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 16

      Table: Russia - Coal Production Forecast 18

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 22

A Hard Blow To Miners If Crimea Crisis Escalates 23

Infrastructure Developments A Boon 25

      Table: Russia - Iron Ore Production Forecast 25

Nickel: Subdued Growth Ahead 26

Risk To Outlook 28

      Table: Russia - Nickel Production Forecast 28

Palladium: Few Bright Spots 29

      Table: Russia - Palladium Production Forecast 31

Platinum: Struggling To Head Higher 32

      Table: Russia - Largest Platinum Projects 33

      Table: Russia - Platinum Production Forecast 34

Industry Risk Reward Ratings 35

Russia On Top; Kazakhstan Not Far Behind 35

      Table: Mining Risk/Reward Ratings 35

Nordics Lagging 36

Reward Paucity In Germany 36

Corruption & Infrastructure To Remain Key Risks In Russia & Ukraine 37

Weak Commodity Prices Weigh On Rewards 38

Market Overview 39

A Hard Blow To Mining Sector If Crimea Crisis Escalates 41

      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

Iron Ore: Fading Iron Will 47

Steel: Global Glut To Weigh On Prices 49

Aluminium: Fundamentals To Remain Weak 50

Copper: All Eyes On China 51

Lead: Outperforming Its Troubled Peers 52

Nickel: Monthly Outperformer 54

Tin: Outperforming A Weak Field 55

Zinc: Further Consolidation Likely 56

      Table: Select Commodities - Performance & BMI Forecasts 57

Competitive Landscape 59

Key Players 59

      Table: Russia - Key Financial Data For Select Mining Companies 60

Company Profile 61

Norilsk Nickel 61

Company Overview 62

Company Strategy 63

      Table: Norilsk Nickel - Financial Metrics 65

Polyus Gold 66

      Table: Polyus Gold - Financial Data 67

SUEK 69

Regional Overview 72

Europe Overview 72

      1. Coal Production Growth Mainly In The East 72

      2. Iron Ore Mining To Come Under Threat 74

      3. Greater Regulation On The Horizon 76

      Table: Europe: Mining Regulatory Outlook 76

      4. Long-Term Promise For Rare Earths 77

      5. Public Opposition To Present Major Downside Risk 78

Global Industry Overview 79

Methodology 91

Industry Forecast Methodology 91

Sources 92

Risk/Reward Rating Methodology 93

      Table: Mining Risk/Reward Ratings Indicators 95

      Table: Weighting Of Indicators 96

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