Australian billionaire Nicola Forrest gives $360m to charity
Australian billionaire Nicola Forrest has donated approximately US$360 million to her Coaxial Foundation to support early childhood development, women, and Indigenous communities. The donation includes a mix of cash and shares in the mining company Fortescue.
Why it matters
This represents one of the largest individual charitable donations in Australian history, significantly impacting funding for social programs.
Australian billionaire Nicola Forrest has given about A$520 million, or roughly US$360 million, to her own charity, the Coaxial Foundation, in what is being described as one of the largest single donations by an individual in Australia’s history.
The gift is made up of 25 million shares in iron ore miner Fortescue and A$125 million in cash, contributed through Forrest’s private investment company, Coaxial Ventures, according to law firm Arnold Bloch Leibler, which advised her on the transaction. Because part of the gift is in Fortescue shares, its value will rise and fall with the miner’s stock price.
“I have a great belief in this wonderful country that we live in,” Forrest said in a statement.
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