Nice work if you can get it: How mining magnate Andrew ‘Twiggy’ Forrest will make more than $1billion in a SINGLE DAY this year
- Andrew Forrest will earn $1.11billion from Fortescue Metals final year dividend
- Company posted big results from less competition and Chinese iron ore demand
- Forrest and wife Nicola pledged to continue to donate to humanitarian causes
Andrew Forrest is set to earn a single dividend payment of $1.11billion, marking a bumper payday for the Australian mining magnate.
The 59-year-old chairman of Fortescue Metals will receive the incredible sum after the company announced its final year dividend.
The business achieved record results this year on the back of a surging iron ore price, reduced competition and unrelenting demand from Chinese buyers.
CEO Elizabeth Gaines announced Fortescue Metals $1 per share dividend on Monday, which leaves Forrest earning $2billion from dividends in the past 12 months.
A dividend is an amount of money paid regularly, usually once a year, to a company's shareholders from its profits.
Andrew Forrest (pictured) will earn $1.11billion from Fortescue Metals final year dividend
Forrest's company posted record results from reduced competition and unrelenting Chinese iron ore demand (pictured, Forrest and Alannah MacTiernan at Fortescue's site in Port Headland in February 2006)
Forrest and his wife Nicola pledged to continue to donate to humanitarian causes.
'This year, Nicola and I announced an additional personal donation of $520million to Minderoo Foundation, bringing our total donations to the Foundation’s causes, both here and abroad, to over $2billion,' Forrest said in his chairman’s message, as reported by Business Insider.
The couple increased their ownership of the company to more than 36 per cent this year.
Fortescue Metals exported 178 million tonnes of iron ore over the financial year, with the price of a tonne peaking at more than $US120 ($AUD167) per tonne.
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The price grew after Brazilian exporters were unable to operate due to dam collapses and complications from coronavirus, while Chinese demand through the year was unwavering.
Ms Gaines said the company posted great annual results through their policies in managing coronavirus.
'We began dealing with the impact of COVID-19 long before the first case was identified in Australia given the impact on our China-based colleagues,' she said.
'As the pandemic hit our shores, we introduced measures such as extended operational rosters, working from home, additional charter flights, changes to our village facilities, and temperature and health screening to keep our people and the broader community safe.'
Forrest (pictured) and his wife Nicola pledged to continue to donate to humanitarian causes
