While Namibia holds substantial diamond and uranium reserves among other minerals, the government's potential to enforce policy to extract greater revenue from the sector remains a key downside risk to investment. Overall, we forecast Namibia's mining industry value to grow on average 3.3% y-o-y from an estimated USD1.6bn in 2014 to USD1.8bn in 2018.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Uranium: Weak Prices To Weigh On Output 10

      Table: Namibia - Uranium Exploration Projects 11

      Table: Uranium Production (Namibia 2010-2018) 12

Diamonds: Steady Production Growth Ahead 12

      Table: Namibia - Diamond Exploration Projects 13

      Table: Diamond Production (Namibia 2010-2018) 14

Industry Risk Reward Ratings 15

Risk/Reward Ratings 15

      Botswana On Top 16

      Table: Africa - Mining Risk/Reward Ratings 17

      South Africa: Still Ranking Highly 17

      Lower Gold Prices Reduce Rewards 18

Risk/Reward Ratings 20

      Rewards 20

      Industry Rewards 20

      Country Rewards 20

      Risks 21

      Industry Risks 21

      Country Risks 21

      Table: Namibia: Mine Production Forecasts 22

Regulatory Development 23

      Table: Namibia - Political Overview 25

      Table: Africa - Mining Regulatory Index 25

Commodities Forecast 28

Commodity Strategy 28

      Iron Ore: Chinese Stimulus Not A Game Changer 28

      Steel: Gradual Rationalisation Insufficient To Boost Prices 30

      Aluminium: Recent Rally Unlikely To Persist Into H214 31

      Copper: Bearish Forecast Appears Well Placed 32

      Lead: Picking Up Autos Sector Tailwinds 33

      Nickel: Recent Rise To Fall Back In H214 34

      Zinc: Potential Test Of Resistance In Coming Weeks 36

      Table: Select Commodities - Performance & BMI Forecasts 38

Competitive Landscape 39

      Table: Africa - Largest Listed Mining & Metals Companies 39

Company Profile 40

Namdeb 40

Vedanta Resources 42

      Latest Financial Results 44

      Table: Vedanta Resources - Key Financial Data 46

Regional Overview 47

Mining - Africa Overview 47

      Key Opportunities 47

      1. West Africa To Become Focal Point Of Growth 47

      2. Asian Investment Undeterred By Cooling Boom 49

      3. Coal Exports Set To Surge In The South 50

      Key Challenges 51

      1. Sluggish Infrastructure Improvements To Weigh On Growth 51

      2. Gold Price Weakness Portends Pain 52

      3. Divergent Regulatory Trends To Play Out 53

      Table: Africa - Key Mining Regulatory Developments 54

Global Industry Overview 56

Challenges 56

      Table: Mining - Select M&A Deals 60

Cause For Optimism 63

Methodology 70

Industry Forecast Methodology 70

Sources 71

Risk/Reward Rating Methodology 72

      Table: Weighting Of Indicators 74

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