Mining giants Andrew and Nicola Forest to pursue separate lives

By William On Jul 12, 2023

Australia’s richest couple, Andrew ‘Twiggy’ Forrest, and his wife Nicola have officially announced they are living ‘separate’ lives.

The billionaire couple, who have been married for 31 years and share three adult children together, said they will now live separately – but they insist it won’t affect the direction of their mining empire or philanthropic interests.

“After 31 years of marriage, we have made the decision to live separately. Our friendship and devotion to our family remains strong,” the couple said in a joint statement The Australian Financial Review.

Andrew ‘Twiggy’ Forrest and Nicola Forrest (pictured), who have been married for 31 years and have a net worth of more than $30 billion, said they are now living separately

Australia’s richest couple insist their divorce won’t affect the strategic direction of their mining empire or their philanthropic ventures

Mr Forrest, known by his nickname ‘Twiggy’, was Australia’s second richest person this year – after rival mining magnate Gina Rinehart – with a whopping $35.21 billion fortune.

The couple’s wealth is largely amassed through their 36 percent stake in the iron ore mining company Fortescue Metals Group, which they founded in 2003.

They jointly oversee their private investment arm, Tattarang, and they also co-founded and continue to co-chair their philanthropic venture Minderoo Foundation, which works to address a range of issues from modern day slavery to plastic pollution.

How the Forrests made their money

Andrew Forrest first had success as a stockbroker for Kirke Securities and Jacksons.

But the aspiring entrepreneur laid the foundation for his $32 billion mining fortune by founding Anaconda Nickel Ltd, now known as Minara Resources, in 1994.

He was ousted as CEO when the company nearly collapsed in 2001, but within two years he had taken control of Allied Mining and Processing and renamed it Fortescue Metals Group.

It was the iron ore mining of Fortescue, in Western Australia’s Pilbara region, that saw the Forrest’s wealth explode thanks to exports to China.

Mr. Forrest was famously ambitious, borrowing heavily and spending between $1 billion and $2 billion building roads and railroads to support his new mines.

Some of its operations have been highly controversial, including mining on traditional lands without agreements.

In 2019, he lost a Supreme Court ruling that awarded indigenous title to the Solomon Hub iron ore mine, which is located on Yindjibarndi’s land.

That verdict meant the Yindjibarndi Aboriginal Corporation would pursue millions of dollars in damages — which Fortescue has vowed to fight.

In recent years, Mr. Forrest has diversified into renewable energy sources, including hydrogen.

He also has farming activities and is trying to capitalize on China’s growing appetite for meat and dairy products.

The couple insists their divorce will not affect the strategic direction of their mining empire or their philanthropic ventures.

“There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang,” their statement added.

The revelation of their separation came after the AFR approached the couple last month about a transaction that saw more than $1.1 billion worth of Fortescue stock placed in a new company called Coaxial Ventures, which is wholly owned by Ms Forrest.

That transaction came after Mr Forrest gave half of his Tattarang shares to Ms Forrest.

Both transactions have left Ms. Forrest controlling more Fortescue shares than her estranged husband, the AFR said.

The moves may mean that her family nickname “the undercover billionaire” no longer applies.

The nickname is partly a reference to her notorious frugality and partly because she preferred to remain in her husband’s shadow for decades.

‘The [undercover billionaire title] stems from the fact that she would encourage dad, Sydney, and me to eat a week-old yogurt because it would have been wasted,” daughter Grace Forrest told the ABC.

“The UCB does not like waste in any form.”

Her mother’s hatred of waste even led Mrs. Forrest to forego using cling wrap and washing and reusing plastic ziplock bags.

The couple has three grown children — Grace, Sophia, and Sydney — and it’s clear they have no plans to divorce.

They pledged to give away the “vast majority” of their fortune in their lifetime and have previously said they will give little to their children.

In April last year, Ms Forrest said she and Andrew would be giving away their fortune because they don’t want their three children, daughters Grace and Sophia, and son Sydney to be ‘burdened’ with alms.

“Children don’t benefit from thinking they’re going to inherit a huge amount of money,” she said earlier this year.

Last month it was revealed that the former couple donated $5 billion in shares in his mining company to his charity, the Minderoo Foundation.

Forrest, the second richest person in Australia behind mining herald Gina Rinehart, and his wife Nicola donated 220 million shares of Fortescue Metals Group.

The donation is approximately one-fifth of their interest in the company that Forrest founded in 2003 and of which he now serves as executive chairman.

Pictured: Andrew and Nicola Forrest with their daughters Grace and Sophia

Last year Ms Forrest said she and Andrew would give away their fortune because they don’t want their three children – Grace, Sophia and Sydney – to be ‘burdened’ by a handout

“As our world faces enormous challenges, we have chosen to continue using our material wealth to help humanity and the environment face these existential risks,” he told Nine newspapers.

“Wealth accumulation should be but a small part of a human being. Their contribution to their family and society is much more important.

“If you happen to be good at accumulating wealth, then I believe you should use that skill for the common good.”

Their statement on Wednesday night added: “We will continue our shared mission to create and donate our wealth to meet the challenges of the community and the world, as most recently evidenced by the donation last month of one-fifth of our Fortescue share to the Minderoo Foundation.’

Family affair: Sophia shared an intimate video of herself with Zara and her mining magnate, father Andrew (far right) and wife Nicola (far left)