Botswana hosts one of the best regulated and strongest performing mining sectors in Africa, with diamonds the main commodity. Botswana's mining industry also deals in other metals and minerals including copper,nickel and coal. Additionally, uranium mining is likely to take off over the next decade.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Diamonds: Diamonds Are Forever 10

      Table: Botswana - Main Diamond Projects 12

Power Constraints Should Be Alleviated 12

      Table: Botswana - Diamond Production 13

Coal: Botswana Begins To Fulfil Colossal Potential 13

Improved Transport Routes To Assist Growth 14

      Table: Botswana - Coal Deposits 15

Coal To Have Huge Impact On Wider Economy 16

      Table: Botswana - Coal Production 16

Industry Risk Reward Ratings 17

Risk/Reward Ratings 17

Lower Gold Prices Reduce Rewards 17

      Table: Africa - Mining Risk/Rewards Ratings 18

Reduced Rewards For Copper Mining 18

Mixed Rankings For West Africa 18

Substantial Rewards In Southern Africa 19

Lack Of Uniformity In Regulatory Development 20

Political & Infrastructure Risks Lurk 20

Country Highlights 21

South Africa: Deteriorating Environment For Mining Companies 21

Mozambique: Mining Sector Set To Boom 22

Botswana: All Round Outperformer 22

Market Overview 23

Diamonds Still Key 24

      Table: Botswana - Major New Mining Projects 25

      Table: Botswana - Mining Industry Value & Production Forecasts 25

Regulatory Development 26

      Table: Botswana - Political Overview 28

      Table: Africa - Regulatory Outlook 29

Commodities Forecast 31

Iron Ore: Rally To Fade In Q413 32

Steel: Supply Glut To Endure 33

Aluminium: Surge Gives Way 34

Copper: Weak Outlook 35

Lead: Short-Term Weakness 36

Nickel: Still The Laggard 37

Zinc: Still A Surplus Market 40

      Table: Select Commodities - Performance And BMI Forecasts 41

      Table: Global Commodities Strategy 42

Competitive Landscape 43

Company Profile 45

Anglo American 45

Company Strategy 48

      Table: Anglo American - Financial Data 50

Norilsk Nickel 51

Overview 52

Strategy 53

      Table: Norilsk Nickel - Financial Metrics 55

Regional Overview 56

Africa Overview 56

      1. Chinese Investment Inflows To Continue 56

      2. Lack Of Infrastructure A Major Hurdle 57

      3. Regulatory Environment In Flux 58

      Table: Key Regulatory Developments 59

      4. Gold Crunch To Gain Traction 59

      5. Iron Ore Production In West Africa To Boom 61

      6. Southern Africa To Become A Key Coal Exporter 62

Global Industry Overview 63

Global Overview 63

Downturn To Continue Into 2014 63

      1. China Slowdown To Drive Mining Moderation 63

      2. Frontier Mining Increasingly Challenging 64

      3. Mining Services Firms Facing Tough Outlook 66

But Opportunities Still Exist 68

      1. Asian Outward Investment Continues 68

      2. Private Equity Entering The Mix 70

      3. Global Thermal Coal Demand Still Growing 71

Methodology 74

Industry Forecast Methodology 74

Sources 75

Risk/Reward Rating Methodology 76

      Table: Mining Risk/Reward Ratings Indicators 77

      Table: Weighting Of Indicators 78

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