PERTH (miningweekly.com) – Mining magnate Andrew Forrest has become Australia’s most prodigious living philanthropist, donating A$400-million of his own fortune to fund a number of social and scientific causes, including cancer research, equality, higher education and ending ‘modern-day slavery’.

Prime Minister Malcolm Turnbull on Monday lauded Forrest for the donation, saying the size of the donation was the “biggest single philanthropic gift in our history and the largest donation by living Australians”.

“It is a game-changer in the Australian philanthropic community. And it will change the lives of thousands of people here in Australia and around the world,” Turnbull said.

Some A$75-million of the funding will go towards coordinating world cancer institutes, a further A$50-million towards building stronger communities, A$75-million for higher education and breakthrough research, A$50-million towards creating equality of opportunity amongst all Australians, and A$75-million towards removing modern slavery from modern human experience.

“The power of philanthropy to change lives, to change society is perhaps even greater than that of government, because it comes with the love of the philanthropist, a love of mankind,” Turnbull said on Monday.

“That is what the Greek means, the word philanthropy. This is an act of love. It is an act of generosity and above all, it is an act of leadership that will inspire other Australians, now and in the years to come, to show their love by helping those who we can support and we can advance through that commitment of love for mankind.”

The donation has also been welcomed by the Australian Mines and Metals Association, with CEO Steve Knott saying Forrest has been a great ambassador for the resources sector.

“Today’s remarkably selfless donation is yet another example of Andrew’s leadership and kindness that will change the lives of thousands of people, helping to fight a number of immensely worthwhile causes.”