Despite boasting rich mineral deposits, a mining boom is unlikely to catch up with Russia anytime soon. A growing number of domestic miners will be forced to step the brakes on investment as mineral prices continue to trend lower, while foreign investors struggle to establish a foothold due to restrictive regulations.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Coal: Towards Coking & The East 11

Modernisation Of Coal Sector 13

Exports Shifting From Europe To Asia 14

Constrained By Infrastructure 15

Better Economics For Coking 17

      Table: Russia - Coal Production Forecast 19

Gold: Losing Lustre, Modest Growth 19

Polyus Gold To Remain Dominant 20

      Table: Russia - Gold Production Forecast 21

Iron Ore: Dragged By Overcapacity In Steel Sector 21

Industry Structure To Remain Unchanged 22

      Table: Russia - Largest Iron Ore Projects 23

Infrastructure Developments A Boon 24

      Table: Russia - Iron Ore Production Forecast 24

Nickel: Subdued Growth Ahead 25

      Table: Russia - Largest Nickel Projects 26

      Table: Russia - Nickel Production Forecast 27

Palladium: Few Bright Spots 27

Russian State To Remain Swing Factor 28

      Table: Russia - Largest Palladium Projects 28

      Table: Russia - Palladium Production Forecast 29

Platinum: Struggling To Head Higher 29

      Table: Russia - Largest Platinum Projects 31

      Table: Russia - Platinum Production Forecast 33

Industry Risk Reward Ratings 34

Greatest Rewards In The East 34

      Table: Mining Risk/Reward Ratings 34

Regulatory Stranglehold In Germany; Rising Risks In The Nordics 35

Corruption & Infrastructure To Remain Key Risks In Russia & Ukraine 35

Weak Commodity Prices Weigh On Rewards 36

Country Highlights 37

Russia: Mineral Wealth Fails To Hide Risks 37

Kazakhstan: Weak Infrastructure Restrains Growth Potential 38

Market Overview 39

      Table: Russia - Mining Industry Value & Production Forecasts 41

Regulatory Development 42

Foreign Investors To Find Little Success 42

Tax Regime 43

Corruption To Remain Key Concern 44

      Table: Europe - Mining Regulatory Scorecard 44

      Table: Political Overview 45

Commodities Forecast 47

Commodity Strategy 47

Steel: Locked In Secular Downtrend 49

Aluminium: US$1,800/tonne To Provide Strong Support 49

Copper: Bearish View In Place Despite Some Recovery 50

Nickel: Despite Recent Gains, Downside Risks Dominate 52

Zinc: Channelling Support 54

      Table: Select Commodities - Performance & BMI forecasts 55

      Table: BMI Commodities Strategy 56

Commodities Forecast 57

      Table: BMI Steel Forecast 57

      Table: Steel Data And Forecasts, 2009-2017 65

Competitive Landscape 66

Key Players 66

      Table: Russia - Key Financial Data For Select Listed Mining Companies 67

Company Profile 68

Norilsk Nickel 68

Overview 69

Strategy 70

      Table: Norilsk Nickel - Financial Metrics 72

Polyus Gold 73

      Table: Polyus Gold - Financial Data 75

SUEK 76

Regional Overview 79

Europe Overview 79

      1. Coal Production Growth Confined To The East 79

      2. Iron Ore Mining To Come Under Threat 80

      3. Greater Regulation On The Horizon 83

      Table: Europe: Mining Regulatory Outlook 83

      4. Long-Term Promise For Rare Earths 84

Global Industry Overview 85

Global Overview 85

Downturn To Continue Into 2014 85

      1. China Slowdown To Drive Mining Moderation 85

      2. Frontier Mining Increasingly Challenging 86

      3. Mining Services Firms Facing Tough Outlook 88

But Opportunities Still Exist 90

      1. Asian Outward Investment Continues 90

      2. Private Equity Entering The Mix 92

      3. Global Thermal Coal Demand Still Growing 93

Methodology 96

Industry Forecast Methodology 96

Sources 97

Risk/Reward Rating Methodology 98

      Table: Mining Risk/Reward Ratings Indicators 99

      Table: Weighting Of Indicators 100

冶金工业信息标准研究院