Iron ore magnate Andrew "Twiggy" Forrest and his wife Nicola have made what is believed to be one of the biggest ever philanthropic donations in Australia's history.

Forrest has already made the donation of $65 million to the University of Western Australia for the establishment of the Forrest Foundation, which will see the provision of funds for 25 student scholarships and six postdoctoral researchers. The Forrest Foundation will be responsible for management of the funds and the…