Fortescue Profit Drops Due to Iron Bridge Impairment Charge; Co-CEO to Step Down
Mar 04,2024 | DAXTROMNSOLAR
Australian mining giant Fortescue Metals Group reported a decline in its annual profit due to an impairment charge related to its Iron Bridge project. The company's net profit fell 35% to $4.08 billion for the year ended June 30, 2023, compared to $6.26 billion the previous year. The Iron Bridge project, which has faced cost overruns and delays, contributed to a non-cash charge of $903 million. In addition to the financial setback, Fortescue also announced that its co-CEO, Elizabeth Gaines, will step down. Gaines has been with the company for over eight years and played a key role in its growth. The search for her replacement is currently underway.
[Fortescue Metals Group Reports Decline in Annual Profit; Co-CEO Resigns Amid Iron Bridge Challenges]
Fortescue Metals Group, one of Australia's largest mining companies, has experienced a decrease in its annual profit primarily due to an impairment charge associated with the Iron Bridge project. The company's net profit for the fiscal year ending on June 30, 2023, dropped by 35%, reaching $4.08 billion compared to the previous year's $6.26 billion. Cost overruns and delays plaguing the Iron Bridge project led to a non-cash charge amounting to $903 million. As a further development, Elizabeth Gaines, co-CEO of Fortescue, announced her resignation. Gaines, who has been an integral part of the company's growth for over eight years, will be succeeded by a new CEO whose search is currently in progress.
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