We expect uneven mining sector growth through 2018 across various countries within Central America and the Caribbean. The region has significant untapped mineral potential, though variations among countries' business environments and operational challenges will mean varied performance. Overall, we expect Colombia and Panama to see the strongest mining sector growth, while Guatemala, and to a lesser extent Honduras, underperform.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Colombia Coal: Heating Up 10

      Table: Colombia - Coal Production 13

Dominican Republic Gold: A Golden Future 13

      Table: The Dominican Republic - Gold Projects 14

Local Opposition Remains Risk 15

      Table: The Dominican Republic - Gold Production 16

Guatemala Gold And Silver: Output Growth, Though Risks Ahead 16

      Table: Guatemala - Mining Projects 16

Protests And Resource Nationalism Remain Top Risks 17

      Table: Guatemala - Gold And Silver Production 17

Honduras Gold And Silver: Minimal Growth Ahead 18

Some Promise, Though Headwinds May Prove Too Great 19

      Table: Honduras - Gold And Silver Production 20

Jamaica Bauxite: Few Opportunities Ahead 20

      Table: Jamaica: Bauxite Production 22

Panama Gold: Sector To Develop, Despite Local Opposition 22

      Table: Panama- Mining Projects 22

Headwinds Remain Despite Positive Outlook 24

      Table: Table: Panama - Gold Production 24

Suriname Gold: Main Driver Of Growth 24

Gold To Drive Industry 25

Risks Ahead 26

      Table: Suriname - Gold And Bauxite Production 26

Industry Risk Reward Ratings 27

Risk/Reward Ratings 27

Colombia & Chile Remain At The Top 28

      Table: Mining Risk/Reward Ratings 29

Mexico & Peru See Improvement, While Brazil Falls Back 29

Weak Prices & Poor Operating Environments Hold Others Back 30

Colombia Risk/Reward Ratings 31

Rewards 31

Industry Rewards 31

Country Rewards 31

Risks 32

Industry Risks 32

Country Risks 32

      Table: Colombia - Mine Production & Growth 33

Jamaica Risk/Reward Ratings 33

Rewards 33

Industry Rewards 33

Country Rewards 33

Risks 34

Industry Risks 34

Country Risks 34

      Table: Jamaica - Mine Production & Growth 35

Panama Risk/Reward Ratings 35

Rewards 35

Industry Rewards 35

Country Rewards 35

Risks 35

Industry Risks 35

Country Risks 36

      Table: Central America - Mine Production & Growth 36

The Dominican Republic Risk/Reward Ratings 36

Rewards 36

Industry Rewards 36

Country Rewards 37

Risks 37

Industry Risks 37

Country Risks 38

      Table: Dominican Republic - Mine Production & Growth 38

Regulatory Development 39

Panama And Colombia To Remain Friendliest Destinations 39

Tension To Remain Elevated In Dominican Republic 39

Guatemala To Remain Problematic While Honduras Shows Slight Promise 40

Jamaica And Suriname Show Little Change 40

      Table: Regional Regulatory Index 40

Commodities Forecast 42

Commodity Strategy 42

Iron Ore: Chinese Stimulus Not A Game Changer 42

Steel: Gradual Rationalisation Insufficient To Boost Prices 44

Aluminium: Recent Rally Unlikely To Persist Into H214 45

Copper: Bearish Forecast Appears Well Placed 46

Lead: Picking Up Autos Sector Tailwinds 47

Nickel: Recent Rise To Fall Back In H214 48

Zinc: Potential Test Of Resistance In Coming Weeks 50

      Table: Select Commodities - Performance & BMI Forecasts 52

Competitive Landscape 53

Smaller Players Pursuing Opportunities 53

      Table: Financial Metrics 54

Company Profile 55

Barrick Gold 55

Company Strategy 56

Latest Financial Results 57

Financial Data 58

      Table: Barrick - Key Financial Data 58

Address Details 59

Goldcorp 60

Latest Financial Results 62

      Table: Goldcorp - Key Financial Data 63

First Quantum 63

Latest Financial Results 66

      Table: First Quantum: Key Financial Data 67

Regional Overview 68

Americas Overview 68

      1. Mexico & Peru To Outperform 68

      2. Potential Policy Impacts In The South 69

      Table: Americas - Regulatory Updates 70

      3. Downward Pressures On Capex To Persist 71

      4. North American Growth Opportunities To Remain Limited 72

      5. Central America & Caribbean To Lag Northern & Southern Neighbours 75

Global Industry Overview 77

Challenges 77

      Table: Mining - Select M&A Deals 81

Cause For Optimism 84

Methodology 91

Industry Forecast Methodology 91

Sources 92

Risk/Reward Rating Methodology 93

      Table: Weighting Of Indicators 95

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