As fast as he’s handing the money out to his Minderoo Foundation for charity works and important causes around the globe, Andrew Forrest is dragging more cash back in.

The Fortescue Metals Group founder will pick up more than $654 million from today’s announcement that the miner will hand out a 60c-a-share out-of-cycle dividend to shareholders.

The dividend brings total payouts so far this financial year to 90c-a-share, including interim and special dividends announced in February.

The $654 million payout to Mr Forrest is double the $327 million he received from FMG on March 22, which represented the combined 30c-a-share interim and special dividend.

The iron ore magnate has also made a paper profit of $4.3 billion since the beginning of the year based on the share price appreciation on the 35 per cent stake he holds in Fortescue.

The Forrests revealed last week they had gifted a further $655 million over the past six months to their Minderoo Foundation, which they established in 2001 to address some of the world’s most urgent and complex challenges, based on the mandate of giving a hand up, not a hand out.

The extra money will go towards initiatives and to expand existing works of the foundation, including fighting cancer, maximising early childhood development, optimising ocean health, eliminating global human rights abuses and providing international advanced education scholarships.

The surprise announcement of the bonus dividend comes ahead of a looming Federal election on Saturday, in which warm favourite Labor has pledged to overhaul the dividend franking credit system.

Labor’s plans would mean some retirees and self-managed super fund holders would not be entitled to a 30 per cent franking credit on the dividends paid by companies.

Chief Executive Elizabeth Gaines said the dividend reflected Fortescue’s unwavering determination to deliver shareholder returns through dividends and investment in growth.

“The strength of our operating cash flows enables further accelerated distribution of franking credits to eligible shareholders, inclusive of the FY19 interim and special dividends totalling 30c-per-share,” she said.

“The ability to deliver this increased return to our shareholders reflects the success of our integrated operations and marketing strategy, enhanced product mix as well as the strength of demand for iron ore.”

Fortescue has enjoyed a 47 per cent bump in the average realised price of its ore to US$71 ($102) a tonne since January on the back of a surging benchmark price following supply disruptions in Brazil following a deadly tailings dam disaster at one of Vale’s mines in the country.

The company’s comparatively lower-grade ore has also benefited from reduced discounts from steel mills in China as their margins narrow.

Fortescue said the latest payout sits within it previously stated guidance of a 50 to 80 per cent payout of its net profit after tax.

The 60c-a-share payout to be paid on June 14 represents a total of $2.7 billion.

Image: Fortescue Metals Group Founder Andrew Forrest, The West Australian.