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

Gold No Threat To Black Gold 10

      Table: Saudi Arabia - Major Gold Projects 11

Growth To Slow Substantially As Mines Close 12

      Table: Ma'aden - Current Mines Details 13

Lower Prices Present Small Risk 13

      Table: Saudi Arabia - Gold Production 13

Mining Reforms Continue To Bear Fruit 14

      Table: Turkey - Select Gold Projects 15

      Table: Turkey - Gold Production 16

Colossal Potential Matched By Challenges 16

      Table: Iran - Mineral Reserves 17

Turning To Gold For Riches 19

Political Risk Remains Elevated, Miners To Tread With Caution 21

      Table: Egypt - Select Mining Projects 22

      Table: Egypt - Gold Production 23

Industry Risk Reward Ratings 24

Risk/Reward Ratings 24

      Table: MENA - Mining Risk/Rewards Ratings 26

Regulatory Development 29

Commodities Forecast 32

Commodity Strategy 32

Iron Ore: Prices To Head Lower In 2014 33

Steel: Reprieve Unlikely To Last 34

Aluminium: Weakness Resuming 34

Copper: Continued Weakening 36

Lead: Modest Secular Uptrend To Remain Intact 36

Nickel: Can't Catch A Break 37

Tin: Outperformance To Continue 38

Zinc: Likely To Hold Up 39

      Table: Select Commodities - Performance & BMI Forecasts 40

      Table: BMI Commodities Strategy 41

Competitive Landscape 42

      Table: MENA - Largest Listed Mining & Metals Companies 42

Company Profile 44

Kasbah Resources 44

      Table: Kasbah Resources - Financial Performance 45

Maya Gold & Silver 47

      Table: Maya Gold & Silver - Financial Results 49

Regional Overview 50

MENA Overview 50

Saudi, Iran & Sudan: Government Estimates Overblown 51

      Table: Largest Mining Projects In MENA 52

Egypt: Government Interference To Restrict Investment 52

Iraq: A Bright Spot In The Region 53

Morocco: Potential For Tin Mining 54

Global Industry Overview 55

Global Overview 55

Downturn To Continue Into 2014 55

      1. China Slowdown To Drive Mining Moderation 55

      2. Frontier Mining Increasingly Challenging 56

      3. Mining Services Firms Facing Tough Outlook 58

But Opportunities Still Exist 60

      1. Asian Outward Investment Continues 60

      2. Private Equity Entering The Mix 62

      3. Global Thermal Coal Demand Still Growing 63

Methodology 66

Industry Forecast Methodology 66

Sources 67

Risk/Reward Rating Methodology 68

      Table: Mining Risk/Reward Ratings Indicators 69

      Table: Weighting Of Indicators 70

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