Angola's mining industry is set to reach US$2.8bn in 2017, growing at an average rate of 5.3% a year. The rate of growth will remain stable thereafter, with diamonds providing the main thrust for production growth over the medium term. New areas of mining, including iron ore, copper and phosphates, are also receiving increasing international interest from investors and are expected to provide further momentum for Angola's mining sector over the long term. That said, we do not expect the mining sector to receive much attention from the government as the country's burgeoning oil sector attracts the lion's share of investment. Therefore, problems relating to mining such as poor infrastructure and stringent bureaucracy are unlikely to be resolved in the near term.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Diamonds: Growing Investment To Drive Output Growth 10

Further Upside To Production Forecasts 11

      Table: Angola - Diamond Production (mn carats, unless stated otherwise) 11

Industry Risk Reward Ratings 12

Risk/Reward Ratings 12

Lower Gold Prices Reduce Rewards 12

      Table: Africa - Mining Risk/Rewards Ratings 13

Reduced Rewards For Copper Mining 13

Mixed Rankings For West Africa 13

Substantial Rewards In Southern Africa 14

Lack Of Uniformity In Regulatory Development 15

Political & Infrastructure Risks Lurk 15

Country Highlights 16

South Africa: Deteriorating Environment For Mining Companies 16

Mozambique: Mining Sector Set To Boom 17

Botswana: All Round Outperformer 17

Market Overview 18

      Table: Angola - Mining Industry Value & Diamond Production 21

Regulatory Development 22

      Table: Angola Political Overview 24

Commodities Forecast 25

Iron Ore: Rally To Fade In Q413 26

Steel: Supply Glut To Endure 27

Aluminium: Surge Gives Way 28

Copper: Weak Outlook 29

Lead: Short-Term Weakness 30

Nickel: Still The Laggard 31

Zinc: Still A Surplus Market 34

      Table: Select Commodities - Performance And BMI Forecasts 35

      Table: Global Commodities Strategy 36

Competitive Landscape 37

Company Profile 39

Endiama 39

Regional Overview 41

Africa Overview 41

      1. Chinese Investment Inflows To Continue 41

      2. Lack Of Infrastructure A Major Hurdle 42

      3. Regulatory Environment In Flux 43

      Table: Key Regulatory Developments 44

      4. Gold Crunch To Gain Traction 44

      5. Iron Ore Production In West Africa To Boom 46

      6. Southern Africa To Become A Key Coal Exporter 47

Global Industry Overview 48

Global Overview 48

Downturn To Continue Into 2014 48

      1. China Slowdown To Drive Mining Moderation 48

      2. Frontier Mining Increasingly Challenging 49

      3. Mining Services Firms Facing Tough Outlook 51

But Opportunities Still Exist 53

      1. Asian Outward Investment Continues 53

      2. Private Equity Entering The Mix 55

      3. Global Thermal Coal Demand Still Growing 56

Methodology 59

Industry Forecast Methodology 59

Sources 60

Risk/Reward Rating Methodology 61

      Table: Mining Risk/Reward Ratings Indicators 62

      Table: Weighting Of Indicators 63

      Table: Weighting Of Indicators 64

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