Well Done If You Can Get It: How Mining Tycoon Andrew ‘Twiggy’ Forrest Will Make Over $ 1 Billion In A SINGLE DAY This Year
- Andrew Forrest will make $ 1.11 billion from Fortescue Metals’ dividend for the last year
- The company posted strong results due to less competition and the Chinese demand for iron ore
- Forrest and his wife Nicola pledged to keep donating to humanitarian causes
Andrew Forrest will earn a one-time dividend payment of $ 1.11 billion, marking a great payday for the Australian mining magnate.
Fortescue Metals’ 59-year-old chairman will receive the incredible amount after the company announces its senior year dividend.
The company posted record results this year thanks to a soaring price of iron ore, reduced competition and continued demand from Chinese buyers.
CEO Elizabeth Gaines announced Fortescue Metals $ 1 per share dividend on Monday, making Forrest $ 2 billion in dividends over the past 12 months.
A dividend is an amount of money that is paid regularly, usually once a year, from the profits to a company’s shareholders.
Andrew Forrest (pictured) earns $ 1.11 billion in Fortescue Metals dividend for the last year
Forrest’s business posted record results from reduced competition and continued demand for Chinese iron ore (photo Forrest and Alannah MacTiernan at Fortescue’s Port Headland site in February 2006)
Forrest and his wife Nicola pledged to continue to donate to humanitarian causes.
“ This year, Nicola and I announced an additional $ 520 million personal donation to the Minderoo Foundation, bringing our total donations to the Foundation’s charities both here and abroad to more than $ 2 billion, ” said Forrest in the message of its chairman, as reported by Business insider.
The couple increased their ownership of the company to more than 36 percent this year.
Fortescue Metals exported 178 million tons of iron ore during the fiscal year, with the price of one ton reaching more than $ 120 ($ AUD 167) per ton.
The price soared after Brazilian exporters were unable to operate due to dam collapses and coronavirus complications, while Chinese demand was unshakable throughout the year.
Ms. Gaines said the company has delivered great annual results through their policies in managing the coronavirus.
“We started working with the impact of COVID-19 long before the first case was identified in Australia, given its impact on our China-based colleagues,” she said.
“When the pandemic hit our shores, we put in place measures such as expanded operational schedules, working from home, additional charter flights, changes to our village facilities, and temperature and health screening to keep our people and the wider community safe.”
Forrest (pictured) and his wife Nicola pledged to continue to donate to humanitarian causes