Mozambique will be one of the major growth stories in the global mining sector as investment in the country's sizeable coal reserves fosters rapid growth in output. We expect the value of the country's mining sector to grow from USD0.4bn in 2013 to USD1.2bn in 2018, an increase from 2.9% of GDP in 2013 to 4.2% in 2018.

BMI Industry View 7

      Table: Mozambique - Key New Projects 8

SWOT 9

Industry Forecast 11

Coal: Bullish Long-Term Outlook 11

Sector Shake-Up; India Takes An Interest 12

Output Ramp-Up From Vale 13

      Table: Mozambique - Largest New Coal Projects 14

Infrastructure A Downside Risk 14

Heightened Political Risk in Q413 15

Weak Coking Coal Prices Affecting Profitability 15

      Table: Mozambique - Coal Production Forecast 15

Gold: Lacklustre Growth Ahead 16

      Table: Mozambique - Gold Projects 17

      Table: Mozambique - Gold Production 18

Industry Risk Reward Ratings 19

Africa Risk/Reward Ratings 19

Large Rewards On Offer - With Varying Degrees Of Risk 19

Gold Producers Lag The Pack 20

Largest Quarterly Change In South Africa 21

      Table: Africa - Mining Risk/Reward Ratings 22

Mozambique - Mining Risk/Reward Ratings 22

Rewards 22

Industry Rewards 22

Country Rewards 23

Risks 23

Industry Risks 23

Country Risks 24

      Table: Mozambique: Mine Production Forecasts 24

Regulatory Development 25

Recent Developments 25

Recent Developments Give Cause For Concern 25

Current Mining Law 25

Greater Environmental Concerns & Social Impact Considerations 26

Tax Regime 26

Corruption To Remain Key Concern 27

      Table: Mozambique - Political Overview 27

      Table: Africa - Mining Regulatory Outlook 28

Commodities Forecast 30

Commodity Strategy 30

Ferrous Metals: 31

Iron Ore: Bounce Won't Last, Weakness In 2015 31

Steel: Long Road To Price Recovery 32

Non-Ferrous Metals: 33

Aluminium: Elevated Prices In Coming Weeks 33

Copper: Strength To Turn To Weakness By Q414 34

Lead: Price Bounce Underway 35

Nickel: Prices To Cool In Coming Months 36

Tin: Market Tightness To Drive Prices Higher 37

Zinc: Prices To Moderate By Q414 38

      Table: Select Commodities - Performance & BMI Forecasts 40

Competitive Landscape 41

      Table: Select Companies - Comparative Metrics 42

Company Profile 43

Vale 43

Company Overview 45

Company Strategy 46

Latest Results 47

      Table: Vale - Supply Chain Analysis 48

      Table: Vale - Key Financial Data 48

Company Details 49

Rio Tinto 49

Company Overview 51

Company Strategy 52

Latest Financial Results 53

      Table: Rio Tinto - Key Financial Data 55

Regional Overview 56

Chinese Quest For Minerals Undeterred 56

      Table: Select Projects - Chinese Mining Investment In Africa 56

Look To West Africa For Rapid Growth 57

Tin Mining To Make A Comeback 58

Flurry Of Investment Into Southern African Coal 59

Changing Landscape For Precious Metals 60

Risks & Opportunities In Infrastructure 62

Global Industry Overview 64

Capex Cutbacks To Yield Rewards 64

M&A Activity To Pick Up 65

High Grade Opportunities In Iron Ore 66

Shifting Centre Of Growth For Platinum 67

Chinese & Indian Outbound Mineral Investment To Gather Pace 68

Shake-Up For Global Rare Earths Industry 69

Methodology 71

Industry Forecast Methodology 71

Sources 72

Risk/Reward Rating Methodology 73

      Table: Weighting Of Indicators 75

冶金工业信息标准研究院