Though Argentina possesses significant natural resources and has a relatively underdeveloped mining sector, we expect modest industry growth of just 0.5% on average per annum through 2018. A combination of weakening metals prices and a difficult operating environment will lead to low production growth in the country and likely lead to subdued mining exploration and development. We point out though that recent indicators suggest the central government is seeking to increase foreign investment into the country, providing potential upside to the mining sector in the coming quarters.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Copper: Stagnation To Continue 10

      Table: Argentina - Major Copper Projects 12

High Levels Of Risk To Delay Projects 12

      Table: Argentina - Copper Production 12

Gold: Production To Grow Though Risks Abound 13

      Table: Argentina - Key Mine Expansion Plans 13

Risks To Outlook 14

      Table: Argentina - Gold Production 14

Industry Risk Reward Ratings 15

Risk/Reward Ratings 15

Rewards 15

Industry Rewards 15

Country Rewards 15

Risks 16

Industry Risks 16

Country Risks 17

      Table: Argentina - Mine Production & Growth (%) 17

Industry Trends And Developments 18

Americas Overview 18

      1. Mexico & Peru To Outperform 18

      2. Potential Policy Impacts In The South 19

      Table: Americas - Regulatory Updates 20

      3. Downward Pressures On Capex To Persist 21

      4. North American Growth Opportunities To Remain Limited 22

      5. Central America & Caribbean To Lag Northern & Southern Neighbours 25

Regulatory Development 27

Recent Developments 27

Macroeconomic & Political Risks Remain Top Challenges 27

Mining Code Remains In Place 28

Tax Regime 28

Corruption To Remain Widespread 28

      Table: Political Overview 29

      Table: Regional Regulatory Ratings 30

Commodities Forecast 31

Commodity Strategy 31

Iron Ore: Fading Iron Will 31

Steel: Global Glut To Weigh On Prices 33

Aluminium: Fundamentals To Remain Weak 34

Copper: All Eyes On China 35

Lead: Outperforming Its Troubled Peers 36

Nickel: Monthly Outperformer 38

Tin: Outperforming A Weak Field 39

Zinc: Further Consolidation Likely 40

      Table: Select Commodities - Performance & BMI Forecasts 42

Competitive Landscape 43

      Table: Argentina - Active Mining Firms 44

Company Profile 45

Glencore Xstrata 45

Latest Financial Results 47

      Table: Glencore Xstrata - Key Financial Data 49

Global Industry Overview 50

Challenges 50

      Table: Mining - Select M&A Deals 54

Cause For Optimism 57

Methodology 64

Industry Forecast Methodology 64

Sources 65

Risk/Reward Rating Methodology 66

      Table: Mining Risk/Reward Ratings Indicators 68

      Table: Weighting Of Indicators 69

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