Iron Ore Giant’s Profit Falls 15 Percent as ‘Green Metals’ Gamble Takes Toll
Fortescue's bottom line also suffered after it was ordered to pay $150 million to an Aboriginal corporation.
TL;DR
- Fortescue's statutory profit dropped 15% to US$2.86 billion for the 12 months ending June 30.
- The profit decrease was attributed to issues with the company's green metals ventures and a court case.
- A US$525 million non-cash impairment impacted the Iron Bridge magnetite mine.
- Fortescue was ordered to pay $150.1 million to the Yindjibarndi Ngurra Aboriginal Corporation.
- Magnetite from the Iron Bridge mine is seen as contributing to lower-emission steelmaking due to higher iron content and furnace efficiency.