Fortescue Metals Group Limited
(ASX:FMG) Chairman Andrew Forrest has announced a $65 million cash gift to fund research at five universities.
The move has been billed by national media as one of the biggest philanthropic donations in Australia’s history.
Mr Forrest has spoken to media about the decision and the donation is reported to include a new $50 million Forrest Foundation, which will fund scholarships and postdoctoral fellowships at UWA and WA's four other universities.
Mr Forrest told media he hopes the move will attract the brightest young minds to the state of Western Australia and establish Perth as a knowledge hub.
Mr Forrest graduated from UWA in 1983 with a degree in economics.
Fortescue generated a net profit of $1.9 billion in fiscal 2013.
