We forecast average mining industry value growth of 2.3% per year from 2014-2018, reaching USD21.3bn. Both domestic and international firms have projects in development, and the sector presents promising growth opportunities for miners of a wide array of minerals. The Peruvian government estimates current mining investment pipelines through 2020 to total nearly USD57bn, although continued protests by local communities is likely to reduce figure as project delays mount and costs rise.

BMI Industry View 7

SWOT 10

Industry Forecast 12

Copper: Growth Ahead Despite Environmental Concerns 12

Strong Growth Set For The Coming Years 12

      Table: Peru - Select Copper Projects 13

Downside Risks Remain 14

      Table: Copper Production Forecast (Peru 2010-2018) 15

Gold: Prospects Tarnished By Protests 15

Sector Remains Vulnerable Over The Coming Quarters 17

      Table: Gold Production Forecast (Peru 2010-2018) 17

Lead: Modest Growth In Coming Years 17

Positive Price Outlook, But Financing Will Remain key 19

      Table: Lead Production Forecast (Peru 2010-2018) 19

Silver: Peru To Coninue To Lead Output 20

      Table: Peru - Key Silver Projects 21

Sector Challenges To Persist 21

      Table: Silver Production (Peru 2010-2018) 22

Tin: Production Declines To Continue 22

Global Tin Dynamics To Favour Minsur 23

      Table: Tin Production Forecast (Peru 2010-2018) 24

Zinc: Mixed Outlook Despite Production Growth 24

      Table: Peru - Key Zinc Projects 26

      Table: Zinc Production Forecast (Peru 2010-2018) 26

Industry Risk Reward Ratings 27

Risk/Reward Ratings 27

Rewards 27

Industry Rewards 27

Country Rewards 27

Risks 28

Industry Risks 28

Country Risks 28

      Table: Mining Industry Forecasts (Peru, 2012-2018) 29

Risk/Reward Ratings 29

Colombia & Chile Remain At The Top 30

      Table: Mining Risk/Reward Ratings 31

Mexico & Peru See Improvement, While Brazil Falls Back 31

Weak Prices & Poor Operating Environments Hold Others Back 32

Regulatory Development 33

Recent Developments 33

Balancing Between National & Local Goals 33

Tax Regime 34

Endemic Corruption 34

      Table: Peru - Political Overview 35

      Table: Regional Regulatory Index 37

Commodities Forecast 38

Commodity Strategy 38

Iron Ore: Not Much Respite In Sight 38

Steel: Production Rationalisation Too Slow To Provide Price Upside 40

Aluminium: Further Price Rally Unlikely 41

Lead: Ripe For A H214 Boost 42

Copper: Consensus Moving Our Way 43

Nickel: Price Surge To Abate Further 44

Tin: In A Sweet Spot 45

Zinc: Bullish Short-Term Picture 46

      Table: Select Commodities - Performance & BMI Forecasts 48

Competitive Landscape 49

      Table: Financial Data - Key Mining Firms Listed In Peru 49

Gold & Silver Prospects Slightly Tarnished 50

Company Profile 51

Buenaventura 51

Latest Financial Results 53

      Table: Buenaventura - Key Financial Data 53

Glencore Xstrata 54

Latest Financial Results 56

      Table: Glencore Xstrata - Key Financial Data 58

First Quantum 59

Latest Financial Results 62

      Table: First Quantum: Key Financial Data 63

Grupo México 64

      Table: Grupo México - Key Financial Data 66

Regional Overview 68

Americas Overview 68

      1. Mexico & Peru To Outperform 68

      2. Potential Policy Impacts In The South 69

      Table: Americas - Regulatory Updates 70

      3. Downward Pressures On Capex To Persist 71

      4. North American Growth Opportunities To Remain Limited 72

      5. Central America & Caribbean To Lag Northern & Southern Neighbours 75

Global Industry Overview 77

Challenges 77

      Table: Mining - Select M&A Deals 81

Cause For Optimism 84

Methodology 91

Industry Forecast Methodology 91

Sources 92

Risk/Reward Rating Methodology 93

      Table: Weighting Of Indicators 95

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