Australian iron ore magnate donates $300 million to charity

Forrest says he and wife Nicola are donating a'large proportion of our earnings

Forrest says he and wife Nicola are donating a'large proportion of our earnings

The mining magnate Andrew Forrest will unveil one of Australia's largest philanthropic donations to fund a variety of social and scientific causes.

"But all of us should seek to do as much as we can with what we have".

And yes, Forrest friend and Hollywood star Russell Crowe just happened to be there to help make the announcement.

Forrest said he wants his donation to include A$75 million for cancer research, A$75 million for higher education, A$75 million for childhood education and $75 million to be directed towards fighting modern slavery.

"All of us who have done well have been blessed by good fortune".

Mr Turnbull declared the donation an "extraordinary act" and an example of "love, generosity and leadership". Mr. Forrest is the founder of Fortescue Metals Group, one of the biggest iron ore producers in the world.

"What an awesome thing Andrew Forrest is doing".

The money will be used for research into the fight against cancer, the eradication of modern slavery and the promotion of academic research, among others.

Click below to follow HuffPost Australia Politics on Facebook! Crowe was master of ceremonies at the event.

$224 million go to global cancer institutes, university education, childhood education and to end modern slavery.

"This is real leadership", Mr Turnbull says.

The Forrests and daughter Grace founded the Walk Free Foundation in 2012, which aims to end slavery.

The family then set the gold standard for philanthropy in Australia in 2013 when they pledged to give away a majority of their wealth during their lifetimes.

Mr Forrest built his fortune in mining after founding Anaconda Nickel Ltd, now known as Minara Resources, in 1994, before founding Fortescue Metals Group in 2003, the world's fourth largest and Australia's third-largest iron ore miner behind BHP Billiton and Rio Tinto.

Sarah Davies, chief executive of Philanthropy Australia, the country's peak body for philanthropy, said Australia did not have the United States' tradition of philanthropy which she described as the "gold standard".

He was Western Australia's finalist for Australian of the Year this year. Mr. Forrest, one of Australia's richest men, has a net worth of around $4.5 billion.

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