We expect West Africa's mining sector to undergo rapid growth as companies are attracted to the region's sizeable mineral deposits. Iron ore will be the centre of this transformation as abundant highgrade reserves in Guinea, Sierra Leone, Liberia and Cote d'Ivoire offer unrivalled opportunities. However, risks to this bullish outlook remain weighted to the downside, with weak global iron ore prices, insufficient infrastructure and political concerns top of the list.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Guinea Iron Ore: Pushing Back The Boom 10

Potential For Chinese Investment In Infrastructure 11

Elevated Political Risk 12

      Table: Guinea - Main Iron Ore Projects 13

      Table: Guinea - Iron Ore Production & Growth 13

Guinea Bauxite: Fourth-Largest Producer By 2018 14

      Table: Guinea - Key Expansion Plans 16

Political Risk & Poor Infrastructure To Weigh On Investment 17

      Table: Guinea - Bauxite Production & Growth 18

Sierra Leone: Iron Ore Export Boom 18

      Table: Sierra Leone - Main Iron Ore Projects 21

      Table: Sierra Leone - Iron Ore Production & Growth 22

Mauritania: Mining Sector To Receive Boost, But Overshadowed By Neighbours 22

      Table: Mauritania - Key Mining Projects 25

Gradual Steps To Improve Infrastructure 25

      Table: Mauritania - Mine Production & Growth 25

Ghana Gold: Headwinds For Gold Miners 26

Government Measures To Increase Difficulties 28

      Table: Ghana - Gold Production & Growth 29

Cote d'Ivoire Gold: Growth Ahead, But Major Risks Lurk 29

Major Downside Risks Ahead 31

      Table: Cote d'Ivoire - Largest Gold Projects 32

Liberia Iron Ore: Revitalising The Industry 32

Relatively Stable Business Environment 33

      Table: Liberia - Main Iron Ore Projects Under Development 34

Downside Risks 34

      Table: Liberia - Iron Ore Production Forecast & Growth 34

Mali: Troubled Times Ahead 35

      Table: Mali - Gold Production & Growth 38

Industry Risk Reward Ratings 39

Africa Risk/Reward Ratings 39

Large Rewards On Offer - With Varying Degrees Of Risk 39

Gold Producers Lag The Pack 40

Largest Quarterly Change In South Africa 41

      Table: Africa - Mining Risk/Reward Ratings 42

Guinea Risk/Reward Ratings 42

Rewards 42

Industry Rewards 42

Country Rewards 43

Risks 43

Industry Risks 43

Country Risks 44

      Table: Guinea - Mine Production & % Growth 44

Liberia Risk/Reward Ratings 44

Rewards 44

Industry Rewards 44

Country Rewards 44

Risks 45

Industry Risks 45

Country Risks 45

      Table: Liberia Mine Production Forecasts 46

Regulatory Development 47

Mauritania: Mining Sector To Remain Investor Friendly 47

Ghana: Surprise Plans For A Windfall Tax 47

Mining Reviews For Mali And Sierra Leone 48

Tough Conditions In Guinea 48

Cote d'Ivoire Taking Positive Steps 48

Future Possibility Of Regulation Harmonization 48

      Table: Africa - Regulatory Outlook 49

Commodities Forecast 51

Commodity Strategy 51

Ferrous Metals: 51

Iron Ore: Price Slump Overdone, Stabilisation In Sight 51

Steel: Price Forecast Revised Up 52

Non-Ferrous Metals: 54

Aluminium: Recent Break Signals Multi-Month Strength 54

Copper: Subdued Prices Into Q314 55

Lead: Prices To Strengthen As Deficit Deepens 56

Nickel: H214 Rally Unlikely 57

Tin: More Resilient Than Other Metals 58

Zinc: Sustained Break Unlikely 60

      Table: Select Commodities - Performance & BMI Forecasts 62

Competitive Landscape 63

      Table: Financial Metrics 64

Company Profile 65

AngloGold Ashanti 65

Overview 67

Strategy 68

Risks 69

Latest Results 69

      Table: AngloGold Ashanti - Key Financial Data 70

Randgold Resources 71

      Table: Randgold Resources - Key Financial Data 74

Rio Tinto 75

Company Overview 77

Company Strategy 78

Latest Financial Results 79

      Table: Rio Tinto - Key Financial Data 81

Regional Overview 82

Chinese Quest For Minerals Undeterred 82

      Table: Select Projects - Chinese Mining Investment In Africa 82

Look To West Africa For Rapid Growth 83

Tin Mining To Make A Comeback 84

Flurry Of Investment Into Southern African Coal 85

Changing Landscape For Precious Metals 86

Risks & Opportunities In Infrastructure 88

Global Industry Overview 90

Capex Cutbacks To Yield Rewards 90

M&A Activity To Pick Up 91

High Grade Opportunities In Iron Ore 92

Shifting Centre Of Growth For Platinum 93

Chinese & Indian Outbound Mineral Investment To Gather Pace 94

Shake-Up For Global Rare Earths Industry 95

Methodology 97

Industry Forecast Methodology 97

Sources 98

Risk/Reward Rating Methodology 99

      Table: Weighting Of Indicators 101

冶金工业信息标准研究院