Fortescue Metals to Triple Iron Ore Output

Bloomberg reported Fortescue Metals Group Ltd. (ASX:FMG) is readying to triple its earnings for the year and could be purchased for half its value.

As quoted in the market news:

Fortescue, already the world’s fifth-largest iron ore supplier, is adding mines, railways and port capacity to almost triple annual output to 155 million tons by June 2013. While analysts project its profit will surge nearly threefold to $2.8 billion in the 2014 fiscal year from current levels, Fortescue is still trading at 12.2 times earnings, 50 percent less than a year ago, according to data compiled by Bloomberg.

Click here to read the full Bloomberg report.