Central Africa's mining sector is set to follow much of the continent by developing its substantial mineral wealth. The region is still far from achieving its full potential, but these recent developments could indicate a changing tide for these three countries and indicate that the mining sector is set for sustained lift-off. However, many of the issues that have held back the region from achieving its potential for much of its history remain.

BMI Industry View 7

Ore To Play For 7

Key Players 8

SWOT 9

Industry Forecast 11

Cameroon Iron Ore: Companies Plough Into Mineral Wealth 11

      Table: Cameroon - Key Mining Projects 13

Infrastructure Risks Linger 13

Republic of Congo Iron Ore: Joining The Regional Boom 14

      Table: Largest Iron Ore Projects 16

China & Infrastructure Present Risks 16

Republic of Congo: Output To Double, Substantial Risks Remain 16

Higher Grade Deposits Give Further Attention 17

      Table: DRC - Largest Copper Expansion Plans 18

Plethora Of Risks Await Investors 18

Infrastructure Impediments To Lessen 19

      Table: DRC - Copper Production ('000 tonnes, unless stated otherwise) 20

Republic of Congo: Boom Times Ahead For Gold Sector 20

Political Risk To Remain A Major Risk 21

      Table: Democratic Republic of Congo - Gold Production & % Change 22

Industry Risk Reward Ratings 23

Risk/Reward Ratings 23

Lower Gold Prices Reduce Rewards 23

      Table: Africa - Mining Risk/Reward Ratings 24

Reduced Rewards For Copper Mining 24

Mixed Rankings For West Africa 25

Substantial Rewards In Southern Africa 25

Lack Of Uniformity In Regulatory Development 26

Political & Infrastructure Risks Lurk 27

Country Highlights 28

South Africa: Deteriorating Environment For Mining Companies 28

Mozambique: Mining Sector Set To Boom 29

Botswana: All Round Outperformer 29

Market Overview 30

Regulatory Development 32

Congo & Cameroon: Uncertainty, But Signs Of Promise 33

      Table: Africa - Regulatory Outlook 33

Commodities Forecast 35

Commodity Strategy 35

Steel: Locked In Secular Downtrend 37

Aluminium: US$1,800/tonne To Provide Strong Support 37

Copper: Bearish View In Place Despite Some Recovery 38

Nickel: Despite Recent Gains, Downside Risks Dominate 40

Zinc: Channelling Support 42

      Table: Select Commodities - Performance & BMI forecasts 43

      Table: BMI Commodities Strategy 44

Competitive Landscape 45

      Table: Comparative Metrics 46

Company Profile 47

Randgold Resources 47

      Table: Randgold Resources - Financial Results 50

MMG Limited 51

      Table: MMG Limited - Key Financial Data 56

Regional Overview 57

Africa Overview 57

Key Opportunities 57

      1. Asian Investment Inflows To Continue 57

      2. Iron Ore Production In West Africa To Boom 58

      3. Southern Africa To Become A Key Coal Exporter 59

Key Challenges 60

      1. Gold Crunch To Gain Traction 60

      2. Lack Of Infrastructure A Major Hurdle 61

      3. Regulatory Environment In Flux 62

      Table: Africa - Key Mining Regulatory Developments 63

Global Industry Overview 64

Methodology 76

Industry Forecast Methodology 76

Sources 77

Risk/Reward Rating Methodology 78

      Table: Mining Risk/Reward Ratings Indicators 79

      Table: Weighting Of Indicators 80

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