Botswana hosts one of the best regulated and strongest performing mining sectors in Africa, with diamonds the main commodity. Botswana's mining industry also deals in other metals and minerals including copper,nickel and coal. Additionally, uranium mining is likely to take off over the next decade.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Diamonds: Diamonds Are Forever 11

      Table: Botswana - Main Diamond Projects 13

Power Constraints Should Be Alleviated 13

      Table: Botswana - Diamond Production 14

Coal: Botswana Begins To Fulfil Colossal Potential 14

Improved Transport Routes To Assist Growth 16

      Table: Botswana - Coal Deposits 16

Coal To Have Huge Impact On Wider Economy 17

      Table: Botswana - Coal Production 17

Industry Risk Reward Ratings 18

Risk/Reward Ratings 18

Lower Gold Prices Reduce Rewards 18

      Table: Africa - Mining Risk/Reward Ratings 19

Reduced Rewards For Copper Mining 19

Mixed Rankings For West Africa 20

Substantial Rewards In Southern Africa 20

Lack Of Uniformity In Regulatory Development 21

Political & Infrastructure Risks Lurk 22

Country Highlights 23

South Africa: Deteriorating Environment For Mining Companies 23

Mozambique: Mining Sector Set To Boom 24

Botswana: All Round Outperformer 24

Market Overview 25

Diamonds Still Dominate 26

      Table: Botswana - Major New Mining Projects 27

      Table: Botswana - Mining Industry Value & Production Forecasts 27

Regulatory Development 28

Corruption 29

Tax Regime 29

      Table: Botswana - Political Overview 30

      Table: Africa - Regulatory Outlook 31

Commodities Forecast 33

Commodity Strategy 33

Aluminium: Continued Short-Term Weakness 36

Copper: Recent Strength Doesn't Change Our View 36

Nickel: Recent Strength To Subside 38

Zinc: Price Momentum To Continue 40

      Table: Select Commodities - Performance & BMI Forecasts 42

Competitive Landscape 43

Company Profile 45

Anglo American 45

Company Strategy 48

Latest Results 49

      Table: Anglo American - Financial Data 50

Norilsk Nickel 51

Company Overview 52

Company Strategy 53

      Table: Norilsk Nickel - Financial Metrics 55

Regional Overview 56

Mining - Africa Overview 56

Key Opportunities 56

      1. Asian Investment Inflows To Continue 56

      2. Iron Ore Production In West Africa To Boom 57

      3. Southern Africa To Become A Key Coal Exporter 58

Key Challenges 59

      1. Gold Crunch To Gain Traction 59

      2. Lack Of Infrastructure A Major Hurdle 60

      3. Regulatory Environment In Flux 61

      Table: Africa - Key Mining Regulatory Developments 62

Global Industry Overview 63

Methodology 75

Industry Forecast Methodology 75

Sources 76

Risk/Reward Rating Methodology 77

      Table: Mining Risk/Reward Ratings Indicators 79

      Table: Weighting Of Indicators 80

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