Andrew and Nicola Forrest reveal separation

Australian power couple Andrew and Nicola Forrest have announced their separation but say the split will have no impact on the direction of their business empire, which includes a controlling stake in Fortescue Metals Group. 

The pair issued a joint statement late on Wednesday confirming they had decided to live apart. 

“After 31 years of marriage, we have made the decision to live apart. Our friendship and commitment to our family remains strong,” the pair said. 

“There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang.”

The announcement comes after months of speculation and rumours about the Forrest's marriage.

It also follows a spate of shareholding transactions identified by the Australian Financial Review between entities within the Forrest empire. 

This has included transferring Fortescue shares to entities controlled by Ms Forrest.

However, as the two are considered 'associates', their combined 36 per cent stake remains unchanged.

Based on this holding and their private business interests, they have an estimated worth in excess of $30 billion.

In June, the Forrests announced they would be transferring $5 billion worth of shares in Fortescue - the iron ore business Andrew ‘Twiggy’ Forrest built from the ground up – to their charity, Minderoo Foundation.

"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," they said. 

The pair, who have developed a strong international profile as a couple, have three adult children - Grace, Sophia and Sydney. 

Ms Forrest has for many years been very active in running Minderoo Foundation but in the past 18 months has been increasingly active in the family's private investment company, Tattarang.

She is a director of Tattarang and some of its major subsidiaries, including RM Williams and Harvest Road. 

Mr Forrest is best known as one of Western Australia's most successful mining entrepenuers, founding Fortescue Metals Group in 2003.

He is executive chairman of the iron ore business and has in recent years broadened its focus to include developing hydrogen and other renewable energy sources.