Ghana is set to remain Africa's second-largest gold producer, after South Africa, as investment continues to flow into the mineral-rich country. The country boasts one of the most favourable business environments in the region, with a democratic and stable government, which contrasts sharply with many of its resource-rich neighbours. Ghana's mining sector is set to reach USD3.8bn in 2018, up from USD3.3bn in 2013, as bauxite and gold production see modest increases. We expect gold to be the main driver of growth, but see bauxite playing a growing role.

BMI Industry View 7

SWOT 8

Industry Forecast 10

Gold: Headwinds For Gold Miners 10

      Government Measures To Increase Difficulties 12

Bauxite: Chinese Investment To Drive Recovery 13

      Table: Bauxite Production Forecast (Ghana 2010-2018) 15

Industry Risk Reward Ratings 16

Risk/Reward Ratings 16

      Rewards 16

      Industry Rewards 16

      Country Rewards 16

      Risks 17

      Industry Risks 17

      Country Risks 17

      Table: Mining Industry Forecasts (Ghana 2010-2018) 18

Africa Risk/Reward Ratings 18

      Large Rewards On Offer - With Varying Degrees Of Risk 18

      Gold Producers Lag The Pack 19

      Largest Quarterly Change In South Africa 20

      Table: Africa - Mining Risk/Reward Ratings 21

Regulatory Development 22

Chinese Operations Under Threat 23

      Table: Ghana - Political Overview 24

Commodities Forecast 25

Commodity Strategy 25

      Ferrous Metals: 26

      Iron Ore: Bounce Won't Last, Weakness In 2015 26

      Steel: Long Road To Price Recovery 27

      Non-Ferrous Metals: 28

      Aluminium: Elevated Prices In Coming Weeks 28

      Copper: Strength To Turn To Weakness By Q414 29

      Lead: Price Bounce Underway 30

      Nickel: Prices To Cool In Coming Months 31

      Tin: Market Tightness To Drive Prices Higher 32

      Zinc: Prices To Moderate By Q414 33

      Table: Select Commodities - Performance & BMI Forecasts 35

Competitive Landscape 36

Table: Africa - Financial Metrics 37

Company Profile 38

AngloGold Ashanti 38

      Overview 40

      Strategy 41

      Risks 42

      Latest Results 42

      Table: AngloGold Ashanti - Key Financial Data 43

Newmont Mining 44

      Company Strategy 46

      Latest Results 47

      Table: Newmont - Supply Chain Analysis 48

      Financial Data 48

      Table: Newmont Mining - Key Financial Data 48

      Address Details 49

Regional Overview 50

Chinese Quest For Minerals Undeterred 50

      Table: Select Projects - Chinese Mining Investment In Africa 50

      Look To West Africa For Rapid Growth 51

      Tin Mining To Make A Comeback 52

      Flurry Of Investment Into Southern African Coal 53

      Changing Landscape For Precious Metals 54

      Risks & Opportunities In Infrastructure 56

Global Industry Overview 58

Capex Cutbacks To Yield Rewards 58

M&A Activity To Pick Up 59

High Grade Opportunities In Iron Ore 60

Shifting Centre Of Growth For Platinum 61

Chinese & Indian Outbound Mineral Investment To Gather Pace 62

Shake-Up For Global Rare Earths Industry 63

Methodology 65

Industry Forecast Methodology 65

Sources 66

Risk/Reward Rating Methodology 67

      Table: Weighting Of Indicators 69

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