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$1.79bn by 2018.

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/Reward Ratings 16

Reduced Rewards For Copper Mining 16

Mixed Rankings For West Africa 17

Substantial Rewards In Southern Africa 17

Lack Of Uniformity In Regulatory Development 18

Political & Infrastructure Risks Lurk 19

Country Highlights 20

South Africa: Deteriorating Environment For Mining Companies 20

Mozambique: Mining Sector Set To Boom 21

Botswana: All Round Outperformer 21

Market Overview 22

Industry Trend Analysis 22

      Table: Namibia - Diamond & Uranium Production & Growth 24

Regulatory Development 25

      Table: Namibia - Political Overview 27

Commodities Forecast 29

Commodity Strategy 29

Aluminium: Continued Short-Term Weakness 32

Copper: Recent Strength Doesn't Change Our View 32

Nickel: Recent Strength To Subside 34

Zinc: Price Momentum To Continue 36

      Table: Select Commodities - Performance & BMI Forecasts 38

Competitive Landscape 39

      Table: Africa - Largest Listed Mining & Metals Companies 39

Company Profile 40

Namdeb 40

Vedanta Resources 42

Latest Financial Results 44

      Table: Vedanta Resources - Key Financial Data 46

Regional Overview 47

Mining - Africa Overview 47

Key Opportunities 47

      1. Asian Investment Inflows To Continue 47

      2. Iron Ore Production In West Africa To Boom 48

      3. Southern Africa To Become A Key Coal Exporter 49

      Key Challenges 50

      1. Gold Crunch To Gain Traction 50

      2. Lack Of Infrastructure A Major Hurdle 51

      3. Regulatory Environment In Flux 52

      Table: Africa - Key Mining Regulatory Developments 53

Global Industry Overview 54

Methodology 66

Industry Forecast Methodology 66

Sources 67

Risk/Reward Rating Methodology 68

      Table: Mining Risk/Reward Ratings Indicators 70

      Table: Weighting Of Indicators 71

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