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The first shipment of 180,000 tonnes of iron ore to major Chinese steelmaker Baosteel is valued at around $11 million.
The shipment is expected to arrive in China on May 27.
The donations will be given to victims of the 7.9-magnitude earthquake that struck the Sichuan province on Monday, killing some 50,000 people, according to official estimates.
The news comes after Forrest donated $80 million worth of Poseidon Nickel options and FMG shares to the Australian Children's Trust last year.
Forrest, who is chairman of Poseidon and chief executive of FMG, donated his entire Poseidon options entitlement of 115 million options and 1 million FMG shares to the trust.
Shares in FMG were trading 11c higher at $9.35 in early afternoon trade.
