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

Turkey: Mining Reforms Continue To Bear Fruit 10

      Table: Turkey - Select Gold Projects 10

      Table: Turkey - Gold Production 12

Iran: Tentative Signs Of An Opening For Mining Sector 12

      Table: Iran - Mineral Reserves 13

Iraq: Turning To Gold For Riches 16

Egypt: Improving Political Stability To Bolster Mining Investment 18

      Table: Egypt - Select Mining Projects 19

      Table: Egypt - Gold Production 20

Saudi Arabia: Gold No Threat To Black Gold 20

      Table: Saudi Arabia - Major Gold Projects 21

Growth To Slow Substantially As Mines Close 22

      Table: Ma'aden - Current Mines Details 23

Lower Prices Present Small Risk 23

      Table: Saudi Arabia - 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: Not Much Respite In Sight 32

Steel: Production Rationalisation Too Slow To Provide Price Upside 34

Aluminium: Further Price Rally Unlikely 35

Lead: Ripe For A H214 Boost 36

Copper: Consensus Moving Our Way 37

Nickel: Price Surge To Abate Further 38

Tin: In A Sweet Spot 39

Zinc: Bullish Short-Term Picture 40

      Table: Select Commodities - Performance & BMI Forecasts 41

Competitive Landscape 43

      Table: MENA - Largest Listed Mining & Metals Companies 43

Company Profile 45

Kasbah Resources 45

      Table: Kasbah Resources - Financial Performance 46

Maya Gold & Silver 48

      Table: Maya Gold & Silver - Financial Results 50

Regional Overview 51

MENA Overview 51

Saudi & Iran: Government Estimates Overblown 52

      Table: Largest Mining Projects In MENA 53

Egypt: Political Risks To Ease 53

Iraq: A Bright Spot In The Region 53

Morocco: Potential For Tin Mining 54

Global Industry Overview 55

Challenges 55

      Table: Mining - Select M&A Deals 59

Cause For Optimism 62

Methodology 69

Industry Forecast Methodology 69

Sources 70

Risk/Reward Rating Methodology 71

      Table: Weighting Of Indicators 73

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