Ghana is set to remain Africa's second-largest gold producer, after South Africa, as investment continues to flow into the mineral-rich country. The country boasts one of the most favourable business environments in the region, with a democratic and stable government, which contrasts sharply with many of its resource-rich neighbours.

BMI Industry View 7

SWOT 8

Industry Forecast 9

Ghana Gold: Headwinds For Gold Miners 9

Government Measures To Increase Difficulties 11

      Table: Ghana - Gold Production (million oz) 12

Bauxite: Sector Feels Benefits Of Chinese Investment 12

      Table: Ghana - Bauxite 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

Gold And Bauxite Set For Modest Growth 23

Risks To Outlook 24

      Table: Ghana - Mining Industry Value And Production 24

Regulatory Development 25

Chinese Operations Under Threat 26

      Table: Ghana - 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

Company Profile 40

AngloGold Ashanti 40

Overview 41

Strategy 42

      Table: AngloGold Ashanti - Key Financial Data 43

Newmont Mining 45

Company Strategy 46

Latest Financial Results 47

Financial Data 48

      Table: Newmont Mining - Key Financial Data 48

Address Details 48

Regional Overview 49

Mining - Africa Overview 49

Key Opportunities 49

      1. Asian Investment Inflows To Continue 49

      2. Iron Ore Production In West Africa To Boom 50

      3. Southern Africa To Become A Key Coal Exporter 51

Key Challenges 52

      1. Gold Crunch To Gain Traction 52

      2. Lack Of Infrastructure A Major Hurdle 53

      3. Regulatory Environment In Flux 54

      Table: Africa - Key Mining Regulatory Developments 55

Global Industry Overview 56

Methodology 68

Industry Forecast Methodology 68

Sources 69

Risk/Reward Rating Methodology 70

      Table: Mining Risk/Reward Ratings Indicators 72

      Table: Weighting Of Indicators 73

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