The billionaire founder and chair of Fortescue Metals Group Ltd (ASX: FMG), Andrew "Twiggy" Forrest, this week jointly announced with his wife Nicola Forrest that they are separating.
"After 31 years of marriage, we have made the decision to live apart," the statement read.
"Our friendship and commitment to our family remains strong."
So what impact will this have on the mining giant, which is held by the Forrest family through an investment vehicle called Tattarang?
Company confirms change in ownership
On Thursday morning Fortescue posted an announcement to the ASX to acknowledge the separation announcement from its chair.
The company sought to clarify that there would be no material adjustment to ownership because of the event.
"There will be no change to the control, direction or major shareholding owned by Tattarang and Dr Forrest's associated entities."
Fortescue did note, however, that the couple had previously flagged their intentions to wind down their stake over time for philanthropy via their charity Minderoo Foundation.
"Dr Andrew Forrest and Nicola Forrest will be transferring their wealth to charity over their lifetimes," stated the company.
"Dr Forrest remains executive chair of Fortescue and chair of Tattarang and Minderoo Foundation."
Indeed the couple had also confirmed this earlier in the week.
"We will continue our shared mission to create and gift our wealth to tackle community and global challenges, as recently shown by last month's donation of one-fifth of our Fortescue shareholding to Minderoo Foundation."
Fortescue shares were up 1.13% in early trade on Thursday morning.
Twiggy's rapid rise
Andrew Forrest founded Fortescue Metals in 2003, and it rapidly grew to become the third biggest iron ore producer in the country.
The magnate had previous experience in the sector, starting Anaconda Nickel in the 1990s.
Forrest's pre-divorce worth of $33.3 billion made him Australia's second wealthiest person, according to this year's AFR Rich List, with only Gina Rinehart ahead of him.
In recent years, Twiggy has sought to steer Fortescue into renewable energy projects via a new division named Fortescue Future Industries.
