We forecast Canada will remain a major player in the global mining industry owing to both its diversified mineral base and its status as a top destination for mining firms seeking to raise funds on capital markets. We expect the country to remain a top 10 global producer of zinc, lead, iron ore, nickel, copper, gold, silver, uranium and potash throughout our forecast period.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Gold: Exploration & Output To Moderate Due To Lower Prices 11

      Table: Major Gold Projects 13

Juniors Still Seeing Difficulties In 2014 14

      Table: Canada - Gold Production & Forecast 14

Iron Ore: Investment Outlook Solid 15

Industry To Remain Consolidated 15

      Table: Current Iron Ore Projects 17

Subdued Prices & Oversupply Pose Challenges 17

      Table: Iron Ore Production (mn tonnes) 18

Nickel: Modest Growth Outlook 18

      Table: Select Planned Nickel Projects 20

Short-Term Upside 20

      Table: Canada - Nickel Production ('000 tonnes, unless stated otherwise) 20

Zinc: Growth To Remain Slow 21

Minimal New Growth After Recent Declines 21

North Presents Riches, But Challenges Abound 22

      Table: Canada - Zinc Projects 23

      Table: Canada - Zinc Production 23

Industry Risk Reward Ratings 24

Colombia & Chile Remain At The Top 25

      Table: Mining Risk/Reward Ratings 25

Mexico & Peru See Improvement, While Brazil Falls Back 26

Weak Prices & Poor Operating Environments Hold Others Back 27

Risk/Reward Ratings 27

Rewards 27

Industry Rewards 27

Country Rewards 27

Risks 28

Industry Risks 28

Country Risks 29

      Table: Canada Mine Production & Growth 29

Regulatory Development 30

Recent Regulatory Updates 31

Local Consultation & Environmental Stewardship Remain Top Priorities 31

      Table: Canada - Political Overview 32

      Table: Regional Regulatory Index 33

Commodities Forecast 34

Commodity Strategy 34

Iron Ore: Fading Iron Will 34

Steel: Global Glut To Weigh On Prices 36

Aluminium: Fundamentals To Remain Weak 37

Copper: All Eyes On China 38

Lead: Outperforming Its Troubled Peers 39

Nickel: Monthly Outperformer 41

Tin: Outperforming A Weak Field 42

Zinc: Further Consolidation Likely 43

      Table: Select Commodities - Performance & BMI Forecasts 45

Competitive Landscape 46

Juniors Continue To Face Financing Challenges 47

      Table: Canada - Largest Listed Mining Firms 48

Company Profile 49

Goldcorp 49

Latest Financial Results 51

      Table: Goldcorp - Key Financial Data 52

Teck Resources 53

Latest Financial Results 55

      Table: Teck - Key Financial Data 55

Barrick Gold 56

Company Strategy 57

Latest Financial Results 58

Financial Data 59

      Table: Barrick - Key Financial Data 59

Address Details 60

Regional Overview 61

Americas Overview 61

      1. Mexico & Peru To Outperform 61

      2. Potential Policy Impacts In The South 62

      Table: Americas - Regulatory Updates 63

      3. Downward Pressures On Capex To Persist 64

      4. North American Growth Opportunities To Remain Limited 65

      5. Central America & Caribbean To Lag Northern & Southern Neighbours 68

Global Industry Overview 70

Challenges 70

      Table: Mining - Select M&A Deals 74

Cause For Optimism 77

Methodology 84

Industry Forecast Methodology 84

Sources 85

Risk/Reward Rating Methodology 86

      Table: Mining Risk/Reward Ratings Indicators 88

      Table: Weighting Of Indicators 89

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