We expect just modest mining sector growth in Chile through 2018, forecasting average annual growth of 1.8%, slower than in previous years. 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. Rising costs and falling prices though will limit sector growth and result in more conservative expansion and acquisition plans among major miners.

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

Higher Costs Crimp Competitiveness 13

      Table: Chile - Major Copper Investment Projects 15

      Table: Chile - Copper Production & Growth ('000 tonnes, unless stated otherwise) 15

Silver: After Declines, Moderate Growth Ahead 15

Both Precious Metal & Copper Producers See Allure In Silver 16

      Table: Chile - Key Silver Mine Projects 17

      Table: Chile - Silver Production 18

Gold: Diversification Opportunity, But Risks Remain 18

Moving Beyond Copper 19

      Table: Chile - Major Gold Projects 20

Despite Allure, Gold Presents Risks 20

      Table: Chile - Gold Production & Growth 20

Industry Risk Reward Ratings 21

Developed Markets Show Low Risk, But Low Reward 22

Majors Facing Combination Of Tax Changes & Social Opposition 23

Second-Tier Miners To Show Little Rankings Improvement 24

      Table: Americas - Mining Risk/Reward Ratings 25

Market Overview 26

Copper Still The Main Game 27

Gold Production Growth To Be Hampered By Prices 28

Challenges Despite Positive Business Environment 28

Risks To Outlook 30

      Table: Chile - Mining Industry Value & Production Forecasts 31

Regulatory Development 32

Government Policy Remains Favourable, But Challenges Ahead 32

Tax Regime Remains Simple 33

Corruption Remains In Check 33

      Table: Chile - Political Overview 34

      Table: Regional Regulatory Ratings 35

Commodities Forecast 36

Commodity Strategy 36

Steel: Subdued Medium Term Outlook 38

Aluminium: Despite Recent Upswing, Underperformance To Persist 39

Copper: No Time To Celebrate Yet 40

Lead: Outperformance On The Cards 41

Nickel: Sideways Movement In Weeks Ahead 42

Zinc: Positive Momentum To Continue 44

      Table: Select Commodities - Performance & BMI Forecasts 45

      Table: BMI Commodities Strategy 46

Competitive Landscape 47

Copper Producers Dominate Landscape 47

      Table: Chile - Financial Data For Domestically Listed Mining Firms, Q413 48

Company Profile 49

Anglo American 49

Company Strategy 52

Latest Results 53

      Table: Anglo American - Financial Data 54

Antofagasta 55

Recent Financial Results 57

      Table: Antofagasta - Financial Data 58

Codelco 59

Recent Financial Results 61

      Table: Codelco - Financial Data 61

Regional Overview 63

Americas Overview 63

      1. Policy Changes To Affect Largest LatAm Players 63

      Table: Americas - Regulatory Updates 64

      2. Financial Pressures To Curb Capex, Yet Mine Output To Grow 64

      3. North American Mining Growth Weaker Compared To South 65

      4. Central American Promise Remains Premature 69

Global Industry Overview 71

Methodology 83

Industry Forecast Methodology 83

Sources 84

Risk/Reward Rating Methodology 85

      Table: Mining Risk/Reward Ratings Indicators 87

      Table: Weighting Of Indicators 88

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