India: JSW Steel Eyes Mine Auctions, Expects Down-to-Earth Valuations
JSW Steel is conducting internal due diligence of many iron ore mines coming up for auctions by 2020 and expects valuations to be subdued after exuberant bidding in the earlier rounds.
"We are ready to participate very actively... we will try to get as much as we can for captive use," Dr. Vinod Nowal, Deputy Managing Director of JSW Steel said.
"Our plan is that we should have 60-80% of our own resources."
Dr. Nowal said he expected valuations to be more sober compared to the earlier auctions in the last two years as the bidders had put in unrealistic bids at that time.
"People went up to 80-100-129% premium (over iron ore price in the earlier auctions) -- this is not the right thing," he said adding that after adding royalty and mining costs, the final price of the ore might turn out to be the same as market price.
JSW has won seven iron ore mines/blocks in auctions conducted so far but is hungry to get more to fit in its expansion plans to take its steel capacity to 45 MnT from 18 MnT now.
source: SteelMint
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