Chile's mining sector will see modest growth of 1.2% on average per annum in 2014-2018. Major miners will continue to develop several large projects, encouraged both by the country's stable political and business environments, and significant mineral reserves. Yet elevated operational costs, lagging productivity, regulatory changes, and subdued copper and precious metal prices will limit sector growth and miners' expansion plans.

BMI Industry View 7

Large & Mid-Tier Players To Invest In Years Ahead 7

SWOT 9

Industry Forecast 10

Copper: Global Dominance Assured Through 2018 10

Elevated Costs Reduce Competitiveness 12

      Table: Chile - Major Copper Investment Projects 13

      Table: Copper Production Forecast (Chile 2010-2018) 13

Silver: Modest Growth Yet Production To Remain Below Historic Peak 14

Base & Precious Metal Miners To Develop Silver Deposits 15

      Table: Chile - Key Silver Mine Projects 15

      Table: Silver Production (Chile 2010-2018) 16

Gold: Diversification Opportunity, But Risks Remain 16

Gold Adds To Sector Diversity, But Copper Still Dominates 17

      Table: Chile - Major Gold Projects 18

Challenges Ahead For Production 18

      Table: Gold Production Forecast (Chile 2010-2018) 18

Industry Risk Reward Ratings 19

Risk/Reward Rating 19

Rewards 19

Industry Rewards 19

Country Rewards 19

Risks 20

Industry Risks 20

Country Risks 21

      Table: Chile - Mine Production & Growth 21

Risk/Reward Ratings 21

Significant Rewards For Some, But Risks Abound 21

Weaker Prices To Remain Headwinds 22

Modest Shift In Rankings 23

      Table: Americas - Mining Risk/Reward Ratings 24

Regulatory Development 25

Regulatory Environment Still Solid, But Challenges Ahead 25

Tax Regime 25

Corruption Remains In Check 26

      Table: Chile - Political Overview 27

      Table: Regional Regulatory Index 28

Commodities Forecast 29

Commodity Strategy 29

Ferrous Metals: 29

Steel: Prices To Remain Subdued 31

Non-Ferrous Metals: 32

Aluminium: Price Strength To Continue In Q314 32

Copper: Further Decline By Year's End 33

Lead: Constructive Price Outlook 34

Nickel: Moderation To Continue 35

Tin: Upside Ahead 36

Zinc: Consolidation Before Multi-Year Gains 38

      Table: Select Commodities - Performance & BMI Forecasts 39

Competitive Landscape 41

Copper Producers To Stay On Top 41

      Table: Chile - Financial Data For Domestically Listed Mining Firms 41

Company Profile 43

Antofagasta 43

Latest Results 45

      Table: Antofagasta - Supply Chain Analysis 45

      Table: Antofagasta - Financial Data 46

Codelco 47

Latest Results 49

      Table: Codelco - Supply Chain Analysis 49

      Table: Codelco - Financial Data 50

Anglo American 51

Company Strategy 54

Latest Results 55

      Table: Anglo American - Financial Data 56

Regional Overview 57

Mexico & Peru To Remain Top Destinations 57

Canada To Lead North American Mining 59

Frontier Markets To See Little Development 61

...But Green Shoots In Argentina? 62

      Table: Estimated 2014 Production For Top Argentine Mines 63

Chinese Investment To Continue 63

Global Industry Overview 65

Capex Cutbacks To Yield Rewards 65

M&A Activity To Pick Up 66

High Grade Opportunities In Iron Ore 67

Shifting Centre Of Growth For Platinum 68

Chinese & Indian Outbound Mineral Investment To Gather Pace 69

Shake-Up For Global Rare Earths Industry 70

Methodology 72

Industry Forecast Methodology 72

Sources 73

Risk/Reward Rating Methodology 74

      Table: Weighting Of Indicators 76

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