Mongolia is on the cusp of a mining boom. The commencement of production at the Oyu Tolgoi (OT) copper and gold mine in 2013 is set to transform the entire landscape of the country's mining industry. Situated in the South Gobi Desert, OT is Mongolia's main mining site and hosts rich deposits of copper, molybdenum, silver and gold. The OT project is the biggest economic undertaking in Mongolia's history and will account for one-third of the economy once it becomes fully operational in 2019.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Coal: Tavan Tolgoi In Driving Seat 10

      Table: Mongolia - Select Coal Projects 11

      Table: Coal Production Forecast (Mongolia 2010-2018) 13

Copper: Oyu Tolgoi To Take Charge 13

      Table: Mongolia - Largest Copper Projects 16

      Table: Copper Production Forecast (Mongolia 2010-2018) 16

Gold: Set To Dazzle 17

      Table: Mongolia - Select Gold Projects 20

      Table: Gold Production Forecast (Mongolia 2009-2018) 20

Industry Risk Reward Ratings 21

Risk/Reward Ratings 21

Rewards 21

Industry Rewards 21

Country Rewards 21

Risks 22

Industry Risks 22

Country Risks 22

Risk/Reward Ratings 23

      Table: Asia - Mining Risk/Reward Index 27

Regulatory Development 28

Mongolian Minerals Law 30

Foreign Ownership Restrictions 30

Current Royalty Regime 30

Mine Closure Procedures 31

      Table: Asia - Mining Regulatory Scorecard 31

Corruption To Remain Key Concern 32

      Table: Mongolia Political Overview 33

Commodities Forecast 34

Commodity Strategy 34

Iron Ore: Not Much Respite In Sight 34

Steel: Production Rationalisation Too Slow To Provide Price Upside 36

Aluminium: Further Price Rally Unlikely 37

Lead: Ripe For A H214 Boost 38

Copper: Consensus Moving Our Way 39

Nickel: Price Surge To Abate Further 40

Tin: In A Sweet Spot 41

Zinc: Bullish Short-Term Picture 42

      Table: Select Commodities - Performance & BMI Forecasts 44

Competitive Landscape 45

      Table: Mongolia - Financial Data Of Key Listed Companies 46

Company Profile 47

Centerra Gold 47

      Table: Centerra Gold - Key Financial Data 49

Turquoise Hill Resources 50

      Table: Turquoise Hill - Key Financial Data 53

Regional Overview 54

Asia - Q3 2014 54

Challenges 54

Opportunities 57

Global Industry Overview 62

Challenges 62

      Table: Mining - Select M&A Deals 66

Cause For Optimism 69

Methodology 76

Industry Forecast Methodology 76

Sources 77

Risk/Reward Rating Methodology 78

      Table: Weighting Of Indicators 80

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