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How mining magnate Andrew 'Twiggy' Forrest just made $1.3billion in a SINGLE day - taking his fortune to a staggering $26billion

 


Andrew Forrest made $1.3billion on Monday, adding to his $25billion fortune

The 59-year-old's Fortescue Metals Group rose nearly 5 per cent to above $24

Fortescue shares surged on Monday by five per cent, or $1.13, to $24.04 


The rich get richer they say and money makes more money: this is the envious state of Andrew ‘Twiggy’ Forest who made a watery $1.3b in a single day! In a report published today by Mail online, Mining tycoon Andrew 'Twiggy' Forrest made $1.3billion in just one day, adding to his $25billion fortune.

Monday's staggering pay day comes after shares in his Fortescue Metals Group rose nearly 5 per cent to above $24.

Fortescue shares surged five per cent, or $1.13, to $24.04, catapulting his worth to nearly nearly $27billion. 

Shares in Fortescue have nearly tripled since its March low of $8.20.

A Federal Government forecast released on Monday shows predicts iron ore is set to generate $123billion this financial year - a $21billion increase from last year.

Mass steelmaking in China and growing demand in the US, Europe, Japan and South Korea is behind the new record. 

Iron ore hasn't been hit by the worsening trade war between Australia and China. 

Earlier this year, Forrest - who is consistently named in Australia's top 10 richest people - used his contacts in China to secure $160million worth of much-needed medical supplies for Australian healthcare workers amid the pandemic.   

Forrest's philanthropic Minderoo Foundation stepped up to help by fronting the cash for the 90 tonnes of medical supplies, with state governments to reimburse the organisation for any goods used.  

The 59-year-old magnate said he offered to help after receiving a number of desperate calls from hospitals around Australia that were in short supply.

He said Chinese suppliers were under immense pressure from other organisations to secure the products and he had to use his connections to ensure Australia 'had a seat at the table'. 

Forrest's $1.3billion fortune gain comes just months after his daughter Grace nearly died after being flung 25 metres from a jet ski travelling at 70km/h.

The 26-year-old was knocked out cold when she was thrown from the watercraft she was riding with partner Brandon Clemens during a family holiday in Indonesia.

Her mother and Forrest's wife, Nicola, told the Sunday Times Magazine it was the most terrifying experience of her life.

Grace, who was crowned Western Australia's 2021 Young Australian Of The Year, was unable to stand without a walking frame for five weeks. 

The activist was unable to work at Walk Free, the anti-slavery foundation she co-founded, for two-and-a-half months.

'It was particularly scary for Brandon ... They were catapulted about 25m apart and when he came up, she was floating face down in the water,' Ms Forrest said.

'She was knocked out. It took a couple of days to get home and the neurologist we saw back here said he sees people every week that end up quadriplegic from jetski accidents ... It was a very close call.'

The Forrests founded Minderoo Foundation in 2001 and made record-breaking donations of $400 million in 2017 and $655 million in 2019.

The foundation's core initiatives include reducing disparity between Indigenous and non-Indigenous Australians, cancer research and fire and flood resilience.

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