Fortescue Metals announces $750 million Iron Bridge write‑down and Pilbara green‑grid plan
Fortescue Metals Group will record a non‑cash impairment of about $750 million before tax ($525 million after tax) on its Iron Bridge magnetite project in Western Australia’s Pilbara region. The write‑down follows a review that lowered expectations for the joint‑venture mine, which has a name‑plate capacity of 22 Mt yr⁻¹ but is now forecast to produce 11‑14 Mt in FY26/27 and around 16 Mt in FY28. Fortescue, which holds a 69 % stake alongside Formosa Steel, said the project has not yet reached its intended output. In the June‑quarter update the company reported 52.7 Mt of iron‑ore shipments, bringing total FY25/26 shipments to 201.3 Mt and breaking the 200‑Mt milestone. It projects FY27 shipments of 197‑207 Mt.
Separately, Fortescue is advancing a renewable‑energy grid to power its Pilbara operations. It has begun construction of the 690‑MW Turner River solar farm and the 132‑MW Nullagine wind farm, featuring Envision turbines. The firm aims for roughly 1.4 GW of solar, up to 1 GW of wind and 4.5 GWh of battery storage, plus a bespoke green‑grid system for third‑party customers such as data centres. CEO Dino Otranto said the company can build such grids “faster and cheaper than anyone else” and that breaking the 200‑Mt shipment barrier “doesn't happen by accident.”
Entities: Andrew Forrest · Dino Otranto · Formosa Steel · Fortescue Metals Group · Iron Bridge · Iron Bridge joint venture
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] CEO Dino Otranto says Fortescue can build bespoke green grids faster and cheaper than competitors. (analyst briefing)
- [● 2 SOURCES] Fortescue shipped 52.7 million tonnes of iron ore in the June quarter, bringing total FY2025/26 shipments to 201.3 million tonnes. (company update)
- [● 2 SOURCES] Iron Bridge has never achieved its 22 million‑tonne name‑plate capacity; production is forecast at 11–14 million tonnes in FY26/27 and about 16 million tonnes in FY27/28. (company statements)
- [○ 1 SOURCE] Fortescue plans a multi‑gigawatt Pilbara green grid including a 690‑MW Turner River solar farm, a 132‑MW Nullagine wind farm, about 1.4 GW solar, up to 1 GW wind and 4.5 GWh battery storage. (CEO briefing)
- [○ 1 SOURCE] The Iron Bridge magnetite operation is located about 145 km south of Port Hedland in Western Australia. (company briefing)
- [○ 1 SOURCE] Fortescue holds a 69 % stake in the Iron Bridge joint venture, with Formosa Steel holding the remaining 31 %. (company filing)
- [● 2 SOURCES] Fortescue will recognise a non‑cash impairment charge of approximately US$750 million before tax (US$525 million after tax) for the Iron Bridge joint venture in FY26. (June‑quarter update)
- [○ 1 SOURCE] Fortescue aims to eliminate fossil‑fuel use in its Pilbara mining operations by the end of the decade. (company strategy)
- [● 2 SOURCES] Fortescue forecasts FY27 iron‑ore shipments of 197‑207 Mt. (forecast)
- [○ 1 SOURCE] CEO Dino Otranto said Fortescue can build bespoke green grids faster and cheaper than any competitor. (executive comment)
- [○ 1 SOURCE] Fortescue plans approximately 1.4 GW of solar capacity, up to 1 GW of wind capacity and 4.5 GWh of battery storage for its Pilbara green grid. (capacity plan)
- [● 2 SOURCES] Fortescue shipped 52.7 Mt of iron ore in the June quarter, bringing FY25/26 total shipments to 201.3 Mt. (shipping volume)