Master of Science in Engineering by advanced coursework and research: A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Science in Engineering Johannesburg, 2016 / The mining sector plays a significant role in the economy of Zimbabwe. The mining sector is the second largest contributor to the country’s GDP at over 20%. Zimbabwe as a country is endowed with abundant mineral resources. The top three commodities in terms of estimated resources are iron ore, coal and platinum with resources of 30 billion tonnes, 26 billion tonnes and 2.8 billion tonnes respectively. Zimbabwe’s vast mineral resources and reserves are of strategic importance to the Zimbabwe economy. Coal mining is one of the major economic contributors to the mining industry in Zimbabwe. The purpose of the study is to determine the optimal operational model for Makomo Resources from a mining and processing point of view. The study is based on a coal-mining project in the Zimbabwean mining industry. Makomo Resources is the largest privately owned coal mining company in the country, which has a mining licence to perform coal-mining activities in the north-west part of the Bulawayo Mining District of Zimbabwe. Makomo Resources applies a conventional strip mining method by means of truck and shovel to extract the coal reserves. Makomo Resources is supplying over 200,000 tonnes of coal per month to the local and export market. The mine has invested in USD20 million capital to commission a wash plant. The study investigates how to optimise the plant throughput by comparing two mining options: Mining Option 1 - crush and screen 2m power coal, crush & screen and wash a full 7m low ash coal seam and wash 2m of coking coal. Mining Option 2 – crush and screen 2m power coal, crush & screen a 3m low sulphur coal seam and wash low ash coal and coking coal of 4m and 2m respectively. The study investigated all the marketing, geology, mining and financial parameters in the Zimbabwean coal mining context. The study determines the appropriate mining methodology and explore to optimise the coal processing. Two financial models were developed to evaluate and compare the two proposed mining options, determine their feasibility and conclude the optimal mining model. Financial techniques were used to analyse and evaluate the two mining options. The financial models were used to analyse and evaluate the following:  The cashflow over the 10-year period.  The Net Present Value (NPV) and Internal Rate of Return (IRR) of each mining option.  The payback period of the washing plant.  Profitability Index per mining option. The NPV of a project determines the economic value of the mining project. The decision on a mining investment is mostly related to the NPV and IRR of the project. Discounted Cash flow (DCF) models were developed for both mining options that shows project cash in and out flows and calculates economic indicators, such as IRR and NPV. The NPV and IRR were the main methods for the evaluation of the two mining options. The resulting DCF models were developed in an Excel spreadsheet format designed for a 10-year Life of Mine (LOM) period. Mining Option 1 has a higher NPV of USD38.2 million in comparison to USD9.7 million for Mining Option 2. The IRR for Mining Option 1 was calculated at 48%, which is bigger than the IRR for Mining Option 2 of 26%. Mining Option 1 has a simple payback period and discounted payback period of 2.7 years and 4.9 years respectively. Mining Option 2 has a simple payback period and discounted payback period of 3.9 years and 11.9 years respectively. Mining Option 1 has a shorter payback period than Mining Option 2. Both mining options have a Profitability Index (PI bigger than one with Mining Option 1 and Mining Option 2 recording values of 1.87 and 1.18 respectively. Mining Option 1 has the better PI value and is therefore more profitable. Based on the economic evaluation, Mining Options 1 is by far more attractive than Mining Option 2, which results in a better return on the investment and profitability, therefore the preferred option. / MT2017

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2015. / Researchers have suggested that emerging markets’ activity is driven largely by unlisted companies. These companies are dynamic, and show a relatively equitable income distribution. However, they operate under severe challenges which can be a deterrent to their success. In spite of these difficulties, the companies form exceptional investment targets due to their innovative abilities, ability to customize products and formulate business models that reduce bottlenecks and input costs as well as take advantage of economies of scale and scope. Important risk factors such as: political, currency, corporate governance and information risks, amongst others, should be factored in during the valuation process of emerging market companies. In this paper, several criteria are used to assess thirteen popular emerging market valuation models’ ability to effectively incorporate these risks. Based on the outcomes of the assessment a best fit model is selected. However, none of the emerging market valuation models explicitly factor in irrationality of market participants. In order to address this, the study focuses on seven behavioural approaches to valuation under the assumption of investor rationality and managerial overconfidence and/or optimism, with a purpose to select one to include in the above mentioned “best fit” emerging market valuation models. Next, assessment mechanisms for adapting these two models for private company valuation were flagged by discussing approaches currently used in academia and corporate finance. Finally, possible means of combining the three objectives, and assessing the success of doing so, as an area for further research, were recommended. Key Words: emerging markets, valuation, risk premium, country risk, systematic risk, unsystematic risk, private companies, managerial overconfidence, managerial optimism, irrationality, efficient markets, capital asset pricing model

A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfillment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2015 / The minerals industry has in the last decade witnessed volatility, uncertainty, complexity and ambiguity (VUCA). The diamond industry has not been immune to these challenges. These challenges coincided with the decision of the diamond mining family in 2011 to opt out of De Beers after approximately a century of being in control by selling their 40 % stake to Anglo American plc (AA) which already had 45 % stake in De Beers. This transaction increased Anglo American plc‟s stake in De Beers to 85% thus joining venture with the Government of the Republic of Botswana (GRB) under an already existing entity called Debswana. Botswana has been hailed as a beacon of success and a model African state both politically and economically mainly due to its effective management of economic proceeds generated mainly through Debswana diamonds. Something that might be seen as a possible threat to this economic stability is the merger and acquisition (M&A) between the GRB and AA. As a result this study was conducted as a way of investigating any possible impacts of the partnership of GRB and AA on the Debswana diamond company through the M&A transaction that occurred in 2011. The study was restricted to the mining operations in order to assess Debswana‟s performance more meaningfully pre and post the acquisition of De Beers shares by AA. The mining activities from Debswana operations comprise of Letlhakane, Damtshaa, Orapa, Jwaneng and Morupule Coal mine. The study is focusing on the production statistics and financial analysis using stock market and financial ratios. These are discussed in detail to assess the possible impact of the merger on Debswana‟s performance. In addition to this, empirical evidence based on factors determining a firm‟s performance before and after acquisition or merger is also discussed, with further action of aligning determinants to the literature findings. The study‟s key findings were that there has been a significant reduction in AA‟s financial performance post-merger but Debswana‟s performance has been fairly consistent. This is probably due to the fact that the 3-year post merger window period may not be sufficient to observe sufficient changes in Debswana‟s performance. Further research can be conducted on the current AA‟s repositioning strategy that aims at divesting in other operations and focusing on others and its impact on Debswana over a much longer window period than 3 years. / M T 2016

Essa tese tem como objetivo discutir um dos principais processos que se faz necessário para a realização de trocas em mercados: a valoração. A valoração é entendida aqui como um processo que, ao classificar, categorizar, avaliar e qualificar um bem, torna-o um produto passível de troca em um mercado. Para tanto, escolhi como estudo de caso a Exposição HSM Expomanagement. Essa Exposição é organizada pela empresa HSM e é chave para o mercado de tecnologias de gestão no Brasil, reunindo diferentes empresas de consultoria, tecnologia de softwares para gestão, palestrantes e empresas de educação executiva. Analiso a valoração a partir da Expomanagement partindo de duas perspectivas analíticas. A primeira camada analítica tratará a Expomanagement como espaço para a observação do processo de valoração. Assim, partirei do Evento da Expomanagement para descrever como consumidores, expositores, Organização e dispositivos constroem, nesse espaço, a valoração das tecnologias de gestão no Brasil. Na segunda camada analítica, a Expomanagement deixa de ser pensada como espaço em que ocorre a valoração, para ser pensada ela mesma como produto. Assim, voltaremos nosso olhar para a Organização responsável pela Exposição, a HSM, para entender como ela constitui o evento como produto a ser vendido para os Expositores e Participantes do evento. Essas perspectivas analíticas distintas utilizadas para analisar a Expomanagement permitem chamar a tese de Caleidoscópio da valoração, pois, na medida em que modifica a perspectiva sobre a Exposição, diferentes nuances da valoração sobressaem. / This doctoral thesis aims to discuss one of the main processes necessary to carry out exchanges in markets: Valuation. Valuation here is understood as a process that turns a good into a commodity that can be exchanged in a market when it is classified, categorized and qualified as such. To do so, I chose the HSM Expomanagement Exhibition as a case study. This Exhibition is organized by HSM and is key to the management technologies market in Brazil, bringing together different consulting companies, management software technology, lecturers and executive education companies. I analyze the valuation of Expomanagement from two analytical perspectives. The first analytical layer will treat Expomanagement as a space for observation of the valuation process. Thus, I will proceed from the Expomanagement Event to describe how consumers, exhibitors, HSM and devices build, in this space, the valuation of management technologies in Brazil. In the second analytical layer, Expomanagement is no longer understood as a space in which valuation occurs, in order to be considered as a product itself. Thus, we will turn our attention to the umbrella organization of the Exhibition, HSM, to understand how it constitutes the event as a product to be sold to Exhibitors and Participants of the event. These different analytical perspectives employed to analyze Expomanagement allow us to call the thesis as \'Kaleidoscope of valuation\', since, insofar as the perspective on the Exposition is changed, different nuances of valuation stand out.

Os ecossistemas são responsáveis por sustentar a vida humana e suas diversas atividades através da provisão de serviços ecossistêmicos. Apesar disso, estão sendo seriamente prejudicados por uma ampla variedade de atividades humanas. Nesse contexto, destacamos a Baía do Araçá (São Sebastião, SP), que vem sofrendo fortes pressões e transformações ao longo dos anos. A Baía ganha destaque, atualmente, por ser impactada pela possível expansão do Porto de São Sebastião. Há um relativo consenso na ciência em relação à necessidade de valoração econômica dos serviços ecossistêmicos, destacando-se, aqui, sua contribuição para tomadas de decisão. Porém, outros valores devem ser considerados além do econômico, como ecológicos e socioculturais. A valoração dos serviços ecossistêmicos contribui, dentre outras questões, por ressaltar valores que, normalmente, não são reconhecidos em tomadas de decisão. Apesar de existir uma extensa produção científica a respeito da Baía do Araçá, nenhum dos estudos publicados tratou da temática dos seus serviços ecossistêmicos. Tendo em vista o potencial da valoração desses serviços de contribuir para tomadas de decisões envolvendo seus ambientes, este estudo se propôs a identificar e valorar os serviços ecossistêmicos fornecidos pela Baía do Araçá sob as perspectivas econômica e sociocultural. Os serviços foram identificados através de três etapas principais: revisão bibliográfica, consulta a especialistas e consulta à comunidade local. Para parte dos serviços não foi identificado método de valoração econômica adequado. Outra parte teve sua valoração econômica a cargo de outros estudos associados a este. Foram identificados treze serviços ecossistêmicos prestados pela Baía do Araçá. Desses, cinco serviços ecossistêmicos foram valorados economicamente através dos métodos preços de mercado, valoração de projetos e custos de reposição. Foi feita uma extrapolação de valor econômico para cinquenta anos, trazida ao valor presente pela aplicação de três taxas de desconto. Para a valoração sociocultural, foram feitas entrevistas com 68 moradores do bairro mais próximo da Baía do Araçá. As entrevistas continham três perguntas abertas voltadas à importância geral e pessoal e ao uso do ambiente. Com base na técnica free-listing, os itens das respostas foram categorizados em serviços ecossistêmicos quando possível. Foi calculado o Índice de Saliência de Smith para cada serviço identificado e, para a valoração, foi feito um ordenamento dos serviços com base no resultado do índice. O valor econômico dos cinco valorados, para 2014, foi estimado em R$ 749.342,70. No ordenamento sociocultural, o serviço de fornecimento de alimento foi o mais bem valorado, seguido por lazer e recreação, patrimônio e identidade cultural e sentido de lugar, satisfação pela conservação do ambiente, beleza cênica e conservação da paisagem, desenvolvimento de atividades científicas e educacionais, acesso ao mar, depuração de efluentes, benefícios futuros e abrigo para embarcações. Este estudo contribui, principalmente, por expor os serviços e seus valores econômicos e socioculturais associados ao cenário atual da Baía do Araçá, o que pode contribuir para tomadas de decisões envolvendo este ambiente. Aponta para caminhos futuros de pesquisa, como a análise de cenários. Contribui também metodologicamente, em especial, por ter criado novas abordagens de valoração econômica que podem ser adotados em outros estudos. / Ecosystems are responsible for sustaining human life and its various activities through the provision of ecosystem services. Nevertheless, ecosystems are seriously injured by a wide range of human activities. We highlight the Araçá Bay (São Sebastião, SP) in this context, which has come under strong pressures and transformations over the years. The Bay is currently under threat of the likely expansion of the São Sebastião Port. There is a relative consensus in science regarding the need of economic valuation of ecosystem services. We stand out its contribution to decision-making. However, other values must be considered beyond economic as those ecological and socio-cultural. The valuation of ecosystem services contributes highlighting values that are usually not recognized in decision-making among other issues. Although there is an extensive scientific literature about the Araçá Bay, none of the published studies were about its ecosystem services. Considering the potential of the valuation of ecosystem services to contribute to decision-making involving their environments, this study aimed to identify and to value the ecosystem services provided by the Araçá Bay under the economic and socio-cultural perspectives. The services were identified through three main steps: literature review, expert consultation and local community consultation. For part of the services we dont identified appropriate economic valuation method. Another part had its economic valuation carried out by other studies. Thirteen ecosystem services provided by the Araçá Bay have been identified. Five ecosystem services were economically valued through market pricing, project valuation and replacement costs methods. An extrapolation of the economic value to fifty years, brought to present value by applying three discount rates, was also made. Interviews were conducted with 68 residents of the nearest neighborhood of the Araçá Bay for the sociocultural valuation. The interviews contained three open questions focused on general and personal importance and the use of the Bay. Based on free-listing technique, the items of the responses were categorized into ecosystem services when possible. The Smiths Salience Index for each identified service was calculated. We made a ranking of the services based on the results of the index for the valuation. The economic value of the five valued, for 2014, was estimated at R$ 749,342.70. In the socio-cultural ranking, food supply was the first service, followed by leisure and recreation, heritage and cultural identity and sense of place, satisfaction by the environmental conservation, scenic beauty and landscape conservation, development of scientific and educational activities, access to the sea, sewage treatment, future benefits and shelter for boats. This study contributes mainly to expose the services and their economic and socio-cultural values associated with the current scenario of the Araça Bay. This can contribute to decision-making involving the Bay. We points out directions to the need of future research, such as scenario analysis. This study also contributes methodologically, in particular because creates new approach of economic evaluation that can be adopted in other studies.

O interesse por novas fontes renováveis de energia e, alem de uma tendência, uma necessidade da sociedade atual. Neste contexto, o uso da biomassa para fins energéticos apresenta-se de forma promissora, pois reúne atributos suficientes para contribuir com a diversificação da matriz energética local/nacional. No campo das possibilidades advindas da biomassa, se apresentam os resíduos de madeira de origem urbana, que poderiam contribuir, por exemplo, para aliviar a pressão sobre as florestas. Contudo, o uso destes resíduos na forma em que se encontram pode ser dificultado devido, entre outros, a presença de contaminantes e a alta heterogeneidade destes materiais. Neste sentido, o objetivo geral deste trabalho foi levantar os principais contaminantes presentes em resíduos de madeira de origem urbana, bem como realizar a caracterização energética desta madeira. O material analisado foi coletado em uma usina de reciclagem instalada no município de Piracicaba- SP. Os métodos e as analises descritos foram baseados em normas brasileiras, internacionais e em referencias da literatura. Os resultados são apresentados nos capítulos dois, três, quatro e cinco deste trabalho. / Interest in new renewable sources of energy is, beyond a global trend, a necessity of modern society. In this context, the use of biomass for energy purposes is presented as promising, as it gathers enough attributes to contribute to diversification of the local / national energy matrix. In the list of possibilities arising from biomass, present wood residues of urban origin, which could contribute, for example, to ease the pressure on forests. However, the use of this waste in the form in which they were discarded by society, without any prior treatment can be difficult, especially due to the presence of contaminants and also due to the high heterogeneity of these wastes. In this sense, the aim of this study was to identify the main contaminants in wood waste from urban as well as perform energy characterization of the material. The waste analyzed were collected in a recycling plant in the city of Piracicaba, SP. The methods used and the analyzes were based on Brazilian standards, international and literature references. The results are presented in the chapters two, three, four, five of this work.

Este trabalho propõe mecanismos de diferenciação de serviços para servidores Web, visando a melhorar o desempenho desses sistemas quando são consideradas as características das requisições Web nas políticas de atendimento. Optou-se por adotar o contexto do comércio eletrônico para a realização das pesquisas, uma vez que esse ambiente é um dos mais impactados negativamente quando há um comportamento inadequado do servidor em situações de sobrecarga. Para isso, foi realizada uma investigação das características das requisições Web típicas do e-commerce, para que tais características pudessem ser usadas como diretrizes para os mecanismos e melhorar o desempenho dos servidores. Em seguida, foram propostos um modelo de carga de trabalho e um modelo de simulação para a realização dos experimentos. Com isso, foi possível avaliar os resultados obtidos com a inserção dos diversos mecanismos no Servidor Web com Diferenciação de Serviços (SWDS), um modelo de servidor cuja arquitetura o torna capaz de fornecer serviços diferenciados a seus usuários e aplicações. Foram propostos novos mecanismos de escalonamento de requisições bem como novos mecanismos de controle de admissão. Diversas simulações foram realizadas e os resultados obtidos mostram que a exploração das características das requisições Web, além de ser fundamental para um bom entendimento do comportamento do servidor, possibilita a melhoria de desempenho do sistema / This work proposes differentiated services mechanisms for Web servers, aiming at improving their performance when the features of Web requests are considered. The electronic commerce (e-commerce) context was adopted to develop the researches once this environment is one of the most negatively influenced when there is an inadequate behavior of the server under overload situations. Thus, it was realized an investigation on the features of ecommerce Web requests, so that these features could be used both as guidelines for the mechanisms and to improve the performance of the servers. Afterwards, a workload model and a simulation model were proposed to implement the experiments. Thus, it was possible to evaluate the results obtained with the insertion of several mechanisms in the Web Server with Differentiated Services (WSDS), a server model with an architecture that makes it capable of supplying differentiated services to its users and applications. New request scheduling mechanisms were proposed as well as new mechanisms for admission control. Several simulations were realized and the obtained results show that the exploration of the Web request features, besides being fundamental for a good understanding of the server behavior, makes possible to improve the system performance

A pesquisa toma como objeto os discursos e práticas utilizados por participantes do mercado de cervejas artesanais, surgido no Brasil a partir dos anos 1990, a fim de explorar como estes estabelecem uma identidade própria do artesanal, classificando-o como categoria à parte no mundo dos bens e, logo, um mercado à parte no universo das cervejas. Esta análise permite refletir acerca do papel dos discursos e das interações entre produtores e consumidores para o estabelecimento de uma identidade própria, dialogando com a literatura em sociologia econômica preocupada com as dinâmicas de emergência e estabelecimento de nichos de mercado ou mercados em si. Assim, também é perpassada por uma preocupação com a dimensão cultural destes processos, entendida como um trabalho ativo de classificação e valoração dos bens. Estes discursos e suas implicações são captados por meio de entrevistas e etnografias realizadas em feiras e eventos de cerveja, momentos em que os discursos de produtores entram em contato diretamente com consumidores, e permitem observar as implicações práticas destas dimensões discursivas. Nestas, um elemento central de análise é a figura do outro, com a noção de alteridade e oposição atribuída às grandes empresas do ramo cervejeiros, referidas como grandes indústrias. Ao restituir como se dá o processo de construção destas identidades partidas entre o grande e o artesanal, bem como quais as dinâmicas que se formam neste universo, exploramos novas possibilidades na interpretação dos processos de competição e emergência de mercados. / The object study for this research are the discourses and practices from craft beer Market agents, which emerged in Brazil in the 1990s, in order to explore how this agents establish their own craft identity, being able to classify it as a new consumption category in the world of goods, apart from common beer. This analysis allows reflection upon the role discourses and interactions among producers and consumers for the establishment of this own identity, in conversation with the wider literature in Economic Sociology which focuses on the emergence and establishment of new markets or Market niches. This work is thus also permeated by the cultural dimension of these processes, which are to be understood as active classification and valuation works. Discourses and their implications are captured through interviews and ethnographic incursions in beer events, moments in which producers may directly talk to consumers, which allow us to perceive practical implications of these discursive dimensions. Among them, one of the key elements is the role of the other, with otherness and oppositions attributed to the big beer companies. By recapturing the process of how identities split between craft and big are built, we explore new opportunities of interpreting competition and emerging markets.

Desde a onda de abertura de capital ocorrida com o setor de real estate brasileiro entre 2006 e 2007, a discussão em como identificar por meio de informações disponíveis ao público o valor das empresas que compõem esse importante setor se intensificou tanto entre seus gestores como nos analistas do mercado de capitais. Os modelos tradicionais de avaliação de empresas se mostraram inadequados e necessitam de adaptações para serem utilizados em empresas do setor, bem como a identificação e caracterização dos direcionadores de valor. Esta tese tem como objetivo desenvolver uma rotina de avaliação de empresas de Real Estate e sua relação com os direcionadores de valor, intangíveis ou tangíveis, identificando quais são os ativos que possuem maior influência na geração do valor e o porquê dessa influência, possibilitando aos investidores e analistas avaliar melhor o valor de empresas do setor. A partir de uma revisão bibliográfica em conjunto com a análise dos prospectos de abertura de capital e das demonstrações financeiras disponibilizadas ao público, foi proposta uma taxonomia para medir o valor das empresas de real estate em quatro dimensões: capital de propriedade, capital humano, capital de mercado e capital relacional. Em cada dimensão foram mapeados os ativos tangíveis e intangíveis que as formam e estes relacionados à geração de valor por meio de indicadores e benchmarks. / Since the wave of IPO occurred in the Brazilian real estate sector between 2006 and 2007, the discussion on how to identify by disclosure information the fair value of those companies intensified both among its managers and capital market analysts. Traditional valuation models proved inadequate and require adaptations for use in those companies, as well as the identification and characterization of value drivers. This dissertation aims to develop a routine valuation of Real Estate from the drivers of value, tangible or intangible, identifying which are the assets that have greater influence on the value generation and why this influence, enabling investors and analysts to better assess the value of companies in the sector. After a literature review as well as the analysis of the IPO Prospectus and the financial statements available to the public, taxonomy was proposed to measure the value of the real estate companies in four dimensions: property capital, human capital, market capital and relational capital. In each dimension were identified tangible and intangible assets and these related to value generation through indicators and benchmarks.

Serviços Ecossistêmicos (SEco) podem ser definidos, de forma geral, como as funções, estruturas, processos naturais ou outros componentes dos ecossistemas, que fornecem, direta ou indiretamente, bem-estar para a população humana atual e futura, e afetam as pessoas e os serviços de apoio necessários para manter outros serviços. Os SEco são agrupados segundo quatros funções: regulação, provisão, suporte e cultural. As bacias dos rios Itaguaré e Guaratuba drenam uma planície costeira formada por diferentes ambientes de sedimentação (Unidades Quaternárias) de idade pleistocênica a atual. A cobertura florestal é bem preservada e forma um mosaico diversificado e condicionado à distribuição desses ambientes, e cuja associação resulta num conjunto de sub-biomas distribuídos entre a praia e a baixamédia encosta da Serra do Mar. Essas bacias abrigam seis Unidades de Conservação (UC) da natureza e terras indígenas. O presente estudo teve como objetivo principal identificar e valorar, em unidade monetária, os principais SEco existentes nas duas bacias. Para tanto, foi necessário construir abordagens metodológicas específicas para cada SEco identificado, baseadas na literatura disponível e/ou adaptada à área de estudo, mas sempre levando em consideração os dados ambientais e socioeconômicos disponíveis. A base espacial para a caracterização da maioria dos SEco descritos foi o mapa de sub-biomas existente. A valoração econômica dos SEco foi realizada sob a perspectiva da Economia Ambiental. Além dos SEco, foram também valorados o capital natural (recursos naturais) e o valor de existência dos ambientes naturais. Foram identificados e valorados 14 SEco, distribuídos nas seguintes funções e categorias: a) serviços de regulação regulação do clima (global e local temperatura e poluição), proteção da linha de costa oceânica, prevenção de escorregamentos, prevenção de inundações e enchentes; b) serviços de provisão oferta de água, alimentos (palmito e pescado) e matéria-prima; c) serviços culturais recreação (praia, trilhas e pesca desportiva) e ciência e educação. No que se refere ao capital natural, foi valorado o armazenamento de carbono (também conhecido como sequestro de C). O valor de existência foi atribuído para as UC e os manguezais presentes na área de estudo. Os resultados mostram que os ecossistemas das bacias dos rios Itaguaré e Guaratuba fornecem cerca de US$ 71 milhões de dólares em benefícios econômicos a cada ano, valor este 100 vezes maior que o ICMS ecológico atribuído ao município de Bertioga. O total de aproximadamente US$ 10 bilhões em valor presente líquido avaliado para cinco SEco evidencia a importância da manutenção dessas florestas e das áreas naturais protegidas para as gerações futuras, em especial para a regulação do clima e a prevenção de desastres naturais. / Ecosystem services (SEco) can be broadly defined as the functions, structures, natural processes, or other components of ecosystems that directly or indirectly provide wellbeing to the present and future human population, and affect people and support services needed to maintain other services. The SEco are grouped according to four functions: regulation, provision, support and cultural. The watersheds of the Itaguaré and Guaratuba rivers drain a coastal plain formed by different sedimentation environments (Quaternary Units) from the pleistocene to present ages. The forest cover is well preserved and forms a diverse mosaic, conditioned to the distribution of these environments, and whose association results in a set of sub-biomes distributed between the beach and the low-middle slope of the Serra do Mar. These watersheds contain six Protected Area and indigenous lands as well. The main objective of this study was to identify and apply the economic valuation in the main ecosystem services (SEco) in both watersheds. To do so, it was necessary to build specific methodological approaches for each SEco identified, based on available literature and/or adapted to the study area, but always taking into account available environmental and socioeconomic data. The spatial basis for the characterization of most of the SEco described was the map of existing sub-biomes. The economic valuation of SEco was carried out from the perspective of the Environmental Economy. In addition to SEco, the natural capital (natural resources) and the existence value of natural environments were also valued.A total of 14 SEco were identified and rated, distributed in the following functions and categories: a) regulation services - climate regulation (global and local), protection of the ocean coastline, prevention of landslides, flood and flood prevention; B) provision services - supply of water, food (heart of palm and fish) and raw materials; C) cultural services - recreation (beach, trails and sport fishing), science and education. With regard to natural capital, carbon storage (also known as C sequestration) was valued. The existence value was attributed to the Protected Areas and mangroves present in the study area.The results show that the ecosystems of the Itaguaré and Guaratuba watersheds provide about US$71 million in economic benefits each year, an amount that is 100 times greater than the ecological ICMS attributed to the municipality of Bertioga. The total of approximately US$10 billion in net present value assessed for the five SEco highlights the importance of maintaining thes forests and natural protected areas for future generations, especially for climate regulation and natural disaster prevention.