Fortescue’s AI bet as it trims payout after Iron Bridge writedown blow

Fortescue Ltd.’s full-year profit fell as the Australian iron ore miner struggled with delays to its major growth project, while difficult negotiations with China’s state-backed buyer continue to weigh on the outlook.

Andrew Forrest’s Fortescue has trimmed its final payout to investors after booking a hefty fall in statutory net profit following a big writedown in the value of its trouble-plagued Iron Bridge project.