Latest news with #AndrewForrest
Daily Telegraph
2 days ago
- Business
- Daily Telegraph
Billionaire heiress Sophia Forrest's penthouse for sale
Actor Sophia Forrest, the daughter of mining billionaires Andrew and Nicole Forrest, has listed in Waterloo. Forrest made the move from Perth in 2018, buying the penthouse for $1.8m in 2020, then taking up residency with now wife, fellow actor Zara Zoe. The split-level three bedroom, two bathroom penthouse sits atop Warehouse 5 on Phillip Street with 183 sqm of space. MORE: MORE: Kyrgios' next big move after split from girlfriend Belle Property agents Blair Cardile and James Perlowski have the off-market penthouse listing. There are hefty $5000 quarterly strata levies for the apartment first sold for $755,000 in 2003. The development, constructed around a pool and parklands, has 127 apartments over five buildings. With 33 sales over the past year, Proptrack calculates Waterloo's three bedroom median apartment price as $1.4m, up 3.9 per cent annually. The median was $1.43m when the penthouse last sold in late 2020. MORE: Bizarre feature of Hemsworth's $50m Byron Bay home It was 1998 when developer St Hilliers bought the former the 1.4ha Chubb site for $5.8m. Warehouse 5's highest price sits at $2,185,000 from a 2017 sale. Forrest's separated parents own abode's in the Sydney CBD's Quay Grande and at Point Piper. Her next role is in July at Carriageworks in Black Swan State Theatre Company's production of Prima Facie. MORE: Byron Bay's Beach Hotel sold for $140m MORE: Wild reason Aussie has 300 homes
Nikkei Asia
5 days ago
- Business
- Nikkei Asia
Australia's 'green' iron debate grows as China targets steel emissions
SYDNEY -- Debate is heating up in Australia over how the world's largest supplier of iron ore and metallurgical coal should respond to a growing push for more environmentally friendly metals, especially in China, the country's biggest customer. Last week, Andrew Forrest, boss of the country's third-largest iron ore miner Fortescue, warned rivals that the Pilbara region -- the heartland of the country's iron industry -- risked becoming a "wasteland" if the sector did not adapt to China's move to close down blast furnaces and adopt cleaner steelmaking alternatives using Brazilian or African ores.
The Age
6 days ago
- Business
- The Age
Twiggy drops off as three West Australians make AFR's Rich List top 10
West Australian mining billionaire Andrew Forrest has fallen out of the Australian Financial Review Rich List top 10 for the first time in more than 15 years. The iron ore tycoon was ranked the richest man in Australia from 2020 to 2023, before beginning to slide down the rankings following his split from wife, Nicola, and the dividing of their shared fortune in 2023. Nicola Forrest remains in the top 10, ranked ninth with an estimated fortune worth $12.8 billion, due to holding slightly more of the family's Fortescue shares than her estranged husband. Fellow WA mining magnate Gina Rinehart has held her position as the richest Australian for the sixth year in a row despite her fortune shrinking slightly from $40.6 billion in 2024 to $38.1 billion this year due to falling iron ore prices. Rinehart's Hancock Prospecting is the country's largest private mining company, with its Roy Hill mine in the Pilbara its most valuable asset. Rounding out the West Australian contingent in the top 10 was media mogul and Seven Group Holdings boss Kerry Stokes with an estimated value of $12.7 billion – a figure which has nearly doubled since 2020, when his worth was forecast to be around $6.3 billion. This year marks Stokes' return to the top 10 after last appearing on the list five years ago. Meanwhile, one West Australian was also among the 10 debutants to feature on the list for the first time this year.
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
Twiggy drops off as three West Australians make AFR's Rich List top 10
West Australian mining billionaire Andrew Forrest has fallen out of the Australian Financial Review Rich List top 10 for the first time in more than 15 years. The iron ore tycoon was ranked the richest man in Australia from 2020 to 2023, before beginning to slide down the rankings following his split from wife, Nicola, and the dividing of their shared fortune in 2023. Nicola Forrest remains in the top 10, ranked ninth with an estimated fortune worth $12.8 billion, due to holding slightly more of the family's Fortescue shares than her estranged husband. Fellow WA mining magnate Gina Rinehart has held her position as the richest Australian for the sixth year in a row despite her fortune shrinking slightly from $40.6 billion in 2024 to $38.1 billion this year due to falling iron ore prices. Rinehart's Hancock Prospecting is the country's largest private mining company, with its Roy Hill mine in the Pilbara its most valuable asset. Rounding out the West Australian contingent in the top 10 was media mogul and Seven Group Holdings boss Kerry Stokes with an estimated value of $12.7 billion – a figure which has nearly doubled since 2020, when his worth was forecast to be around $6.3 billion. This year marks Stokes' return to the top 10 after last appearing on the list five years ago. Meanwhile, one West Australian was also among the 10 debutants to feature on the list for the first time this year.
ABC News
7 days ago
- Business
- ABC News
Shire of Coolgardie angers mining industry with 97 per cent rates hike
A cash-strapped regional shire in Western Australia's Goldfields is pushing on with plans to hike mining rates despite significant public backlash. The move has drawn the ire of industry titans in Perth and local prospectors. The Shire of Coolgardie, which was founded on the discovery of gold in 1892, has taken drastic steps since March when it revealed it was facing a $6.5 million budget deficit. The local government, colloquially known as "the mother of the Goldfields", was already dealing with an ongoing investigation into former CEO James Trail when it this month proposed raising mining rates by 119 per cent. The plan to increase the rate in the dollar for mining rates from 0.23667 to 0.52030 would result in increases for all operating mining companies and tenements within the shire. The proposal attracted 21 submissions during public consultation, with a further 179 submissions lodged in a petition. Objections flowed from major employers in the Goldfields, including companies controlled by mining magnates Andrew Forrest and Chris Ellison, and powerful lobby groups such as the Association of Mining and Exploration Companies (AMEC). At Tuesday's ordinary council meeting in Coolgardie, councillors voted in favour of a slightly reduced increase in the rate in the dollar of 0.46827. It equated to a 97 per cent increase in mining rates. Councillors also agreed to provide a 30 per cent concession for prospectors and a 25 per cent concession for exploration companies, reducing forecast rates revenue by $481,478. The shire has forecast rates revenue of $20.57 million in 2025-26, up $7.86 million from the $12.71 million forecast in 2024-25. Shire of Coolgardie president Mal Cullen had defended the proposed increase, telling the ABC the additional income would help cover the cost of a $10.4 million capital works program to repair roads damaged by increased heavy vehicle movements and mining activity in the past three years. "The reasoning behind the proposed increase is to maintain infrastructure in the shire, such as the road network," he said. "The cost of operation of local government these days is significant." Deputy shire president Tracey Rathbone said the shire had done its best under the circumstances, telling the packed public gallery at Tuesday's meeting that "voices have been heard". "It has not been an easy budget to work through," she said. The angry response to the proposed hike was reflected by the Eastern Goldfields Prospectors Association, which took out a full-page newspaper advertisement in Tuesday's edition of the Kalgoorlie Miner. The advertisement depicted the shire as the grim reaper and urged ratepayers to "stand with us", calling for the appointment of administrators and for Local Government Minister Hannah Beazley to intervene "before mining is destroyed". "We're upset, our members are ropeable they've been targeted to get the shire out of trouble," president Cranston Edwards said. "They just go to the mining industry for a quick fix, it's a like a drug addict … we've been attacked." Prospector Ferdinand Gere said the proposed rates hike was unrealistic and scandalous. Privately-owned gold miner, Corinthian Mining, said if approved, the rates bill on its tenements would jump nearly $300,000 a year to $511,534. The shire disputed that figure. Corinthian Mining managing director Noel Wemyss said it risked Coolgardie's reputation as a stable place to invest. Ms Beazley has been contacted for comment. Mr Ellison's Mineral Resources, which placed its Bald Hill mine near Kambalda into care and maintenance last year, has been working closely with the Shire of Coolgardie on plans to upgrade the Kambalda Airport. It said the proposed increases differed markedly from neighbouring local governments with no evidence-based rationale to justify the hike. In response to a similar comment during the council meeting's public question time, shire president Mal Cullen said each shire had different budget considerations to work through when drafting rate increases. Mineral Resources manager of land access and tenure, Michael Bycroft, said it would result in a $400,000 increase in rates, describing the proposed hike as "unfair and inequitable". Mr Forrest's Wyloo Metals, which closed its Kambalda nickel mines last year, wrote in its public submission to the shire that its rates bill would increase from $725,471 to $1.74 million as a result of the proposed hike. Wyloo's Kambalda asset president, Zoran Seat, noted the financial impact of the shire's decision to build a 328-bed workers camp in Kambalda, known as Bluebush Village. He said multi-million dollar losses from the effectively failed investment by the shire had directly contributed to its deficit. "We have serious concerns that the proposed rate hike is being implemented to raise funds to address the shortfall in finances the shire is facing, rather than as part of a fair or sustainable fiscal strategy," Mr Seat wrote. ASX-listed exploration company WIN Metals said its rates bill would jump from $299,000 a year to $511,000, which it described as "simply ridiculous". "The shire and its financial issues are entirely of its own creation," WIN Metals managing director Steve Norregaard said. A submission from AMEC chief executive Warren Pearce called it an "extraordinary leap", saying he was not unsympathetic to the shire's financial woes but "exorbitant rates" were not the solution. Mining giant Rio Tinto, via its general manager of technical services for lithium, Leigh Slomp, said mining growth was fragile. He pointed to a recent downturn in nickel and lithium as examples. "It threatens to severely undermine confidence in Coolgardie as a mining-friendly shire and ultimately reduce long-term revenue as companies reassess the attractiveness of operating in Coolgardie and its reputation as a stable place to invest," he said. Gold miner Evolution Mining, which this year completed a $228 million expansion of its Mungari operations, estimated the rates on its mining tenements would increase by $1.6 million to $2.8 million. Evolution Mining also owns the 100-bed Kurrajong Village in Coolgardie, with the company calculating the rates for the workforce accommodation would increase by $784,237 to $1.43 million. Mungari general manager Scott Barber said the increases would have lasting and long-term repercussions, adding the company would be asking the local government minister to intervene. ASX-listed Minerals 260 in January paid $166.5 million to acquire the Bullabulling gold project near Coolgardie. It plans to enter production in 2028 with a mine employing about 350 workers. Minerals 260 managing director Luke McFadyen said the proposed rates hike would deter investment in the region, reduce exploration activity and discourage the key industry which underpinned the local economy.
