A major mining company directed by billionaire Andrew Forrest will declare a billion-dollar writedown of a three-year-old, state-of-the-art iron ore mine in the Pilbara.
Fortescue will mark down the value of its Iron Bridge magnetite operation 145km south of Port Hedland by $US750 million ($1.07 billion), or $US525 million ($747 million) after tax.
