Jul 31, 2026 – 2.52pmFortescue has written down the value of its Iron Bridge magnetite business by $1.1 billion after conceding the ramp-up of the trouble-prone project would suffer further delays, while flagging concerns over negotiations with China over pricing.The miner, led by billionaire executive chairman Andrew Forrest, warned it would book a $US750 million ($1.1 billion) pre-tax impairment on the value of Iron Bridge, while also withdrawing a target for it to produce at its full capacity of 22 million tonnes per year by 2028.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles