Australia's Fortescue on Monday reported a $1 billion pre-tax impairment charge associated with its flagship magnetite growth project, while posting its lowest annual profit in three years amid a surprise senior-management overhaul.
Aug 28 - Australia's Fortescue
The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick.A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion.
Fortescue raised its operating expenditure kept aside for Iron Bridge by $100 million to $4.0 billion, stating that the ramp-up to full production capacity of 22 million metric tons per annum would occur over the course of two years.
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