We expect Romania's mining sector to see only modest growth over the coming years as coal output, which accounts for the majority of the mining sector's value, sees little expansion. Gold production growth will only be marginally more inspiring as weak prices and intense public opposition weigh on the gold industry's growth prospects. Overall, we forecast Romania's mining sector value to grow from USD1.8bn to USD1.9bn from 2014-2018.

BMI Industry View 7

SWOT 8

Industry Forecast 9

Gold: Pushing Back The Boom 9

      Table: Romania - Key Gold Projects 10

Cartej To Eventually Transform Mining Sector 10

      Table: Gold Production Forecast (Romania 2010-2018) 11

      Coal: Output To Stagnate 11

      Table: Coal Production Forecast (Romania 2010-2018) 13

Industry Risk Reward Ratings 14

Risk/Reward Ratings 14

Kazakhstan On Top; Russia Not Far Behind 15

      Table: Mining Risk/Reward Ratings 16

Germany & Ukraine: Key Changers On Last Quarter 16

Weak Commodity Prices Weigh On Rewards Across The Board 17

Regulatory Development 18

Tax Regime 19

Corruption A Major Concern 19

      Table: Europe: Mining Regulatory Outlook 20

Commodities Forecast 21

Commodity Strategy 21

Iron Ore: Chinese Stimulus Not A Game Changer 21

Steel: Gradual Rationalisation Insufficient To Boost Prices 23

Aluminium: Recent Rally Unlikely To Persist Into H214 24

Copper: Bearish Forecast Appears Well Placed 25

Lead: Picking Up Autos Sector Tailwinds 26

Nickel: Recent Rise To Fall Back In H214 27

Zinc: Potential Test Of Resistance In Coming Weeks 29

      Table: Select Commodities - Performance & BMI Forecasts 31

Competitive Landscape 32

Company Profile 34

Mechel 34

      Table: Mechel - Financial Data 36

Eldorado Gold 37

      Table: Eldorado - Financial Data 39

Regional Overview 41

Europe Overview 41

      1. Coal Production Growth Mainly In The East, But Upside In Germany 41

      2. Iron Ore Mining To Come Under Threat 43

      3. More Stringent Regulation On The Horizon 45

      Table: Europe: Mining Regulatory Outlook 45

      . Long-Term Promise For Rare Earths 46

      5. Public Opposition To Present Major Downside Risk 47

Global Industry Overview 48

Challenges 48

      Table: Mining - Select M&A Deals 52

Cause For Optimism 55

Methodology 62

Industry Forecast Methodology 62

Sources 63

Risk/Reward Rating Methodology 64

      Table: Weighting Of Indicators 66

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