We forecast Chile's mining sector will grow at a moderate pace through 2017, though more slowly than in previous years. Major miners will continue to develop several large projects, though rising costs and falling prices will lead to more conservative expansion and acquisition plans. Our forecast is for Chile's mining sector to expand by 1.6% on average per annum from 2014 through 2017.

BMI Industry View 7

Precious Metals To Contribute To Growth 8

Both Large & Mid-tier Key Players 8

SWOT 9

Industry Forecast 10

Copper: Modest Growth As Projects Face Delays 10

Higher Electricity, Water, & Labour Costs Remain Problematic 12

      Table: Chile - Major Copper Investment Projects 13

      Table: Chile - Copper Production & Growth ('000 tonnes, unless stated otherwise) 13

Silver: After Declines, Moderate Growth Ahead 14

      Table: Chile - Key Silver Mine Projects 15

      Table: Chile - Silver Production 16

Gold: Diversification Opportunity, But Risks Remain 16

Diversification Opportunities For Wider Economy 17

      Table: Chile - Major Gold Projects 18

Falling Prices Remain Main Risk 18

      Table: Chile - Gold Production & Growth 18

Industry Risk Reward Ratings 19

Americas - Q1 2014 19

      Table: Americas - Mining Risk/Reward Ratings 19

Local Opposition Remains Potent 20

Royalty Threat 20

Country Highlights 21

Chile: Despite Rating, Potential Vulnerabilities 21

Canada: Solid Developed World Destination 22

United States: Slow Growing Giant 22

Peru: Strong Prospects But Protests Maintain Pressure 23

Colombia: Coal Holds Promise 23

Brazil: Complexities Abound 24

Mexico: Domestic Fundamentals Favourable, For Now 24

Argentina: Clear Potential Amid High Risks 25

Central America: Frontier Market Opportunities? 25

Market Overview 26

Copper Dominates Mining Industry 26

Lower Precious Metals Prices To Impede Development 28

Positive Business Environment, Though Uncertainty Ahead 28

Risks To Outlook 30

      Table: Chile - Mining Industry Value & Production Forecasts 30

Regulatory Development 31

Government Policies Favour Investment . 31

. . .But Some Potential Changes 31

Tax Regime Remains Simple 32

Corruption Low Compared To Peers 32

      Table: Chile - Political Overview 33

      Table: Regional Regulatory Ratings 34

Commodities Forecast 35

Commodity Strategy 35

Iron Ore: Prices To Head Lower In 2014 36

Steel: Reprieve Unlikely To Last 37

Aluminium: Weakness Resuming 37

Copper: Continued Weakening 39

Lead: Modest Secular Uptrend To Remain Intact 39

Nickel: Can't Catch A Break 40

Tin: Outperformance To Continue 41

Zinc: Likely To Hold Up 42

      Table: Select Commodities - Performance & BMI Forecasts 43

      Table: BMI Commodities Strategy 44

Competitive Landscape 45

Promising Firms 45

      Table: Chile - Financial Data For Domestically Listed Mining Firms, Q413 46

Company Profile 47

Antofagasta 47

Recent Financial Results 49

      Table: Antofagasta - Financial Data 50

Codelco 51

      Table: Codelco - Financial Data 53

Anglo American 55

Company Strategy 57

      Table: Anglo American - Financial Data 59

Regional Overview 60

Americas Overview 60

      1. Slowdown To Resume After Recent Uptick 60

      2. Capex Outlook Remains Mixed 61

      3. US & Canada To Lag Southern Peers 62

      4. Growing, Though Still Limited Opportunity In Central America 64

      Table: Key Central America And Caribbean Mining Projects 65

      5. Growth In US Coal Exports Unlikely To Stem Industry Woes 66

      6. Political Risks Remain At Forefront 67

Global Industry Overview 69

Global Overview 69

Downturn To Continue Into 2014 69

      1. China Slowdown To Drive Mining Moderation 69

      2. Frontier Mining Increasingly Challenging 70

      3. Mining Services Firms Facing Tough Outlook 72

But Opportunities Still Exist 74

      1. Asian Outward Investment Continues 74

      2. Private Equity Entering The Mix 76

      3. Global Thermal Coal Demand Still Growing 77

Methodology 80

Industry Forecast Methodology 80

Sources 81

Risk/Reward Rating Methodology 82

      Table: Mining Risk/Reward Ratings Indicators 83

      Table: Weighting Of Indicators 84

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