Andrew “Twiggy” Forrest is not the most likely candidate to become the poster boy for Australia’s mining boom. His last big venture ended in disaster for many investors.

US bondholders who bet $400 million on an Australian nickel mining company he founded in the 1990s, Anaconda Nickel Ltd, recouped only 26 cents on the dollar. Anglo American Plc, the world’s second-biggest mining company, fared even worse. It walked away with just 7% of its $200 million investment in Forrest’s company. Today, Forrest, 46, has once again charmed investors, in Australia and beyond, this time with the promise that he’ll become one of the largest suppliers of iron ore to China.

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