Confusion Prevails over Namisa Valuation

Confusion Prevails over Namisa Valuation


Analysts are at odds over the valuation implications of CSN’s sale of a 40% stake in Namisa to a Japanese consortium for $3.12bn. Mining specialists say it is difficult to identify the price in dollars per ton of iron ore. Analysts at local shops offer a range of implied per ton values from the deal – from $195 to $230 – all of which are subject to change, since CSN will only unveil details, i.e. which assets are included – this coming week. “It’s expensive,” says Banco Brascan mining analyst Ro

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