We forecast modest mining sector growth of 1.2% on average per annum in Chile through to2018, a downgrade from our last forecast to better reflect the effect of weaker copper prices on the sector.We anticipate major miners will continue to develop several large projects, as the country's political and business environments remain stable and the country possesses significant mineral reserves.

BMI Industry View 7

Large & Mid-Tier Players To Continue Investment 8

SWOT 10

Industry Forecast 11

Copper: Modest Growth As Projects Face Delays 11

Elevated Costs Affect Competitiveness 13

      Table: Chile - Major Copper Investment Projects 14

      Table: Chile Copper Production Forecast, 2010-2018 (Chile 2010-2018) 14

Silver: After Declines, Moderate Growth Ahead 14

Base And Precious Metal Miners To Expand Silver Output 16

      Table: Chile - Key Silver Mine Projects 16

      Table: Chile Silver Production, 2010-2018 (Chile 2010-2018) 17

Gold: Diversification Opportunity, But Risks Remain 17

Copper Dominates, Though Gold To Help Diversify Sector 18

      Table: Chile - Major Gold Projects 19

Risks To Downside Dominate 19

      Table: Gold Production Forecast (Chile 2010-2018) 19

Industry Risk Reward Ratings 20

Risk/Reward Ratings 20

Colombia & Chile Remain At The Top 21

      Table: Mining Risk/Reward Ratings 22

Mexico & Peru See Improvement, While Brazil Falls Back 22

Weak Prices & Poor Operating Environments Hold Others Back 23

Risk/Reward Ratings 23

Rewards 24

Industry Rewards 24

Country Rewards 24

Risks 25

Industry Risks 25

Country Risks 26

      Table: Chile - Mine Production & Growth 26

Regulatory Development 27

Government Policy Enables Sector Growth, But Challenges Ahead 27

Tax Regime 27

Corruption Remains In Check 28

      Table: Chile - Political Overview 29

      Table: Regional Regulatory Index 30

Commodities Forecast 31

Commodity Strategy 31

Iron Ore: Not Much Respite In Sight 31

Steel: Production Rationalisation Too Slow To Provide Price Upside 33

Aluminium: Further Price Rally Unlikely 34

Lead: Ripe For A H214 Boost 35

Copper: Consensus Moving Our Way 36

Nickel: Price Surge To Abate Further 37

Tin: In A Sweet Spot 38

Zinc: Bullish Short-Term Picture 39

      Table: Select Commodities - Performance & BMI Forecasts 40

Competitive Landscape 42

Copper Producers Top Players 42

      Table: Chile - Financial Data For Domestically Listed Mining Firms 43

Company Profile 44

Antofagasta 44

Recent Financial Results 46

      Table: Antofagasta - Financial Data 46

Codelco 48

Recent Financial Results 50

      Table: Codelco - Financial Data 50

Anglo American 51

Company Strategy 54

Latest Results 55

      Table: Anglo American - Financial Data 56

Regional Overview 57

Americas Overview 57

      1. Mexico & Peru To Outperform 57

      2. Potential Policy Impacts In The South 58

      Table: Americas - Regulatory Updates 59

      3. Downward Pressures On Capex To Persist 60

      4. North American Growth Opportunities To Remain Limited 61

      5. Central America & Caribbean To Lag Northern & Southern Neighbours 64

Global Industry Overview 66

Challenges 66

      Table: Mining - Select M&A Deals 70

Cause For Optimism 73

Methodology 80

Industry Forecast Methodology 80

Sources 81

Risk/Reward Rating Methodology 82

      Table: Weighting Of Indicators 84

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