The past decade of minimal growth in South Africa's mining sector is set to continue as the country's gold and platinum sectors face diminishing margins and industrial strife. Potential for growth in the iron ore and coal sectors constitute bright spots for the mining industry in the long term.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Coal: Highlight Of The Mining Sector 11

      Table: South Africa - Major Projects & Expansions 11

Domestic Consumption To Temper Export Boom 12

Infrastructure A Major Downside Risk 13

Carbon Tax Threat Abated 14

      Table: Coal Production Forecast (South Africa 2010-2018) 14

Diamonds: Promising Outlook 15

Downside Risks 16

      Table: South Africa - Largest Diamond Projects 16

      Table: Diamond Production (South Africa 2010-2018) 17

Gold: Output Decline To Continue 17

Potential Upside? 20

      Table: Gold Production Forecast (South Africa 2010-2018) 20

Iron Ore: A Bright Spot For South Africa 20

      Table: South Africa - Major New Iron Ore Projects & Expansions 22

Risks Lurking On The Horizon 23

      Table: Iron Ore Production Forecast (South Africa 2010-2018) 23

Platinum: Divestments Ahead 23

Wage Costs Will Continue Rising 24

Mine Depletion & Power Constraints To Further Raise Costs 26

Diminishing Revenue To Drive Divestment 27

      Table: South Africa - Platinum Mine Production & Growth 28

Palladium: Output To Stagnate 28

      Table: South Africa - Largest Palladium/Platinum Development Projects 30

      Table: Palladium Production (South Africa 2010-2018) 30

Industry Risk Reward Ratings 31

Risk/Reward Ratings 31

Botswana On Top 32

      Table: Africa - Mining Risk/Reward Ratings 33

South Africa: Still Ranking Highly 33

Lower Gold Prices Reduce Rewards 34

Risk/Reward Ratings 36

Rewards 36

Industry Rewards 36

Country Rewards 36

Risks 37

Industry Risks 37

Country Risks 37

      Table: South Africa - Major Mining Expansion Plans 38

      Table: Mining Industry Forecasts (South Africa 2010-2018) 38

Regulatory Development 40

      Table: Africa - Mining Regulatory Outlook 40

      Table: South Africa Political Overview 43

Commodities Forecast 45

Commodity Strategy 45

Ferrous Metals: 45

Iron Ore: Price Slump Overdone, Stabilisation In Sight 45

Steel: Price Forecast Revised Up 46

Non-Ferrous Metals: 48

Aluminium: Recent Break Signals Multi-Month Strength 48

Copper: Subdued Prices Into Q314 49

Lead: Prices To Strengthen As Deficit Deepens 50

Nickel: H214 Rally Unlikely 51

Tin: More Resilient Than Other Metals 52

Zinc: Sustained Break Unlikely 54

      Table: Select Commodities - Performance & BMI Forecasts 55

Competitive Landscape 57

      Table: South Africa - Largest Mining Companies' Financial Data 58

Company Profile 60

AngloGold Ashanti 60

Overview 62

Strategy 63

Risks 64

Latest Results 64

      Table: AngloGold Ashanti - Key Financial Data 65

Anglo American 66

Company Strategy 69

Latest Results 70

      Table: Anglo American - Financial Data 71

Impala Platinum 72

      Table: Impala Platinum - Key Financial Data 75

Regional Overview 77

Mining - Africa Overview 77

Key Opportunities 77

      1. West Africa To Become Focal Point Of Growth 77

      2. Asian Investment Undeterred By Cooling Boom 79

      3. Coal Exports Set To Surge In The South 80

Key Challenges 81

      1. Sluggish Infrastructure Improvements To Weigh On Growth 81

      2. Gold Price Weakness Portends Pain 82

      3. Divergent Regulatory Trends To Play Out 83

      Table: Africa - Key Mining Regulatory Developments 84

Global Industry Overview 86

Challenges 86

      Table: Mining - Select M&A Deals 90

Cause For Optimism 93

Methodology 100

Industry Forecast Methodology 100

Sources 101

Risk/Reward Rating Methodology 102

      Table: Weighting Of Indicators 104

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