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

Iran: Tentative Signs Of An Opening For Mining Sector 10

      Table: Iran - Mineral Reserves 11

Egypt: Improving Political Stability To Bolster Mining Investment 14

      Table: Egypt - Select Mining Projects 14

      Table: Egypt - Gold Production 15

Oman: Mining To Gather Momentum On Diversification 15

      Table: Oman - Metals & Mining Output Historical Data 17

Turkey: Growth Story Despite Risks 18

Coal Boom 19

Gold Rush 21

Solid Base Metal Growth 23

Regulatory Overhaul Provides Tailwinds 24

Labour Unrest Due To Poor Safety Constitutes A Downside Risk 25

      Table: Turkey: Mine Production Historic Data & Forecasts 25

Industry Risk Reward Ratings 26

Risk/Reward Ratings 26

      Table: MENA - Mining Risk/Rewards Ratings 28

Regulatory Development 31

Commodities Forecast 34

Commodity Strategy 34

Ferrous Metals: 34

Steel: Prices To Remain Subdued 36

Non-Ferrous Metals: 37

Aluminium: Price Strength To Continue In Q314 37

Copper: Further Decline By Year's End 38

Lead: Constructive Price Outlook 39

Nickel: Moderation To Continue 40

Tin: Upside Ahead 41

Zinc: Consolidation Before Multi-Year Gains 43

      Table: Select Commodities - Performance & BMI Forecasts 44

Competitive Landscape 46

      Table: MENA - Largest Listed Mining & Metals Companies 46

Company Profile 48

Kasbah Resources 48

      Table: Kasbah Resources - Financial Performance 49

Maya Gold & Silver 51

      Table: Maya Gold & Silver - Financial Results 53

Regional Overview 54

MENA Overview 54

Saudi & Iran: Government Estimates Overblown 55

      Table: Largest Mining Projects In MENA 56

Egypt: Political Risks To Ease 56

Iraq: A Bright Spot In The Region 56

Morocco: Potential For Tin Mining 57

Global Industry Overview 58

Capex Cutbacks To Yield Rewards 58

M&A Activity To Pick Up 59

High Grade Opportunities In Iron Ore 60

Shifting Centre Of Growth For Platinum 61

Chinese & Indian Outbound Mineral Investment To Gather Pace 62

Shake-Up For Global Rare Earths Industry 63

Methodology 65

Industry Forecast Methodology 65

Sources 66

Risk/Reward Rating Methodology 67

      Table: Weighting Of Indicators 68

冶金工业信息标准研究院