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In 2007, he took control of a Niagara Mining, which owns tenements around [[Laverton, Western Australia]].<ref name="smh1">{{cite news| url=http://www.smh.com.au/news/business/magnates-new-poseidon-adventure/2007/04/13/1175971360135.html | work=The Sydney Morning Herald | title=Magnate's new Poseidon adventure | date=14 April 2007}}</ref>
In 2007, he took control of a Niagara Mining, which owns tenements around [[Laverton, Western Australia]].<ref name="smh1">{{cite news| url=http://www.smh.com.au/news/business/magnates-new-poseidon-adventure/2007/04/13/1175971360135.html | work=The Sydney Morning Herald | title=Magnate's new Poseidon adventure | date=14 April 2007}}</ref>

⚫
Although an initial ruling in 2009 found Forrest hadn't acted in a [[misleading or deceptive]] manner<ref>{{cite web|url=http://www.theaustralian.com.au/business/mining-energy/ruling-leaves-forrest-out-of-the-woods/story-e6frg9df-1225813308964|title= Ruling leaves Andrew Forrest out of the woods|author=Jennifer Hewett|publisher=The Australian|date=December 24, 2009}}</ref>, the Federal Court of Australia overturned this decision in 2011, finding that FMG had engaged in [[misleading or deceptive conduct]] and breached the continuous disclosure provisions in the Commonwealth [[Corporations Act 2001]],<ref>http://www.lexology.com/library/detail.aspx?g=c3462ced-4169-4e80-95f6-74fbc94b6e7e</ref> by claiming to have binding contracts with China.<ref>{{cite web|url=http://www.theaustralian.com.au/business/mining-energy/ruling-leaves-forrest-out-of-the-woods/story-e6frg9df-1225813308964|title=Ruling leaves Andrew Forrest out of the woods}author=Jennifer Hewett|publisher=The Australian|date=December 24, 2009}}</ref> Fortescue is appealing against the decision.<ref>http://www.theaustralian.com.au/business/it-was-a-tough-job-says-daloisio/story-e6frg8zx-1226030332717</ref>The court found that a Chinese framework agreement does not amount to a binding contract, in the natural meaning of the word.<ref>{{cite web|url=http://www.carternewell.com/publications/corporate/asx-disclosure.aspx|title= ASIC v Fortescue Metals Group Ltd and Forrest|author=Cameron Jorrs and Tom Miers|publisher=Carter Newell}}</ref>


In June 2011, one of Forrest's organizations, Allied, was acquired by BioMD for over $20m.<ref>{{cite web|url=http://www.smartcompany.com.au/health-and-pharmaceuticals/20110621-andrew-forrest-backed-biotech-lists-on-asx.html|title=Andre Forrest-backed biotech lists on ASX|date=June 21, 2011|author=Patrick Stafford}}</ref>
In June 2011, one of Forrest's organizations, Allied, was acquired by BioMD for over $20m.<ref>{{cite web|url=http://www.smartcompany.com.au/health-and-pharmaceuticals/20110621-andrew-forrest-backed-biotech-lists-on-asx.html|title=Andre Forrest-backed biotech lists on ASX|date=June 21, 2011|author=Patrick Stafford}}</ref>

==Controversy==
⚫
Although an initial ruling in 2009 found Forrest hadn't acted in a [[misleading or deceptive]] manner<ref>{{cite web|url=http://www.theaustralian.com.au/business/mining-energy/ruling-leaves-forrest-out-of-the-woods/story-e6frg9df-1225813308964|title= Ruling leaves Andrew Forrest out of the woods|author=Jennifer Hewett|publisher=The Australian|date=December 24, 2009}}</ref>, the Federal Court of Australia overturned this decision in 2011, finding that FMG had engaged in [[misleading or deceptive conduct]] and breached the continuous disclosure provisions in the Commonwealth [[Corporations Act 2001]],<ref>http://www.lexology.com/library/detail.aspx?g=c3462ced-4169-4e80-95f6-74fbc94b6e7e</ref> by claiming to have binding contracts with China.<ref>{{cite web|url=http://www.theaustralian.com.au/business/mining-energy/ruling-leaves-forrest-out-of-the-woods/story-e6frg9df-1225813308964|title=Ruling leaves Andrew Forrest out of the woods}author=Jennifer Hewett|publisher=The Australian|date=December 24, 2009}}</ref> Fortescue is appealing against the decision.<ref>http://www.theaustralian.com.au/business/it-was-a-tough-job-says-daloisio/story-e6frg8zx-1226030332717</ref>The court found that a Chinese framework agreement does not amount to a binding contract, in the natural meaning of the word.<ref>{{cite web|url=http://www.carternewell.com/publications/corporate/asx-disclosure.aspx|title= ASIC v Fortescue Metals Group Ltd and Forrest|author=Cameron Jorrs and Tom Miers|publisher=Carter Newell}}</ref>


==Personal life==
==Personal life==

Revision as of 12:59, 9 December 2011

Andrew Forrest
Born
John Andrew Henry Forrest

1961
Perth, Australia
NationalityAustralian
Alma materUniversity of Western Australia
Occupation(s)non-executive Chairman, Fortescue Metals Group
Board member ofNiagara Mining
SpouseNicola Forrest
Children3

John Andrew Henry[2] Forrest (born 1961), better known as Andrew or by his nickame Twiggy, is a Western Australian mining company director. He currently holds the position of non-executive chairman, and is a major shareholder of Fortescue Metals Group (FMG). He was formerly the chief executive officer at FMG. In 2010 he surpassed James Packer as the richest man in Australia.[3]

Early life

Forrest is the youngest son of Donald and Judith Forrest and is the great-great nephew of John Forrest, the first premier of Western Australia.[4]

His great-grandfather, David Forrest, was the manager and (with his brothers John and Alexander, and Septimus Burt[5][6][7]) part-owner of Minderoo Station. Forrest's early years were spent as a jackaroo at Mindaroo Station, in the Pilbara.[8][9] Minderoo was owned by the Forrest family until it was sold in 1998 by Donald,[10] but was bought back by Andrew in 2009.[11][12]

Forrest was educated at Christ Church Grammar School and then Hale School,[13] both in Perth. He then attended the University of Western Australia[14] where he studied a double major in economics and politics.[15]

Career

After graduating, he worked as a stock broker at the broking house Jacksons. In his early 30s, he became the founding CEO of Anaconda Nickel (now Minara Resources), which has since grown to be one of Australia's single largest mineral exporters with its Murrin Murrin Joint Venture nickel project.

In 2003, he took control of Allied Mining and Processing and renamed it Fortescue Metals Group.[16] Since then, the company has grown to possess three times the tenements of its nearest rival in Western Australia's iron ore rich Pilbara region. Fortescue holds major deposits at Mount Nicholas, Christmas Creek, Cloudbreak, and Tongolo.

In 2007, he took control of a Niagara Mining, which owns tenements around Laverton, Western Australia.[17]

In June 2011, one of Forrest's organizations, Allied, was acquired by BioMD for over $20m.[18]

Controversy

Although an initial ruling in 2009 found Forrest hadn't acted in a misleading or deceptive manner[19], the Federal Court of Australia overturned this decision in 2011, finding that FMG had engaged in misleading or deceptive conduct and breached the continuous disclosure provisions in the Commonwealth Corporations Act 2001,[20] by claiming to have binding contracts with China.[21] Fortescue is appealing against the decision.[22]The court found that a Chinese framework agreement does not amount to a binding contract, in the natural meaning of the word.[23]

Personal life

Forrest is a bible-believing[24] church-going Christian[25] and is married with three children. Forrest is actively involved in evangelism in the market place, including his involvement with Margaret Court OAM's Victory Life Center.[26]

Philanthropy

In 2009, Forrest opened Hale School's new library, named the Forrest Library in recognition of the contributions made by the Forrest family to the school.[27]

During his tenure at Fortescue, Forrest has been recognised for his work on the issue of indigenous disadvantage.[28] However, some indigenous activists have accused Forrest of engaging in questionable methods of land acquisition.[29][30] In 2008, Forrest obtained the support of Australia's then Prime Minister Kevin Rudd for Federal Government backing of his plan to employ 50,000 Aborigines.[31][32] He is also an Ambassador of the Australian Indigenous Education Foundation.[33]

Forrest donated the proceeds of 5,000 tons of iron ore to the Chinese earthquakes.[34]

References

  1. ^ www.smh.com.au Rich executives lose billions
  2. ^ "Fortescue Metals Group Ltd company profile". InvestSmart.
  3. ^ "Australian billionaires who lost millions (or even billions)". Yahoo7!.
  4. ^ Stewart, Cameron (2008) The Accidental Billionaire The Weekend Australian Magazine 24–25 May 2008, p23
  5. ^ Erickson, Rica (1988). The Bicentennial Dictionary of Western Australians pre-1829 - 1888. Vol. II, D–J. University of Western Australia Press. p. 1094. ISBN 0855642734.
  6. ^ Black, David; Bolton, Geoffrey (1990). Biographical Register of Members of the Parliament of Western Australia. Vol. One, 1870–1930. p. 74. ISBN 0 7316 9782 0.
  7. ^ Muir, Alison & Dinee (1982). Forrest Family, Pioneers of Western Australia, 1842–1982. J.R. Muir & Son. p. 101. ISBN 0959288309.
  8. ^ West Australian newspaper. 22 November 2005
  9. ^ ABC Television "Dynasties"
  10. ^ http://www.abc.net.au/dynasties/txt/s1489302.htm
  11. ^ http://www.fionalake.com.au/blog/news/andrew-forrest-buys-back-minderoo-the-cattle-station-he-grew-up-on
  12. ^ http://fw.farmonline.com.au/news/state/agribusiness-and-general/general/forrest-buys-back-the-family-farm/1576509.aspx
  13. ^ "The accidental billionaire". The Australian. May 24, 2008.
  14. ^ "UWA staff and graduates win WA Citizen of the Year Awards". University of West Australia. May 31, 2010.
  15. ^ "Andrew Forrest, Chairman, Fortescue Metals Group". Mines and Money.
  16. ^ Herald Sun newspaper, Melbourne]. 6 August 2005
  17. ^ "Magnate's new Poseidon adventure". The Sydney Morning Herald. 14 April 2007.
  18. ^ Patrick Stafford (June 21, 2011). "Andre Forrest-backed biotech lists on ASX".
  19. ^ Jennifer Hewett (December 24, 2009). "Ruling leaves Andrew Forrest out of the woods". The Australian.
  20. ^ http://www.lexology.com/library/detail.aspx?g=c3462ced-4169-4e80-95f6-74fbc94b6e7e
  21. ^ "Ruling leaves Andrew Forrest out of the woods}author=Jennifer Hewett". The Australian. December 24, 2009.
  22. ^ http://www.theaustralian.com.au/business/it-was-a-tough-job-says-daloisio/story-e6frg8zx-1226030332717
  23. ^ Cameron Jorrs and Tom Miers. "ASIC v Fortescue Metals Group Ltd and Forrest". Carter Newell.
  24. ^ "Ruling leaves Andrew Forrest out of the woods}author=Jennifer Hewett". The Australian. December 24, 2009.
  25. ^ David Weber (May 15, 2008). "Fortescue Metals loads first iron ore shipment". Australian Broadcasting Corporation.
  26. ^ "Breakfast with Andrew Forrest". Victory Life Center. May 1, 2010.
  27. ^ The Haleian, Volume 21, No 2, November 2009, page 8
  28. ^ http://www.abc.net.au/lateline/content/2008/s2323690.htm
  29. ^ Yindjibarndi Protests
  30. ^ FMG's Great Native Title Swindle
  31. ^ WA Today article on Forrest and Aborigines
  32. ^ "Screams in the night spur magnate into action". The Sydney Morning Herald. 4 October 2008. Retrieved 6 December 2011.
  33. ^ "Our People". Australian Indigenous Education Foundation. 2011. Retrieved 2011-09-07.
  34. ^ David Weber (May 15, 2008). "Fortescue Metals loads first iron ore shipment".

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