Australia's Fortescue slides after warning of $525 mln impairment
BUZZ-Australia's Fortescue slides after warning of $525 mln impairment ** Fortescue FMG.AX shares fall as much as 3.8% to A$18.14, marking their steepest intraday decline since July 3
** Stock ranks among the worst performers on both the ASX200 .AXJO and mining index .AXMM, which are up 0.2% and 1.7% respectively
** Iron ore miner says it expects to book an ~$525 million after-tax non-cash impairment in FY26, which will be excluded from underlying net profit after tax, due to Iron Bridge's revised ramp-up timeline and a range of production outcomes
** FMG's June-quarter iron ore shipments slipped 5% to 52.7 million tonnes, but topped 52.48 million-tonne Visible Alpha consensus forecast
** YTD, FMG has shed 16.8%, sharply lagging the AXJO’s 3.2% gain and the AXMM's ~9% advance
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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