We expect consistent growth in Kazakhstan's mining industry through 2018, averaging 2.5% on average per annum and reaching a value of USD37.6bn. Growth will be derived from increasing output of both industrial and precious metals, including coal, copper, gold and iron ore, which together account for the bulk of the value of Kazakhstan's mining industry. We forecast copper output to grow the fastest in percentage terms through 2018.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Coal: Domestic Power Demand To Drive Production Growth 10

Country's Energy Needs Reliant On Coal 10

Industry Set To Expand Through Decade 11

      Table: Coal Production Forecast (Kazakhstan 2010-2018) 12

Iron Ore: Modest Growth Outlook 13

State-Owned Firm Drives Industry 14

      Table: Kazakhstan - Largest Iron Ore Projects 14

Risks To Outlook 14

      Table: Iron Ore Production Forecast (Kazakhstan 2010-2018) 15

Copper: Production Growth Ahead 15

      Table: Top Copper Projects 17

      Table: Copper Production Forecast (Kazakhstan 2010-2018) 17

Industry Risk Reward Ratings 18

Europe Risk/Reward Ratings 18

Downgrades For Coal Producers 19

Subdued Metal Prices Reduce Rewards 20

      Table: Europe: Mining Risk/Reward Ratings 21

Risk/Reward Ratings 21

Rewards 21

Industry Rewards 21

Country Rewards 22

Risks 22

Industry Risks 22

Country Risks 23

      Table: Mining Industry Forecasts (Kazakhstan 2010-2018) 23

Regulatory Development 24

      Table: Kazakhstan - Applicable Mineral Extraction Taxes 25

      Table: Kazakhstan - Political Overview 27

      Table: Europe: Mining Regulatory Outlook 27

Commodities Forecast 29

Commodity Strategy 29

Ferrous Metals: 30

Iron Ore: Bounce Won't Last, Weakness In 2015 30

Steel: Long Road To Price Recovery 31

Non-Ferrous Metals: 32

Aluminium: Elevated Prices In Coming Weeks 32

Copper: Strength To Turn To Weakness By Q414 33

Lead: Price Bounce Underway 34

Nickel: Prices To Cool In Coming Months 35

Tin: Market Tightness To Drive Prices Higher 36

Zinc: Prices To Moderate By Q414 37

      Table: Select Commodities - Performance & BMI Forecasts 39

Competitive Landscape 40

      Table: Kazakhstan - Country Reserves Relative To Global Reserves 40

Company Profile 42

Kazakhmys 42

      Table: Kazakhmys - Financial Results 44

ENRC 46

      Table: ENRC - Financial Results 47

Regional Overview 48

Europe Overview 48

Coal Industry Down But Not Out 48

Weak Prices To Hinder Gold Projects 49

Environmental Pressure Mounting 50

Return Of Tin Mining 51

Rare Earth Opportunities Over The Long Term 52

Global Industry Overview 54

Capex Cutbacks To Yield Rewards 54

M&A Activity To Pick Up 55

High Grade Opportunities In Iron Ore 56

Shifting Centre Of Growth For Platinum 57

Chinese & Indian Outbound Mineral Investment To Gather Pace 58

Shake-Up For Global Rare Earths Industry 59

Methodology 61

Industry Forecast Methodology 61

Sources 62

Risk/Reward Rating Methodology 63

      Table: Weighting Of Indicators 65

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