It now expects adjusted earnings per share to come in at $5, significantly higher than the $3.75 it had forecast just three months ago and almost doubled the $2.90 it had originally projected for the year.
While the decision doesn’t ban Fortescue from continuing to operate the mines, it paves the way for the group to sue the company for hundreds of millions of dollars in compensation claims.
The smelter, one of the largest in the Southern Hemisphere, has been hampered by insufficient power supplies and maintenance work since a major power outage last year shut operations for two weeks.