dispatched its inaugural iron ore shipment to China in May 2008 and expanded its production capacity to 155 million tonnes annually following a $9.2 billion investment completed in 2014. The company currently controls triple the number of tenements compared to its closest competitor within Western Australia’s Pilbara area, including major deposits such as Mount Nicholas, Christmas Creek, Cloudbreak, and Tongolo. In 2007, Forrest accepted a board position at Niagara Mining Limited (later renamed Poseidon Nickel Limited), which acquired the Windara nickel deposits near Laverton.

Forrest publicly criticized the Gillard government’s proposed Minerals Resource Rent Tax (MRRT), labeling it "economic vandalism" and a "mad dog's breakfast" that would increase foreign ownership of resources. He pledged to contest its legality before the High Court of Australia, arguing it was unconstitutional and unfairly targeted states while inadequately taxing dominant producers like BHP Billiton and Rio Tinto. Western Australian Premier Colin Barnett backed legal challenges on grounds of sovereign risk. Additionally, Forrest condemned the government’s $38 million advertising campaign aimed at countering mining sector opposition to the tax.

Former Treasurer Wayne Swan dismissed Forrest’s claims about tax impacts as "utterly unrealistic." The Treasury declined requests to disclose confidential assumptions underpinning their forecasts. Despite opposition, Gillard negotiated agreements with BHP Billiton, Rio Tinto, and Xstrata to implement the MRRT. Independent MP Andrew Wilkie urged government officials to consider Forrest’s concerns regarding mining taxation.

In August 2021, Forrest received a dividend payout totaling $2.4 billion from Fortescue’s record-breaking profits.

Tattarang

Tattarang serves as the Forrest family’s investment vehicle for their private enterprises, with interests spanning agriculture and food production, energy, health technology, real estate, natural resources, and lifestyle industries. Its principal subsidiaries encompass Fiveight, Harvest Road, Squadron Energy, Tenmile, Wyloo Metals, Z1Z, and Akubra.

Global Rapid Rugby

Following SANZAAR's decision to reduce the number of Super Rugby franchises in 2018, the Australian Rugby Union excluded Perth's Western Force from the competition. In reaction, Forrest initiated the Indo Pacific Rugby Championship in 2017, which included Western Force alongside five other teams from the Indo-Pacific region.

The tournament was launched in 2018 under the name World Series Rugby, consisting of exhibition matches designed to lead into a larger Asia-Pacific league scheduled for 2019.

In November 2018, the competition was renamed Global Rapid Rugby, staging fourteen matches throughout 2019. The 2020 season was halted after just one round due to the impact of the COVID-19 pandemic.

Cattle industry

After regaining ownership of the family estate, Minderoo Station, in 2009, Forrest expanded his pastoral portfolio by acquiring adjacent properties Nanutarra and Uaroo Stations in 2014, increasing his landholdings in the Pilbara to . In August 2015, he further purchased Brick House Station and Minilya Station for around 10 million, bringing his total land under management to over .

In 2020, Forrest extended his presence into the Kimberley region by buying Quanbun and nearby Jubilee Downs stations for upwards of 30 million.

Allied Medical

Allied Medical, a distributor of medical equipment, was separated from Fortescue Metals Group in 2005 with Forrest serving as a director. By mid-2011, he owned 46% when Allied Medical was acquired by biotech firm BioMD. Following this transaction, Forrest maintained an approximate 17–18% share in the combined Allied Healthcare Group, which subsequently transformed into the structural heart device company Anteris Technologies.

Recognition and honours

Forrest has been awarded the Australian Centenary Medal, Australian Sports Medal, received the 2017 Western Australian of the Year Award, and was honoured with the 2018 EY Entrepreneur of the Year Alumni Social Impact Award. In 2017, he was named an Officer of the Order of Australia in recognition of his exceptional contributions to mining, workforce development, sustainable international investment, and philanthropy.

In 2019, Forrest attained a PhD in Marine Science from the University of Western Australia, underscoring his dedication to marine environmental stewardship.

Other roles

Forrest holds extensive affiliations across political, commercial, and sporting domains. He serves as an adjunct professor at Chinese Southern University and is a fellow of the Australasian Institute of Mining & Metallurgy. His previous leadership positions include directorships at Australia's Export Finance and Insurance Corporation and the Chamber of Minerals and Energy of Western Australia, as well as chairmanship of Athletics Australia.

He has delivered keynote speeches at venues such as Queensland University of Technology and Christians in the Marketplace. In 2020, Forrest presented the prestigious Boyer Lectures, promoting hydrogen energy advancement and sustainable ocean governance.

Philanthropy

In 2013, Andrew and Nicola Forrest pledged to The Giving Pledge, committing to allocate a minimum of half their fortune towards charitable causes. Their philanthropic focus centers on empowering individuals and families experiencing poverty and limited opportunities, with the goal of fostering a fairer environment for development.

Indigenous Australians

Following his resignation as chief executive officer of FMG, Forrest devoted more than fifty percent of his efforts to Indigenous-focused philanthropy. He took on the role of ambassador for the Australian Indigenous Education Foundation and, inspired by figures such as Warren Buffett and Bill and Melinda Gates, he and Nicola founded the Australian Children's Trust in 2001.

Forrest launched the GenerationOne initiative, which received financial support from James Packer and Kerry Stokes, along with promotional backing from their respective media outlets, Channel 9 and Channel 7. Both GenerationOne and the Australian Children's Trust are committed to long-term solutions addressing social disadvantage. In partnership with Kevin Rudd, Forrest introduced the Australian Employment Covenant, which encourages companies to recruit Indigenous Australians by emphasizing their professionalism and reliability. From 2008 to 2011, this covenant attracted 253 corporate signatories. Although the original target was to employ 50,000 Aboriginal workers, only around 2,800 had been employed after two years.

Forrest has expressed opposition to welfare dependence within Indigenous populations. While he has spoken openly about social challenges, some of his remarks sparked criticism and a human rights complaint for allegedly disparaging Indigenous people. Furthermore, his business faced scrutiny over land acquisition practices and difficulties involving Indigenous trainees at FMG’s vocational training facility.

In 2013, Forrest was appointed to lead a government review of Indigenous employment and training programs in Australia. The resulting report, delivered in 2014 with 27 recommendations, proposed measures including the introduction of the Cashless Welfare Card.

Slavery and human trafficking

Grace Forrest, Andrew’s daughter, volunteered at an orphanage in Nepal where she encountered numerous children who had been trafficked as sex slaves to the Middle East. This experience profoundly impacted her and inspired her father to take action. At a 2014 interfaith gathering at the Vatican, Grace declared at age 21: "I feel like a puppet for hundreds of thousands of girls who are voiceless – if I can stand for them, that is what I'm here to do."

In 2010, Andrew Forrest established the Walk Free Foundation aimed at eradicating modern slavery. The foundation introduced the Global Slavery Index in 2013, which evaluates 162 countries based on estimated levels of modern slavery, child marriage, and human trafficking. The Index estimates there are 29 million enslaved individuals worldwide, with nearly half residing in India and Pakistan. In January 2014, Forrest negotiated an agreement with Pakistan targeting the liberation of over two million slaves in return for affordable coal supplies.

Forrest also founded the Global Freedom Network, which is guided by leading religious figures such as the Pope, the Archbishop of Canterbury, and the Grand Imam of al-Azhar. This network seeks to prevent faith-based organisations from associating with entities involved in slavery within their supply chains. Forrest described it as "a high-achieving, measurement-driven, totally target-oriented company" dedicated to ending slavery.

In 2014, Andrew and Grace Forrest participated in a Vatican assembly where leaders from Christianity, Judaism, Islam, Hinduism, and Buddhism—including Pope Francis and Archbishop Justin Welby—signed a Joint Religious Leaders Declaration Against Modern Slavery. Welby called on consumers to demand transparency about forced labour embedded in products they purchase.

Additional philanthropic endeavors

By 2007, Forrest had donated AUD 90 million to a charity benefiting his children. His charitable activities also extend to contributions made to Hale School, his former educational institution; involvement in the St Vincent de Paul Society's CEO sleepout events; and allocating funds from the sale of 5,000 tonnes of iron ore to support relief efforts following the 2008 Sichuan earthquake. In October 2013, he committed AUD 65 million toward advancing higher education in Western Australia, primarily through scholarship funding—marking the largest philanthropic gift in Australia at that time.

The Minderoo Foundation, Forrest’s private philanthropic entity, was rebranded as the Minderoo Group to broaden its support for higher education. Since its inception in 2001, it has granted AUD 270 million. In 2014, Andrew and Nicola Forrest pledged AUD 65 million over a decade via Minderoo to launch the Forrest Research Foundation, which provides PhD scholarships at universities across Western Australia. In 2017, Forrest contributed AUD 400 million directed at medical research and social initiatives. Two years later, in 2019, he made an additional donation of AUD 655 million to expand Minderoo’s efforts in cancer research, early childhood development, ocean conservation, and eradicating modern slavery—representing the largest living donation ever made by an Australian philanthropist.

Personal details

Andrew Forrest wed Nicola Maurice in 1991; she was raised on a farm in central western New South Wales where sheep, cattle, and wheat were cultivated. The couple has four children, including Sophia. After 31 years of marriage, Andrew and Nicola announced their separation in July 2023.

In 2018, Forrest acquired the 58.2-meter superyacht Pangaea. Originally constructed by US-based Halter Marine in 1999 and registered in Montego Bay, Jamaica, the vessel was converted into an oceanographic research ship for the Minderoo Foundation, outfitted with laboratories and specialized scientific equipment.

Forrest purchased the heritage-listed Tukurua mansion located in Cottesloe for $16 million in December 2015. The Forrest family temporarily accommodated refugees there and completed restoration work along with additional building developments by 2019. In 2022, he also acquired the nearby heritage-listed Le Fanu House.

He identifies as a Christian.