The Democratic Republic of the Congo's vast mineral resources will continue to attract international interest, given the country's untapped and high-grade reserves. Growth over the next five years will be driven largely by expansions in the copper sector and the Kibali gold mine ramping up to full production. However, while we expect substantial growth in mining output, risks to investment remain numerous, with security concerns and the lack of adequate infrastructure most pressing.

BMI Industry View 7

Plenty To Play For, But Downside Risks Lurk 7

SWOT 9

Industry Forecast 11

Copper: Growth In A Risky Environment 11

Higher Grade Deposits Incentivise Investors 12

      Table: DRC - Copper Projects 12

Plethora Of Risks Await Investors 12

      Table: Copper Production Forecast (Congo (DRC) 2010-2018) 13

Gold: Kibali To Boost Sector 13

Table: Gold Production Forecast (Congo (DRC) 2010-2018) 15

Industry Risk Reward Ratings 16

Risk/Reward Ratings 16

Rewards 16

Industry Rewards 16

Country Rewards 16

Risks 17

Industry Risks 17

Country Risks 17

Africa Risk/Reward Ratings 18

Large Rewards On Offer - With Varying Degrees Of Risk 18

Gold Producers Lag The Pack 19

Largest Quarterly Change In South Africa 20

      \Table: Africa - Mining Risk/Reward Ratings 21

Regulatory Development 22

Mineral Regulation Structure 22

Unrefined Copper Taxes 23

Licence Cancellations 23

Little Central Control 23

      Table: Democratic Republic of the Congo - Political Overview 24

      Table: Africa - Mining Regulatory Outlook 24

Commodities Forecast 26

Commodity Strategy 26

Ferrous Metals: 26

Steel: Prices To Remain Subdued 28

Non-Ferrous Metals: 29

Aluminium: Price Strength To Continue In Q314 29

Copper: Further Decline By Year's End 30

Lead: Constructive Price Outlook 31

Nickel: Moderation To Continue 32

Tin: Upside Ahead 33

Zinc: Consolidation Before Multi-Year Gains 35

      Table: Select Commodities - Performance & BMI Forecasts 36

Competitive Landscape 38

Company Profile 39

Tiger Resources 39

      Table: Tiger Resources - Financial Data 40

Freeport-McMoRan 42

Company Strategy 44

Latest Results 45

      Table: Freeport McMoRan Supply Chain Analysis 46

Financial Data 46

      Table: Freeport-McMoRan - Key Financial Data 46

Address Details 47

Randgold Resources 48

      Table: Randgold Resources - Key Financial Data 51

Regional Overview 52

Chinese Quest For Minerals Undeterred 52

      Table: Select Projects - Chinese Mining Investment In Africa 52

Look To West Africa For Rapid Growth 53

Tin Mining To Make A Comeback 54

Flurry Of Investment Into Southern African Coal 55

Changing Landscape For Precious Metals 56

Risks & Opportunities In Infrastructure 58

Global Industry Overview 60

Capex Cutbacks To Yield Rewards 60

M&A Activity To Pick Up 62

High Grade Opportunities In Iron Ore 62

Shifting Centre Of Growth For Platinum 63

Chinese & Indian Outbound Mineral Investment To Gather Pace 64

Shake-Up For Global Rare Earths Industry 65

Methodology 67

Industry Forecast Methodology 67

Sources 68

Risk/Reward Rating Methodology 69

      Table: Weighting Of Indicators 70

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