The Democratic Republic of the Congo's vast mineral resources will continue to attract international interest, given the country's huge untapped and high-grade reserves. Growth over the next five years will be driven largely by expansions in the copper sector and the Kibali gold mine ramping up to full production. However, while we expect substantial growth in mining output, risks to investment remain numerous, with security concerns and the lack of adequate infrastructure most pressing.

BMI Industry View 7

Plenty To Play For, But Downside Risks Lurk 7

SWOT 9

Industry Forecast 10

Copper: Strong Growth But Substantial Risks Ahead 10

Higher Grade Deposits Incentivise Investors 11

      Table: DRC - Copper Projects 11

Plethora Of Risks Await Investors 11

      Table: DRC - Copper Production 12

Gold: Kibali To Drive Growth 12

      Table: DRC - Gold Production Forecasts 14

Industry Risk Reward Ratings 15

Risk/Reward Ratings 15

Lower Gold Prices Reduce Rewards 15

      Table: Africa - Mining Risk/Reward Ratings 16

Reduced Rewards For Copper Mining 16

Mixed Rankings For West Africa 17

Substantial Rewards In Southern Africa 17

Lack Of Uniformity In Regulatory Development 18

Political & Infrastructure Risks Lurk 19

Country Highlights 20

South Africa: Deteriorating Environment For Mining Companies 20

Mozambique: Mining Sector Set To Boom 21

Botswana: All Round Outperformer 21

Market Overview 22

      Table: DRC - Key Projects 22

Plethora Of Risks To Weigh On Investment 23

      Table: DRC - Mining Industry Value & Production 24

Regulatory Development 25

Mineral Regulation Structure 25

Unrefined Copper Taxes 26

Licence Cancellations 26

Little Central Control 26

      Table: Democratic Republic of the Congo - Political Overview 27

      Table: Africa - Regulatory Outlook 27

Commodities Forecast 29

Commodity Strategy 29

Steel: Subdued Medium Term Outlook 31

Aluminium: Despite Recent Upswing, Underperformance To Persist 32

Copper: No Time To Celebrate Yet 33

Lead: Outperformance On The Cards 34

Nickel: Sideways Movement In Weeks Ahead 35

Zinc: Positive Momentum To Continue 37

      Table: Select Commodities - Performance & BMI Forecasts 38

      Table: BMI Commodities Strategy 39

Competitive Landscape 40

Company Profile 41

Freeport-McMoRan 41

Company Strategy 43

Latest Financial Results 44

Financial Data 45

      Table: Freeport-McMoRan - Key Financial Data 45

Address Details 45

Randgold Resources 46

      Table: Randgold Resources - Financial Results 49

Tiger Resources 50

      Table: Tiger Resources - Financial Data 51

Regional Overview 53

Mining - Africa Overview 53

Key Opportunities 53

      1. Asian Investment Inflows To Continue 53

      2. Iron Ore Production In West Africa To Boom 54

      3. Southern Africa To Become A Key Coal Exporter 55

Key Challenges 56

      1. Gold Crunch To Gain Traction 56

      2. Lack Of Infrastructure A Major Hurdle 57

      3. Regulatory Environment In Flux 58

      Table: Africa - Key Mining Regulatory Developments 59

Global Industry Overview 60

Methodology 72

Industry Forecast Methodology 72

Sources 73

Risk/Reward Rating Methodology 74

      Table: Mining Risk/Reward Ratings Indicators 76

      Table: Weighting Of Indicators 77

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