We forecast Canada's mining sector will see modest growth as it remains a major global player in mining investment and production. Indeed, we see the country remaining a top 10 global producer of zinc, lead, iron ore, nickel, copper, gold, silver, uranium and potash throughout our forecast period. The country's diversified mineral deposits and consistent investment make Canada a continued destination for mining firms, while its capital markets remain a top source of funding for both Canadian and foreign firms.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Gold: Exploration & Output To Moderate Due To Lower Prices 11

      Table: Major Gold Projects 13

Challenges Continue For Juniors 13

      Table: Canada - Gold Production & Forecast 14

Iron Ore: Investment Outlook Solid 14

      Table: Current Iron Ore Projects 16

Higher Costs & Global Glut Pose Threats 16

      Table: Iron Ore Production (mn tonnes) 17

Nickel: Modest Growth Outlook 18

      Table: Select Planned Nickel Projects 20

Conflicting Risks 20

      Table: Canada - Nickel Production ('000 tonnes, unless stated otherwise) 20

Zinc: Growth To Remain Slow 21

Minimal New Growth After 2013 Declines 21

Potential Riches Up North 22

      Table: Canada - Zinc Projects 22

      Table: Canada - Zinc Production 23

Industry Risk Reward Ratings 24

Risk/Reward Ratings 24

Developed Markets Show Low Risk, But Low Reward 25

Majors Facing Combination Of Tax Changes & Social Opposition 26

Second-Tier Miners To Show Little Rankings Improvement 27

      Table: Americas - Mining Risk/Reward Ratings 28

Market Overview 29

Country To Remain Destination For World Mining Leaders 30

Non-metallic Materials A Growing Force 31

External Environment Main Sector Risk 32

      Table: Mining Industry Value & Production 32

Regulatory Development 33

Recent Regulatory Updates 33

Priority Remains On Local Consultation & Environmental Stewerdship 34

Tax Regime 34

      Table: Canada - Political Overview 35

      Table: Regional Regulatory Table 36

Commodities Forecast 37

Commodity Strategy 37

Steel: Locked In Secular Downtrend 39

Aluminium: US$1,800/tonne To Provide Strong Support 39

Copper: Bearish View In Place Despite Some Recovery 40

Nickel: Despite Recent Gains, Downside Risks Dominate 42

Zinc: Channelling Support 44

      Table: Select Commodities - Performance & BMI forecasts 45

      Table: BMI Commodities Strategy 46

Competitive Landscape 47

Financing To Remain Tough In 2014 48

      Table: Canada - Largest Listed Mining Firms 48

Company Profile 50

Goldcorp 50

Latest Financial Results 52

      Table: Goldcorp - Key Financial Data 53

Teck Resources 54

Latest Financial Results 56

      Table: Teck - Key Financial Data 56

Barrick Gold 58

Company Strategy 60

Latest Financial Results 61

Financial Data 61

      Table: Barrick - Key Financial Data 61

Address Details 62

Regional Overview 63

Americas Overview 63

      1. Policy Changes To Affect Largest LatAm Players 63

      Table: Americas - Regulatory Updates 64

      2. Financial Pressures To Curb Capex, Yet Mine Output To Grow 64

      3. North American Mining Growth Weaker Compared To South 65

      4. Central American Promise Remains Premature 69

Global Industry Overview 71

Methodology 83

Industry Forecast Methodology 83

Sources 84

Risk/Reward Rating Methodology 85

      Table: Mining Risk/Reward Ratings Indicators 86

      Table: Weighting Of Indicators 87

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