Mining Mogul Andrew Forrest Just Got Another $100 Million Pay Day

Iron ore billionaire Andrew ‘Twiggy’ Forrest added another $100 million to his fortune today.

His Fortescue Metals Group announced a record net profit of $US2.73 billion, up more than 50 per cent year-on-year.

It also revealed a $0.10 cent dividend, bringing the final full year dividend to $AU0.20 a share. Which doesn’t sound like a lot when compared to Rio Tinto’s fully franked dividend of $0.96 per share and BHP Billiton’s final dividend of $US.62 cents a share fully franked.

But the thing about dividends is they add up. And when you own huge portions of the company making out the cheque they can prove to be a tidy pay day.

Which is what happened to Twiggy today. According to Fortescue’s September annual report, Forrest is a substantial shareholder with more than 1.02 billion shares or 32.78% of the company.

With today’s dividend announcement Forrest should receive a cheque for about $103.3 million when dividends are paid in October.

The report lists Forrest’s annual pay package including superannuation for his position as chairman at $165,677.

Now Read: This One Chart From Fortescue’s Results Tells The Story Of Australia’s Mining Industry This Year.

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