Fortescue (ASX:FMG) expects to book a non-cash impairment charge of around $750 million before tax and about $525 million after tax on its Iron Bridge project in fiscal 2026, following a review of asset values under accounting standards and internal policies, according to a Friday Australian bourse filing.
Iron Bridge is an unincorporated joint venture in which FMG Magnetite holds a 69% stake, while Formosa Steel IB owns the remaining 31% interest, per the filing.
The assessment incorporates a revised ramp-up schedule and updated production scenarios, including the 22 million tonnes nameplate capacity, the filing said.
The impairment charge will be excluded from underlying net profit after tax, the filing added.
The company's shares fell past 1% in recent Friday trade.