Mining billionaires Andrew and Nicola Forrest separate after 31 years
The couple says their decision will not change the direction of their iron ore business.
Iron ore billionaires Andrew and Nicola Forrest have separated.
The pair late on Wednesday issued a statement confirming that they would go separate ways.
“After 31 years of marriage, we have made the decision to live apart,” they said. “Our friendship and commitment to our family remains strong.”
There had been speculation about the state of their relationship for several months, which had intensified in recent weeks amid a reshuffling of the ownership structure of the pair’s Fortescue Metals Group shareholding – worth more than $33bn at Wednesday’s closing price – a substantial $5bn donation of Fortescue shares to the pair’s charitable organisation the Minderoo Foundation, and a major restructure and scaling back of Minderoo’s philanthropic objectives.
While the breakdown of the Forrest marriage will have implications for the ownership stakes in Fortescue, the pair said the change in circumstances would not affect Fortescue or their private organisations.
“There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang,” they said. “We will continue our shared mission to create and gift our wealth to tackle community and global challenges, as recently shown by last month’s donation of one-fifth of our Fortescue shareholding to Minderoo Foundation.”
The pair had become one of Australia’s highest-profile couples given the scale of their fortune and their willingness to direct their funds and their influence towards philanthropic and social causes.
In 2013 they became the first Australians to sign The Giving Pledge, a commitment to give away the bulk of their wealth during their lifetimes.
Ms Forrest has been an active advocate for early childhood development and the arts, in particular, while Dr Forrest has been especially passionate about marine research and environmental protection. Dr Forrest has also become increasingly hands-on in the operation of Fortescue, having moved back into the executive chairman position last year.
A “change of interests” notice lodged on Dr Forrest’s behalf late last month detailed changes to the distribution of the couple’s Fortescue shares, with more than $1bn of Fortescue shares being moved into a new company wholly owned by Ms Forrest called Coaxial Ventures.
While the Fortescue shareholding is by far their largest asset, they also own a diverse suite of other businesses and assets, including bootmaker RM Williams, numerous agriculture assets such as Harvey Beef, commercial buildings, and a network of boutique hospitality properties.
Tattarang has become a major renewable energy developer through Squadron Energy, and has also purchased nickel assets in Australia and overseas.
Dr Forrest had been ranked as Australia’s richest man and second-richest person behind fellow West Australian iron ore magnate Gina Rinehart, but is likely to slip down that ranking as a result of the split.
The pair have two adult daughters, Grace and Sophia, and an adult son named Sydney.
Dr Forrest and Ms Forrest remain equal owners of Tattarang, which holds around two-thirds of the couple’s Fortescue shares.
Dr Forrest was in London this week, where he met King Charles and US President Joe Biden. Ms Forrest, who is originally from NSW, has been primarily based in Sydney in recent times.
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