We expect Kazakhstan's mining industry value to reach US$29.5bn by 2017, down from our previous forecast in light of our view of an overall decline in commodity prices. Growth will be led almost entirely by the coal, gold and copper sectors, which together account for the majority of the value of Kazakhstan's mining industry. Copper production is also a bright spot in the country, given aggressive expansion plans by Kazakhmys, and Rio Tinto's commitment to invest US$100mn in exploring northern Kazakhstan for copper.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Coal: Domestic Power Demand To Drive Production Growth 10

      Table: Kazakhstan - Coal Production 12

Iron Ore: Challenges Keep Growth Subdued 12

      Table: Kazakhstan - Largest Iron Ore Projects 14

      Table: Kazakhstan - Iron Ore Production Forecast 14

Industry Risk Reward Ratings 15

Risk/Reward Ratings 15

Greatest Rewards In The East 15

      Table: Mining Risk/Reward Ratings 15

Regulatory Stranglehold In Germany; Rising Risks In The Nordics 16

Corruption & Infrastructure To Remain Key Risks In Russia & Ukraine 16

Weak Commodity Prices Weigh On Rewards 17

Country Highlights 18

Russia: Mineral Wealth Fails To Hide Risks 18

Kazakhstan: Weak Infrastructure Restrains Growth Potential 19

Market Overview 20

      Table: Kazakhstan - Country Reserves Relative To Global Reserves 21

      Table: Kazakhstan - Mining Industry Value & Production Forecasts 22

Regulatory Development 23

      Table: Kazakhstan - Applicable Mineral Extraction Taxes 24

      Table: Kazakhstan - Political Overview 25

Commodities Forecast 27

Iron Ore: Rally To Fade In Q413 28

Steel: Supply Glut To Endure 29

Aluminium: Surge Gives Way 30

Copper: Weak Outlook 31

Lead: Short-Term Weakness 32

Nickel: Still The Laggard 33

Zinc: Still A Surplus Market 36

      Table: Select Commodities - Performance And BMI Forecasts 37

      Table: Global Commodities Strategy 38

Competitive Landscape 39

      Table: Kazakhstan - Country Reserves Relative To Global Reserves 40

      Table: Kazakhstan - Comparative Valuation Metrics 41

Company Profile 42

Kazakhmys 42

      Table: Kazakhmys - Financial Results 45

ENRC 46

      Table: ENRC - Financial Results 48

Regional Overview 50

Europe Overview 50

      1. Coal Production Growth Confined To The East 50

      2. Iron Ore Mining To Come Under Threat 51

      3. Greater Regulation On The Horizon 54

      Table: Europe: Mining Regulatory Outlook 54

      4. Long-Term Promise For Rare Earths 55

Global Industry Overview 56

Global Overview 56

Downturn To Continue Into 2014 56

      1. China Slowdown To Drive Mining Moderation 56

      2. Frontier Mining Increasingly Challenging 57

      3. Mining Services Firms Facing Tough Outlook 59

But Opportunities Still Exist 61

      1. Asian Outward Investment Continues 61

      2. Private Equity Entering The Mix 63

      3. Global Thermal Coal Demand Still Growing 64

Methodology 67

Industry Forecast Methodology 67

Sources 68

Risk/Reward Rating Methodology 69

      Table: Mining Risk/Reward Ratings Indicators 70

      Table: Weighting Of Indicators 71

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