Andrew Forrest, commonly known as Twiggy, is an Australian entrepreneur and businessman. He gained prominence as the former CEO of Fortescue Metals Group, a renowned mining company. In addition to his involvement in the mining industry, he also holds interests in cattle stations and has various other business ventures.
Bio/Wiki
Age-61years
Height- 5 feet 7 inches tall.
Born- 18 November 1961
Birthplace- Perth, Australia
Full name- John Andrew Henry Forrest
Profession- Entrepreneur
Spouse- Nicola Forrest
Nationality- Australian
Siblings-David Forrest, Janie Hicks
Education-Hale School, The University of Western Australia, Christ Church Grammar School
Net worth: 1,980 crores USD (2023) Forbes
Family
John Andrew Henry Forrest, born on November 18, 1961, in Perth, Western Australia, is the youngest of three children born to Judith (née Fry) and Donald Forrest. His family has a strong connection to Minderoo Station, which was established by his great-grandfather David Forrest in 1878, with his grandfather Mervyn and father also serving as managers of the station. Interestingly, several members of the family, including John, Alexander, David, and Mervyn, have held positions in parliament, with John becoming Western Australia’s first premier. During his early years, John spent his time at Minderoo, situated in the Pilbara region near Onslow. Although Minderoo was sold by his father in 1998 due to severe drought and financial difficulties, John later repurchased the station in 2009.
Wife
After being married for 31 years, Andrew and Nicole announced their separation in July 2023. However, they have assured that their decision to separate will not have any impact on their company.
Children
Forrest adheres to the Christian faith and is the proud parent of four children named Grace, Sophia, Matilda, and Sydney.
Career
Anaconda Nickel
After completing his education, Forrest embarked on a career as a stockbroker, working at Kirke Securities and Jacksons brokerage houses. However, his attention was drawn to the increasing demand for stainless steel, which was growing at a rate of 4% annually. Recognizing the opportunity, he made a significant career shift and ventured into nickel mining. In 1993, Forrest founded Anaconda Nickel and assumed the role of its inaugural CEO after acquiring a stake in the company.
However, in 2001, Forrest faced a setback as he was removed from his position as CEO when Anaconda Nickel faced the brink of collapse. In the subsequent restructuring, US bondholders received only 26 cents for each dollar of debt owed. The company’s shares plummeted by a staggering 89% before being eventually taken over by Glencore and rebranded as Minara Resources.
Fortescue Metals
In April 2003, Andrew Forrest acquired Allied Mining and Processing, which held iron ore rights in the Pilbara region, and rebranded it as Fortescue Metals Group (FMG). He remains a significant shareholder of FMG through his private company, The Metal Group. FMG made its inaugural iron ore shipment to China in May 2008. In 2014, the company underwent a $9.2 billion expansion, increasing its capacity to 155 million tonnes per annum.
Over the years, Fortescue has become a dominant player in Western Australia’s iron ore-rich Pilbara region, possessing three times the amount of tenements compared to its closest competitor. Noteworthy deposits under Fortescue’s ownership include Mount Nicholas, Christmas Creek, Cloudbreak, and Tongolo. Additionally, in 2007, Forrest showed interest in and became a director of Poseidon Nickel Limited, formerly known as Niagara Mining Limited, which had acquired the Windara nickel deposits near Laverton, Western Australia, from WMC in 2006.
Forrest strongly criticized the Minerals Resource Rent Tax (MRRT) proposed by the Gillard government, labeling it as “economic vandalism” and a “mad dog’s breakfast.” He voiced concerns about foreign resource ownership and challenged the constitutionality of the tax in the High Court, arguing that it discriminated against certain states and failed to capture large producers such as BHP Billiton and Rio Tinto. The Western Australian premier, Colin Barnett, expressed support for legal action against the tax, referring to it as a “sovereign risk.” Forrest also criticized the government’s significant expenditure on an advertising campaign to counter industry opposition to the resources super profits tax.
There were disputes between Forrest and the government regarding the projected tax revenue, with the former treasurer, Wayne Swan, dismissing Forrest’s claims as “utterly unrealistic” and riddled with errors. Treasury acknowledged that they could not release the assumptions behind their forecasts as they were based on confidential information from major mining companies. Eventually, the Gillard government reached an agreement with BHP Billiton, Rio Tinto, and Xstrata to develop the MRRT.In August 2021, it was announced that Forrest would receive a substantial $2.4 billion dividend based on Fortescue’s record profit.
Tattarang
Tattarang serves as the holding company for the private business interests of the Forrest family. It operates as an investment entity, with a diverse portfolio spanning various sectors including agri-food, energy, health technology, property, resources, and lifestyle. Within Tattarang, there are six distinct business divisions: Fiveight, Harvest Road, Squadron Energy, Tenmile, Wyloo Metals, and Z1Z.
Global Rapid Rugby
After SANZAAR’s decision to reduce the number of Super Rugby teams in 2018, the Australian Rugby Union (now Rugby Australia) announced that the Western Force, based in Perth, would be excluded from the 2018 competition. Responding to this, Andrew Forrest revealed plans to establish a new
tournament called the Indo Pacific Rugby Championship. This competition would feature the Western Force alongside five other teams from the Indo-Pacific region.
In 2018, the tournament was launched as World Series Rugby, initially comprising exhibition matches that served as a precursor to a broader Asia-Pacific competition intended for 2019. Later, in November 2018, the tournament was rebranded as Global Rapid Rugby. The 2019 season included fourteen matches, and while a season was scheduled for 2020, it was ultimately canceled due to the COVID-19 pandemic after only one round of completed competition.
Cattle industry
After reclaiming ownership of Minderoo Station in 2009, Forrest expanded his pastoral holdings in the Pilbara region of Western Australia by acquiring Nanutarra and Uaroo Stations in 2014. This increased his total land area to 7,300 square kilometers (2,819 square miles). In August 2015, he further expanded his holdings by purchasing Brick House Station and Minilya Station for an estimated A$10 million, bringing his total pastoral land to over 10,000 square kilometers (3,861 square miles).
In 2020, Forrest continued to expand his holdings by acquiring Quanbun and the neighboring property, Jubilee Downs, in the Kimberley region of Western Australia for a sum exceeding A$30 million.
Allied Medical
In 2005, a company called Allied Medical was established as a spin-off from Fortescue Metals Group, primarily focusing on the distribution of medical equipment. Andrew Forrest served as a director of the company. In June 2011, BioMD, a biotechnology company, acquired Allied Medical, in which Forrest held a 46 percent stake. Following the takeover, Forrest retained an approximate 17-18 percent stake in the newly formed company called Allied Healthcare Group. Eventually, Allied Healthcare Group transformed into Anteris Technologies, specializing in structural heart solutions.
Achievement/Honors
Forrest has received various accolades and honors throughout his career. He was awarded the Australian Centenary Medal and the Australian Sports Medal. In 2017, he was recognized with the Western Australian of the Year Award, and in 2018, he received the EY Entrepreneur of the Year Alumni Social Impact Award.
In recognition of his contributions to the mining sector, employment and business opportunities, sustainable foreign investment, and philanthropy, Forrest was appointed an Officer of the Order of Australia in 2017.
In 2019, he obtained a PhD in Marine Science from the University of Western Australia, showcasing his deep interest in preserving the health of the oceans.
Net Wort 2023
- In 2011-$6.18 billion.
- In 2012- $5.89 billion.
- In 2013- $3.66 billion.
- In 2014- $5.86 billion.
- In 2015- $2.83 billion.
- In 2016- $3.33 billion.
- In 2017- $6.84 billion.
- In 2018- $6.10 billion.
- In 2019- $7.99 billion.
- In 2020- $23.00 billion.
- In 2021- $27.25 billion.
- In 2022- $30.70 billion.
- In 2023- $33.29 billion.
Latest News About Andrew Forrest
Australia’s richest couple, Andrew and Nicola Forrest, have decided to separate after being married for over three decades. However, they have assured that their separation will not impact their joint business ventures or philanthropic endeavors.
The majority of their wealth comes from their more than one-third stake in the iron ore mining company, Fortescue. Notably, Fortescue is currently exploring diversification into hydrogen production.
Andrew Forrest, who serves as the executive chair at Fortescue, is recognized as one of the world’s top 100 wealthiest individuals, with a net worth of approximately US$20.3 billion, as reported by Forbes. Following the division of assets, Nicola Forrest is expected to become Australia’s second richest woman, after iron ore magnate Gina Rinehart.
In a joint statement, the couple expressed their commitment to continuing their philanthropic efforts and contributing funds to address community and global challenges.