CANBERRA, May 22 (Xinhua) -- Australian mining magnate and business billionaire Andrew Forrest announced on Monday that he was giving away 400 million AU dollars (298 million U.S. dollars), in what will be the largest philanthropic donation by a living person in the country's history.
Forrest, chairman and former CEO of mining company Fortescue Metals Group, announced the donation -- which will be distributed to a number of different causes -- in Canberra, explaining that recent strength in the iron ore market meant he could once again afford to donate vast sums of money.
"We had a slightly unsustainable business model previously where we would actually borrow money to give it away," Forrest said on Monday.
"And fortunately, we don't have to do that now thanks to the strength of the iron ore sector, the leadership of this country throughout the ages, and that word I would like to introduce more commonly into the dialogue of leadership, which is courage'."
The mining and business mogul was worth an estimated 1.7 billion AU dollars (1.24 billion dollars) in 2016, making him Australia's 22nd richest person.
According to Forrest, the donation will be split among a number of worthy causes, with 75 million AU dollars (55.85 million dollars) to be allocated to a number of cancer institutes, 75 million (55.85 million dollars) to higher education research, 75 million (55.85 million dollars) to the cause of giving children the "best chance in life".
Meanwhile, 50 million AU dollars (37.2 million dollars) will be allocated to "building stronger communities", and 50 million (37.2 million dollars) to creating "equal opportunity among all Australians".
Forrest will also give 75 million AU dollars (55.85 million dollars) to his Walk Free Foundation, which aims towards ending modern slavery.
Back in 2013, Forrest and his wife Nicola announced to make an donation of 65 million AU dollars (at that time 61.5 million dollars) to alma mater, the University of Western Australia, making it the single largest donation in Australian history by then.
Prime Minister Malcolm Turnbull, present at the announcement at the Parliamet House in Canberra, described the nation's "biggest single philanthropic gift" as a "game-changer".
"It is a game-changer in the Australian philanthropic community. And it will change the lives of thousands of people here in and around the world," Turnbull said.
"But all of us should seek to do as much as we can with what we have. So, this is real leadership and leading by example."
