West Africa's mining sector is set to grow rapidly as investment pours into the region's phenomenal mineral wealth. Much of this growth will be focused on iron ore and gold as the region has untapped and high-grade reserves of both minerals. We expect the bulk of the growth in the mining sector to take place towards the end of the forecast period as many of the projects are still in their early stages of development.

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 Despite Political Uncertainties 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 29

      Government Measures To Increase Difficulties 32

      Table: Ghana - Gold Production (million oz) 32

Cote d'Ivoire Gold: Surge Ahead, But Major Risks Lurk 32

      Major Downside Risks Ahead 34

      Table: Cote d'Ivoire - Largest Gold Projects 35

      Table: Cote d'Ivoire - Gold Production (million ounces) 35

Liberia Iron Ore: Revitalising The Industry 35

      Relatively Stable Business Environment 36

      Table: Liberia - Main Iron Ore Projects Under Development 37

      Downside Risks 37

      Table: Liberia Iron Ore Production & Growth 38

Industry Risk Reward Ratings 39

Risk/Reward Ratings 39

Lower Gold Prices Reduce Rewards 39

      Table: Africa - Mining Risk/Reward Ratings 40

Reduced Rewards For Copper Mining 40

Mixed Rankings For West Africa 41

Substantial Rewards In Southern Africa 41

Lack Of Uniformity In Regulatory Development 42

Political & Infrastructure Risks Lurk 43

Country Highlights 44

South Africa: Deteriorating Environment For Mining Companies 44

Mozambique: Mining Sector Set To Boom 45

Botswana: All Round Outperformer 45

Market Overview 46

Iron Ore To Take Centre Stage 47

      Table: West Africa - Main Projects 47

      Table: West Africa - Key Mining Production 49

Regulatory Development 50

Mauritania: Mining Sector To Remain Investor Friendly 50

Ghana: Surprise Plans For A Windfall Tax 50

Mining Reviews For Mali And Sierra Leone 51

Tough Conditions In Guinea And Cote d'Ivoire 51

Future Possibility Of Regulation Harmonization 51

      Table: Africa - Regulatory Outlook 51

Commodities Forecast 53

Commodity Strategy 53

      Steel: Locked In Secular Downtrend 55

      Aluminium: US$1,800/tonne To Provide Strong Support 55

      Copper: Bearish View In Place Despite Some Recovery 56

      Nickel: Despite Recent Gains, Downside Risks Dominate 58

      Zinc: Channelling Support 60

      Table: Select Commodities - Performance & BMI forecasts 61

      Table: BMI Commodities Strategy 62

Competitive Landscape 63

      Table: Financial Metrics 64

Company Profile 65

Randgold Resources 65

      Table: Randgold Resources - Financial Results 68

AngloGold Ashanti 69

      Overview 70

      Strategy 71

      Table: AngloGold Ashanti - Key Financial Data 72

Rio Tinto 74

      Company Overview 76

      Company Strategy 77

      Latest Financial Results 78

      Table: Rio Tinto - Key Financial Data 79

Regional Overview 80

Africa Overview 80

      Key Opportunities 80

      1. Asian Investment Inflows To Continue 80

      2. Iron Ore Production In West Africa To Boom 81

      3. Southern Africa To Become A Key Coal Exporter 82

      Key Challenges 83

      1. Gold Crunch To Gain Traction 83

      2. Lack Of Infrastructure A Major Hurdle 84

      3. Regulatory Environment In Flux 85

      Table: Africa - Key Mining Regulatory Developments 86

Global Industry Overview 87

Methodology 99

Industry Forecast Methodology 99

Sources 100

Risk/Reward Rating Methodology 101

      Table: Mining Risk/Reward Ratings Indicators 102

      Table: Weighting Of Indicators 103

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