We expect to see strong growth in the mining sector of the Middle East and North Africa over the coming years. With low base effects, governmental will to increase non-oil revenues and significant resources it appears the region is set for strong growth. We highlight Turkey and Northern Iraq as key areas for growth. That said, the region will remain peripheral in the global mining sector as it continues to underperform due to political instability in much of the region.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Mining Reforms Continue To Bear Fruit 10

      Table: Turkey - Select Gold Projects 10

      Table: Turkey - Gold Production 12

Colossal Potential Matched By Challenges 12

      Table: Iran - Mineral Reserves 13

Turning To Gold For Riches 16

Political Risk Remains Elevated, Miners To Tread With Caution 18

      Table: Egypt - Select Mining Projects 19

      Table: Egypt - Gold Production 20

Phosphates: Morocco Moves Downstream 20

Industry Risk Reward Ratings 25

Risk/Reward Ratings 25

      Table: MENA - Mining Risk/Rewards Ratings 27

Regulatory Development 30

Commodities Forecast 33

Commodity Strategy 33

Steel: Subdued Medium Term Outlook 35

Aluminium: Despite Recent Upswing, Underperformance To Persist 36

Copper: No Time To Celebrate Yet 37

Lead: Outperformance On The Cards 38

Nickel: Sideways Movement In Weeks Ahead 39

Zinc: Positive Momentum To Continue 41

      Table: Select Commodities - Performance & BMI Forecasts 42

      Table: BMI Commodities Strategy 43

Competitive Landscape 44

      Table: MENA - Largest Listed Mining & Metals Companies 44

Company Profile 46

Kasbah Resources 46

      Table: Kasbah Resources - Financial Performance 47

Maya Gold & Silver 49

      Table: Maya Gold & Silver - Financial Results 51

Regional Overview 52

MENA Overview 52

Saudi, Iran & Sudan: Government Estimates Overblown 53

      Table: Largest Mining Projects In MENA 54

Egypt: Government Interference To Restrict Investment 54

Iraq: A Bright Spot In The Region 55

Morocco: Potential For Tin Mining 56

Global Industry Overview 57

Methodology 69

Industry Forecast Methodology 69

Sources 70

Risk/Reward Rating Methodology 71

Table: Mining Risk/Reward Ratings Indicators 73

Table: Weighting Of Indicators 74

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