Zimbabwe will achieve solid mining sector growth over our forecast period to 2018. Platinum production will be the main driver of growth, while growth in diamond output will be moderate and the country will remain a very small producer of gold. Weak global commodity prices and a deteriorating business environment will present downside risk to our forecasts.

BMI Industry View 7

SWOT 8

C2Metals SWOT 8

Industry Forecast 9

Diamonds: Huge Potential Fraught With Risks 9

      Table: Zimbabwe - Diamond Production 11

Gold: Modest Growth Outlook 11

      Table: Key Gold Projects In Zimbabwe 12

      Table: Zimbabwe - Gold Production 13

Platinum: Promising Growth Outlook 13

      Refinery Decision Finally Made 15

      Table: Zimbabwe - Major Platinum Projects 15

      Political Risks Weigh Heavily On Sector 15

      Table: Zimbabwe - Platinum Production 16

Industry Risk Reward Ratings 17

Risk/Reward Ratings 17

      Lower Gold Prices Reduce Rewards 17

      Table: Africa - Mining Risk/Reward Ratings 18

      Reduced Rewards For Copper Mining 18

      Mixed Rankings For West Africa 19

      Substantial Rewards In Southern Africa 19

      Lack Of Uniformity In Regulatory Development 20

      Political & Infrastructure Risks Lurk 21

      Country Highlights 22

      South Africa: Deteriorating Environment For Mining Companies 22

      Mozambique: Mining Sector Set To Boom 23

      Botswana: All Round Outperformer 23

Market Overview 24

      Table: Zimbabwe- Key Mining Projects 25

      Table: Zimbabwe - Mining Industry Value And Production 27

Regulatory Development 28

Regulatory Underperformance 28

Beneficiation Drive 28

Structure, Law & Royalties 29

Corruption 29

Tax Regime 30

      Table: Zimbabwe - Political Overview 30

      Table: Africa: Mining Regulatory Outlook 31

Commodities Forecast 33

Commodity Strategy 33

      Steel: Subdued Medium Term Outlook 35

      Aluminium: Despite Recent Upswing, Underperformance To Persist 36

      Copper: No Time To Celebrate Yet 37

      Lead: Outperformance On The Cards 38

      Nickel: Sideways Movement In Weeks Ahead 39

      Zinc: Positive Momentum To Continue 41

      Table: Select Commodities - Performance & BMI Forecasts 42

      Table: BMI Commodities Strategy 43

Competitive Landscape 44

      Table: Southern Africa - Largest Listed Mining Companies 45

Company Profile 47

African Consolidated Resources 47

Impala Platinum 49

      Table: Impala Platinum - Key Financial Data 52

Regional Overview 54

Mining - Africa Overview 54

      Key Opportunities 54

      1. Asian Investment Inflows To Continue 54

      2. Iron Ore Production In West Africa To Boom 55

      3. Southern Africa To Become A Key Coal Exporter 56

      Key Challenges 57

      1. Gold Crunch To Gain Traction 57

      2. Lack Of Infrastructure A Major Hurdle 58

      3. Regulatory Environment In Flux 59

      Table: Africa - Key Mining Regulatory Developments 60

Global Industry Overview 61

Methodology 73

Industry Forecast Methodology 73

Sources 74

Risk/Reward Rating Methodology 75

      Table: Mining Risk/Reward Ratings Indicators 77

      Table: Weighting Of Indicators 78

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