With the boom years over and our expectation for Chinese metal demand growth to slow, we expect Brazil's mining sector to see slower average growth rates through 2018 compared with previous years. The country's large untapped reserves and relatively small mining sector relative to the larger Brazilian economy will allow for growth opportunities though, and we expect production gains for both domestic and foreign producers. Iron ore will drive sector investment, but both base metals and gold will see continued interest.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Bauxite: Growth Despite Market Weakness 11

Consortium Of Foreign Firms Dominate Production 11

Risks To Outlook 12

      Table: Brazil - Bauxite Production & Growth Forecasts 13

Gold: Brazil To See Small Gains 13

      Table: Select Greenfield Gold Projects 13

Weak Prices Remain Top Risk 14

      Table: Brazil - Gold Production 16

Iron Ore: Growth To Continue Despite Weakening Chinese Demand 17

Brazil Well Situated To Increase Production 17

Bearish China View Underpins Subdued Forecast 19

Risks To Outlook 20

      Table: Brazil - Iron Ore Production 21

Nickel: Growth To Continue 22

      Table: Brazil - Key Nickel Projects 22

Risks To Outlook 23

      Table: Brazil - Nickel Production 24

Tin: Brazil To Capture Larger Share Of Market 24

      Table: Brazil - Tin Production Forecasts ('000 tonnes) 26

Industry Risk Reward Ratings 27

Developed Markets Show Low Risk, But Low Reward 28

Majors Facing Combination Of Tax Changes & Social Opposition 29

Second-Tier Miners To Show Little Rankings Improvement 30

      Table: Americas - Mining Risk/Reward Ratings 31

Market Overview 32

Iron Ore To Remain Industry Leader 33

Further Sector Diversity In Coming Years 35

Risks To Outlook 36

      Table: Brazil - Mining Industry Value And Production 37

Regulatory Development 38

Recent Developments 38

Significant Mineral Deposits, But Regulatory Environment Imposes Difficulties 38

Royalty Increase At Crucial Market Juncture 38

Licensing And Permitting Challenges Perennial Issue 39

Tax Regime 39

Corruption Remains Major Concern 40

      Table: Brazil - Political Overview 40

      Table: Regional Regulatory Ratings 41

Commodities Forecast 43

Commodity Strategy 43

Iron Ore: Fading Iron Will 43

Steel: Global Glut To Weigh On Prices 45

Aluminium: Fundamentals To Remain Weak 46

Copper: All Eyes On China 47

Lead: Outperforming Its Troubled Peers 48

Nickel: Monthly Outperformer 50

Tin: Outperforming A Weak Field 51

Zinc: Further Consolidation Likely 52

      Table: Select Commodities - Performance & BMI Forecasts 53

Competitive Landscape 55

      Table: Financial Data For Key Firms Listed In Brazil 55

Foreign Firms Find Luck Outside Of Iron Ore 56

Golden Opportunities May Become Tarnished 56

Company Profile 57

Alcoa 57

Recent Financial Data 60

      Table: Alcoa - Key Financial Data 61

Anglo American 62

Company Strategy 65

Latest Results 66

      Table: Anglo American - Financial Data 67

Vale 68

Company Overview 70

Company Strategy 71

Recent Financial Performance 72

      Table: Vale - Key Financial Data 73

Company Details 73

Regional Overview 74

Americas Overview 74

      1. Policy Changes To Affect Largest LatAm Players 74

      Table: Americas - Regulatory Updates 75

      2. Financial Pressures To Curb Capex, Yet Mine Output To Grow 75

      3. North American Mining Growth Weaker Compared To South 76

      4. Central American Promise Remains Premature 80

Global Industry Overview 82

Methodology 94

Industry Forecast Methodology 94

Sources 95

Risk/Reward Rating Methodology 96

      Table: Mining Risk/Reward Ratings Indicators 98

      Table: Weighting Of Indicators 99

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