While Namibia holds substantial diamond and uranium reserves among other minerals, the government's potential to enforce policy to extract greater revenue from the sector remains a key downside risk to investment. Overall, we forecast Namibia's mining industry value to grow on average 4.7% y-o-y from an estimated USD1.5bn in 2014 to USD1.9bn in 2018.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Uranium: Weak Prices To Weigh On Output 10

      Table: Namibia - Uranium Exploration Projects 12

      Table: Uranium Production (Namibia 2011-2018) 12

Diamonds: Steady Production Growth Ahead 13

      Table: Namibia - Diamond Exploration Projects 13

      Table: Diamond Production (Namibia 2010-2018) 14

Industry Risk Reward Ratings 15

Namibia Risk/Reward Ratings 15

Rewards 15

Industry Rewards 15

Country Rewards 15

Risks 16

Industry Risks 16

Country Risks 16

      Table: Namibia: Mine Production Forecasts 17

Africa Risk/Reward Ratings 17

Large Rewards On Offer - With Varying Degrees Of Risk 17

Gold Producers Lag The Pack 18

Largest Quarterly Change In South Africa 19

      Table: Africa - Mining Risk/Reward Ratings 20

Regulatory Development 21

      Table: Namibia - Political Overview 23

      Table: Africa - Mining Regulatory Index 24

Commodities Forecast 26

Commodity Strategy 26

Ferrous Metals: 27

Iron Ore: Bounce Won't Last, Weakness In 2015 27

Steel: Long Road To Price Recovery 28

Non-Ferrous Metals: 29

Aluminium: Elevated Prices In Coming Weeks 29

Copper: Strength To Turn To Weakness By Q414 30

Lead: Price Bounce Underway 31

Nickel: Prices To Cool In Coming Months 32

Tin: Market Tightness To Drive Prices Higher 33

Zinc: Prices To Moderate By Q414 34

      Table: Select Commodities - Performance & BMI Forecasts 36

Competitive Landscape 37

      Table: Africa - Largest Listed Mining & Metals Companies 38

Company Profile 39

Namdeb 39

Vedanta Resources 41

Latest Financial Results 43

Company Strategy 43

Company Details 45

      Table: Vedanta Resources - Key Financial Data 46

Regional Overview 47

Chinese Quest For Minerals Undeterred 47

      Table: Select Projects - Chinese Mining Investment In Africa 47

Look To West Africa For Rapid Growth 48

Tin Mining To Make A Comeback 49

Flurry Of Investment Into Southern African Coal 50

Changing Landscape For Precious Metals 51

Risks & Opportunities In Infrastructure 53

Global Industry Overview 55

Capex Cutbacks To Yield Rewards 55

M&A Activity To Pick Up 56

High Grade Opportunities In Iron Ore 57

Shifting Centre Of Growth For Platinum 58

Chinese & Indian Outbound Mineral Investment To Gather Pace 59

Shake-Up For Global Rare Earths Industry 60

Methodology 62

Industry Forecast Methodology 62

Sources 63

Risk/Reward Rating Methodology 64

      Table: Weighting Of Indicators 66

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