The Democratic Republic of the Congo's vast mineral resources will continue to attract international interest, given the country's huge untapped and high-grade reserves. Growth over the next five years will be driven largely by expansions in the copper sector and Randgold Resources' new gold mine ramping up to full production.

BMI Industry View 7

Ore To Play For But Downside Risks Lurk 7

SWOT 9

Industry Forecast 10

Copper: Strong Growth But Substantial Risks Ahead 10

Higher Grade Deposits Give Further Attention 11

      Table: DRC - Copper Projects 11

Plethora Of Risks Await Investors 11

      Table: DRC - Copper Production (thousand tonnes) 12

Gold: Kibali To Drive Growth 12

      Table: DRC - Gold Production Forecasts (million oz) 14

Industry Risk Reward Ratings 15

Risk/Reward Ratings 15

Lower Gold Prices Reduce Rewards 15

      Table: Africa - Mining Risk/Rewards Ratings 16

Reduced Rewards For Copper Mining 16

Mixed Rankings For West Africa 16

Substantial Rewards In Southern Africa 17

Lack Of Uniformity In Regulatory Development 18

Political & Infrastructure Risks Lurk 18

Country Highlights 19

South Africa: Deteriorating Environment For Mining Companies 19

Mozambique: Mining Sector Set To Boom 20

Botswana: All Round Outperformer 20

Market Overview 21

      Table: DRC - Key Projects 21

Plethora Of Risks To Weigh On Investment 22

      Table: DRC - Mining Industry Value & Production 23

Regulatory Development 24

Mineral Regulation Structure 24

Unrefined Copper Taxes 25

Licence Cancellations 25

Little Central Control 25

      Table: Democratic Republic of the Congo - Political Overview 26

      Table: Africa - Regulatory Outlook 26

Commodities Forecast 28

Iron Ore: Rally To Fade In Q413 29

Steel: Supply Glut To Endure 30

Aluminium: Surge Gives Way 31

Copper: Weak Outlook 32

Lead: Short-Term Weakness 33

Nickel: Still The Laggard 34

Zinc: Still A Surplus Market 37

      Table: Select Commodities - Performance And BMI Forecasts 38

      Table: Global Commodities Strategy 39

Competitive Landscape 40

Company Profile 41

Freeport-McMoRan 41

Company Strategy 43

Recent Financial Results 44

Financial Data 45

      Table: Freeport-McMoRan - Key Financial Data 45

Address Details 45

Randgold Resources 46

      Table: Randgold Resources - Financial Results 49

Tiger Resources 50

      Table: Tiger Resources - Financial Data 51

Regional Overview 53

Africa Overview 53

      1. Chinese Investment Inflows To Continue 53

      2. Lack Of Infrastructure A Major Hurdle 54

      3. Regulatory Environment In Flux 55

      Table: Key Regulatory Developments 56

      4. Gold Crunch To Gain Traction 56

      5. Iron Ore Production In West Africa To Boom 58

      6. Southern Africa To Become A Key Coal Exporter 59

Global Industry Overview 60

Global Overview 60

Downturn To Continue Into 2014 60

      1. China Slowdown To Drive Mining Moderation 60

      2. Frontier Mining Increasingly Challenging 61

      3. Mining Services Firms Facing Tough Outlook 63

But Opportunities Still Exist 65

      1. Asian Outward Investment Continues 65

      2. Private Equity Entering The Mix 67

      3. Global Thermal Coal Demand Still Growing 68

Methodology 71

Industry Forecast Methodology 71

Sources 72

Risk/Reward Rating Methodology 73

      Table: Mining Risk/Reward Ratings Indicators 74

      Table: Weighting Of Indicators 75

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