Canada's mining sector will see continued, though slow, growth. Diversified mineral deposits and a steady pipeline of investment make Canada a continued destination for mining firms. Indeed, the country is a top 10 global producer of zinc, lead, iron ore, nickel, copper, gold, silver, uranium and potash. With many companies both headquartered and producing in Canada, the mining sector is crucial to the Canadian economy.

BMI Industry View 7

SWOT 9

Industry Forecast 11

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

      Table: Major Gold Projects 12

Junior Miners To Face Challenges 12

Falling Gold Prices Primary Risk 13

      Table: Canada - Gold Production & Forecast 13

Iron Ore: Investment Outlook Solid 14

      Table: Current Iron Ore Projects 16

Asia Eyes Canada's Iron 16

Costs & Global Supply Remain Risks 17

      Table: Iron Ore Production (mn tonnes, unless stated otherwise) 17

Nickel: Modest Growth Outlook 18

Global Miners To Dominate 19

      Table: Select Planned Nickel Projects 20

Weakening Prices To Weigh On Sector 20

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

Zinc: Growth To Remain Slow 21

Falling Ore Grades To Constrain Growth 21

Nunavut A Potential Game-Changer 22

      Table: Canada - Zinc Projects 23

      Table: Canada - Zinc Production 23

Industry Risk Reward Ratings 24

Americas - Q1 2014 24

      Table: Americas - Mining Risk/Reward Ratings 24

Local Opposition Remains Potent 25

Royalty Threat 25

Country Highlights 26

Chile: Despite Rating, Potential Vulnerabilities 26

Canada: Solid Developed World Destination 27

United States: Slow Growing Giant 27

Peru: Strong Prospects But Protests Maintain Pressure 28

Colombia: Coal Holds Promise 28

Brazil: Complexities Abound 29

Mexico: Domestic Fundamentals Favourable, For Now 29

Argentina: Clear Potential Amid High Risks 30

Central America: Frontier Market Opportunities? 30

Market Overview 31

Majors To Continue Investment 32

Potash & Uranium Provide Growth Opportunities 33

Weaker Metal Demand Poses Risk to Sector 34

      Table: Mining Industry Value & Production 34

Regulatory Development 35

Favourable Regulatory Environment To Enable Continued Growth 35

Environmental & Aboriginal Concerns Remains Key 36

Tax Regime 36

Foreign Investors May Face Troubles 37

      Table: Canada - Political Overview 37

      Table: Regional Regulatory Table 38

Commodities Forecast 39

Iron Ore: Rally To Fade In Q413 40

Steel: Supply Glut To Endure 41

Aluminium: Surge Gives Way 42

Copper: Weak Outlook 43

Lead: Short-Term Weakness 44

Nickel: Still The Laggard 45

Zinc: Still A Surplus Market 48

      Table: Select Commodities - Performance And BMI Forecasts 49

      Table: Global Commodities Strategy 50

Competitive Landscape 51

Junior Miners Face Tough Market 51

Diversification Remains Key To Sector Growth 52

      Table: Canada - Largest Listed Mining Firms 52

Company Profile 53

Goldcorp - Q4 2013 53

Latest Financial Results 55

      Table: Goldcorp - Key Financial Data 56

Teck Resources 57

Latest Financial Results 59

      Table: Teck - Key Financial Data 59

Barrick Gold - Q4 2013 61

Company Strategy 63

Latest Financial Results 64

Financial Data 64

      Table: Barrick - Key Financial Data 64

Address Details 65

Regional Overview 66

Americas Overview 66

      1. Slowdown To Resume After Recent Uptick 66

      2. Capex Outlook Remains Mixed 67

      3. US & Canada To Lag Southern Peers 68

      4. Growing, Though Still Limited Opportunity In Central America 70

      Table: Key Central America And Caribbean Mining Projects 71

      5. Growth In US Coal Exports Unlikely To Stem Industry Woes 72

      6. Political Risks Remain At Forefront 73

Global Industry Overview 75

Global Overview 75

Downturn To Continue Into 2014 75

      1. China Slowdown To Drive Mining Moderation 75

      2. Frontier Mining Increasingly Challenging 76

      3. Mining Services Firms Facing Tough Outlook 78

But Opportunities Still Exist 80

      1. Asian Outward Investment Continues 80

      2. Private Equity Entering The Mix 82

      3. Global Thermal Coal Demand Still Growing 83

Methodology 86

Industry Forecast Methodology 86

Sources 87

Risk/Reward Rating Methodology 88

      Table: Mining Risk/Reward Ratings Indicators 89

      Table: Weighting Of Indicators 90

      Table: Weighting Of Indicators 91

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