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 (million tonnes) 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 (million tonnes) 18

Sierra Leone Iron Ore: Export Boom 18

      Table: Sierra Leone - Main Iron Ore Projects 21

      Table: Sierra Leone - Iron Ore Production (million tonnes) 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 - Iron Ore & Gold Production 25

Mali Gold: Sound Growth Outlook Plagued By Price Weakness 26

      Sizeable Downside Risks 27

      Government Support 28

      Table: Mali - Largest Gold Projects 29

      Political Risk Subdued 29

      Table: Mali - Gold Production 29

Ghana Gold: Headwinds For Gold Miners 30

      Government Measures To Increase Difficulties 32

      Table: Ghana - Gold Production (million oz) 33

Cote d'Ivoire Gold: Surge Ahead, But Major Risks Lurk 33

      Major Downside Risks Ahead 35

      Table: Cote d'Ivoire - Largest Gold Projects 36

      Table: Cote d'Ivoire - Gold Production (million ounces) 36

Liberia Iron Ore: Revitalising The Industry 36

      Relatively Stable Business Environment 37

      Table: Liberia - Main Iron Ore Projects Under Development 38

      Downside Risks 38

      Table: Liberia Iron Ore Production & Growth 38

Industry Risk Reward Ratings 39

Risk/Reward Ratings 39

      Botswana On Top 40

      Table: Africa - Mining Risk/Reward Ratings 41

      South Africa: Still Ranking Highly 41

      Lower Gold Prices Reduce Rewards 42

Risk/Reward Ratings 44

      Rewards 44

      Industry Rewards 44

      Country Rewards 44

      Risks 45

      Industry Risks 45

      Country Risks 45

      Table: Guinea - Mine Production & % Growth 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

      Iron Ore: Fading Iron Will 51

      Steel: Global Glut To Weigh On Prices 53

      Aluminium: Fundamentals To Remain Weak 54

      Copper: All Eyes On China 55

      Lead: Outperforming Its Troubled Peers 56

      Nickel: Monthly Outperformer 58

      Tin: Outperforming A Weak Field 59

      Zinc: Further Consolidation Likely 60

      Table: Select Commodities - Performance & BMI Forecasts 62

Competitive Landscape 63

      Table: Financial Metrics 64

Company Profile 65

Randgold Resources 65

      Table: Randgold Resources - Key Financial Data 68

AngloGold Ashanti 69

      Overview 71

      Strategy 72

      Risks 73

      Latest Results 73

      Table: AngloGold Ashanti - Key Financial Data 74

Rio Tinto 75

      Company Overview 77

      Company Strategy 78

      Latest Financial Results 79

      Table: Rio Tinto - Key Financial Data 80

Regional Overview 81

Mining - Africa Overview 81

      Key Opportunities 81

      1. West Africa To Become Focal Point Of Growth 81

      2. Asian Investment Undeterred By Cooling Boom 83

      3. Coal Exports Set To Surge In The South 84

      Key Challenges 85

      1. Sluggish Infrastructure Improvements To Weigh On Growth 85

      2. Gold Price Weakness Portends Pain 86

      3. Divergent Regulatory Trends To Play Out 87

      Table: Africa - Key Mining Regulatory Developments 88

Global Industry Overview 90

Challenges 90

      Table: Mining - Select M&A Deals 94

Cause For Optimism 97

Methodology 104

Industry Forecast Methodology 104

Sources 105

Risk/Reward Rating Methodology 106

      Table: Weighting Of Indicators 108

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