Broker snap: Higher iron ore prices to boost ENRC

June 16, 2008

June 16th (ShareCast) – Higher price estimates for ferrochrome and iron ore pellets prompted ABN Amro to upgrade its rating on Kazakh miner Eurasian Natural Resources Corporation to ‘buy’ from ‘hold’ and increase its price target to 1,650p from 1,300p.

The broker raised estimates for the price of high carbon ferrochrome by 5% for the second half of 2008, by 30% for 2009 and by 25% for 2010.

Its 2008 iron ore pellet price estimate is now 85% higher than that for the previous year.

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