Ghana is set to remain Africa's second-largest gold producer, after South Africa, as investment continues to flow into the mineral-rich country. The country boasts one of the most favourable business environments in the region with a democratic and stable government, which contrasts sharply with many of its resource-rich neighbours.

BMI Industry View 7

SWOT 8

Industry Forecast 9

Ghana Gold: Headwinds For Gold Miners 9

Government Measures To Increase Difficulties 10

      Table: Ghana - Gold Production 11

Bauxite: Sector Feels Benefits Of Chinese Investment 11

      Table: Ghana - Bauxite Production 13

Industry Risk Reward Ratings 14

Risk/Reward Ratings 14

Lower Gold Prices Reduce Rewards 14

      Table: Africa - Mining Risk/Rewards Ratings 15

Reduced Rewards For Copper Mining 15

Mixed Rankings For West Africa 15

Substantial Rewards In Southern Africa 16

Lack Of Uniformity In Regulatory Development 17

Political & Infrastructure Risks Lurk 17

Country Highlights 18

South Africa: Deteriorating Environment For Mining Companies 18

Mozambique: Mining Sector Set To Boom 19

Botswana: All Round Outperformer 19

Market Overview 20

Gold And Bauxite Set For Strong Growth 21

Risks To Outlook 22

      Table: Ghana - Mining Industry Value And Production 23

Regulatory Development 24

Chinese Operations Under Threat 25

      Table: Ghana - Political Overview 26

Commodities Forecast 28

Iron Ore: Rally To Fade In Q413 29

Steel: Supply Glut To Endure 30

Aluminium: Surge Gives Way 31

Copper: Weak Outlook 32

Lead: Short-Term Weakness 33

Nickel: Still The Laggard 34

Zinc: Still A Surplus Market 37

      Table: Select Commodities - Performance And BMI Forecasts 38

      Table: Global Commodities Strategy 39

Competitive Landscape 40

      Table: Comparative Metrics 41

Company Profile 42

AngloGold Ashanti 42

Overview 43

Strategy 44

      Table: AngloGold Ashanti - Key Financial Data 45

Newmont Mining 46

Company Strategy 47

Recent Financial Results 48

Financial Data 48

      Table: Newmont Mining - Key Financial Data 48

Address Details 49

Regional Overview 50

Africa Overview 50

      1. Chinese Investment Inflows To Continue 50

      2. Lack Of Infrastructure A Major Hurdle 51

      3. Regulatory Environment In Flux 52

      Table: Key Regulatory Developments 53

      4. Gold Crunch To Gain Traction 53

      5. Iron Ore Production In West Africa To Boom 55

      6. Southern Africa To Become A Key Coal Exporter 56

Global Industry Overview 57

Global Overview 57

Downturn To Continue Into 2014 57

      1. China Slowdown To Drive Mining Moderation 57

      2. Frontier Mining Increasingly Challenging 58

      3. Mining Services Firms Facing Tough Outlook 60

But Opportunities Still Exist 62

      1. Asian Outward Investment Continues 62

      2. Private Equity Entering The Mix 64

      3. Global Thermal Coal Demand Still Growing 65

Methodology 68

Industry Forecast Methodology 68

Sources 69

Risk/Reward Rating Methodology 70

      Table: Mining Risk/Reward Ratings Indicators 71

      Table: Weighting Of Indicators 72

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