We have downgraded some of our growth forecasts to account for the current economic environment and the sharp crash in uranium prices experienced over 2013. The decline in prices has led to the postponement of several major uranium projects in the country and has pushed back investments. We expect Namibia's mining industry to reach US$1.30bn by 2017.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Uranium: Weak Prices To Weigh On Output 10

      Table: Namibia - Uranium Exploration Projects 11

      Table: Namibia - Uranium Production 12

Diamonds: Steady Uptick In Output 12

      Table: Namibia - Diamond Exploration Projects 13

      Table: Namibia - Diamond Production 14

Industry Risk Reward Ratings 15

Risk/Reward Ratings 15

Lower Gold Prices Reduce Rewards 15

      Table: Africa - Mining Risk/Rewards Ratings 16

Reduced Rewards For Copper Mining 16

Mixed Rankings For West Africa 16

Substantial Rewards In Southern Africa 17

Lack Of Uniformity In Regulatory Development 18

Political & Infrastructure Risks Lurk 18

Country Highlights 19

South Africa: Deteriorating Environment For Mining Companies 19

Mozambique: Mining Sector Set To Boom 20

Botswana: All Round Outperformer 20

Market Overview 21

      Table: Namibia - Mining Industry Value And Production 23

Regulatory Development 24

      Table: Namibia - Political Overview 26

Commodities Forecast 28

Iron Ore: Rally To Fade In Q413 29

Steel: Supply Glut To Endure 30

Aluminium: Surge Gives Way 31

Copper: Weak Outlook 32

Lead: Short-Term Weakness 33

Nickel: Still The Laggard 34

Zinc: Still A Surplus Market 37

      Table: Select Commodities - Performance And BMI Forecasts 38

      Table: Global Commodities Strategy 39

Competitive Landscape 40

      Table: Africa - Largest Listed Mining & Metals Companies 40

Company Profile 41

Namdeb 41

Vedanta Resources - Q1 2014 43

      Table: Vedanta Resources - Key Financial Data 47

Regional Overview 48

Africa Overview 48

      1. Chinese Investment Inflows To Continue 48

      2. Lack Of Infrastructure A Major Hurdle 49

      3. Regulatory Environment In Flux 50

      Table: Key Regulatory Developments 51

      4. Gold Crunch To Gain Traction 51

      5. Iron Ore Production In West Africa To Boom 53

      6. Southern Africa To Become A Key Coal Exporter 54

Global Industry Overview 55

Global Overview 55

Downturn To Continue Into 2014 55

      1. China Slowdown To Drive Mining Moderation 55

      2. Frontier Mining Increasingly Challenging 56

      3. Mining Services Firms Facing Tough Outlook 58

But Opportunities Still Exist 60

      1. Asian Outward Investment Continues 60

      2. Private Equity Entering The Mix 62

      3. Global Thermal Coal Demand Still Growing 63

Methodology 66

Industry Forecast Methodology 66

Sources 67

Risk/Reward Rating Methodology 68

      Table: Mining Risk/Reward Ratings Indicators 69

      Table: Weighting Of Indicators 70

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