Mining magnate Twiggy Forrest gives $5 billion boost to own charity

The couple will donate a fifth of their holding in Fortescue Metals Group, equating to 220 million shares, to the philanthropic organisation.

The donation raises the foundation’s endowment to $7.6 billion.

Established in 2001, Minderoo Foundation is described as “a modern philanthropic organisation seeking to break down barriers, innovate and drive positive, lasting change.”

The organisation has focused on a range of areas, from ocean research and ending slavery, to collaborative efforts to fight cancer, to community projects.

The massive injection of funds comes as Minderoo Foundation was revealed as the number one most-donated-to charity in WA, attracting more than $500 million in donations and bequests in the 2021 reporting period, in the latest Australian Charities Report, released this week.

The report, compiled by the Australian Charities and Not-for-profits Commission (ACNC), identified philanthropists as a vital part of the charitable landscape, with charities distributing $9.7 billion in grants and donations in the period.

“Our data confirms not only that philanthropists are significant in number – nearly one fifth of registered charities are grant makers – but they also play a very significant role in funding those charities we regulate,” ACNC commissioner Sue Woodward said.

In a statement announcing the massive financial top-up of Minderoo Foundation’s funds, Dr Forrest said the initiative would allow the substantial investment to be deployed for greater public benefit.

“As our world faces enormous challenges, we have elected to continue to use our material wealth to help humanity and the environment meet these existential risks,” he said.