Australian iron ore magnate donates $300 million to charity

May 22, 2017 - 1:13 am

CANBERRA, Australia (AP) — Iron ore mining magnate Andrew Forrest is donating 400 million Australian dollars ($300 million) to charities in what has been described as a new record in Australian philanthropy.

The 55-year-old chairman of Fortescue Metal Group and his wife, Nicola, announced Monday the money will be spent on cancer research, Australian university research, supporting disadvantaged people including Aborigines, and fighting slavery around the world.

Prime Minister Malcolm Turnbull described the donations as "the biggest single philanthropic gift in our history and the largest donation by living Australians."

Forrest's fortune was estimated by Forbes magazine this year at $4.3 billion.

The previous largest single donation to charitable fund in Australian was AU$200 million made in 2014 by gambling billionaire James Packer.

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