Turkey's mining industry is set to be on the radar of foreign investors in the years to come as the government has undertaken efforts to open up the sector, paving the way for forthcoming investment. The gold sector will attract the largest share of investment as several companies bring their projects into production. Nevertheless, Turkey's extremely poor mining safety record and weak global commodity prices will limit the industry's otherwise healthy growth.

BMI Industry View 7

Poor Safety Record & Weak Commodity Prices Present Major Risks 7

SWOT 9

Industry Forecast 10

Gold: Boom Tempered By Weak Global Prices 10

      Table: Turkey - Largest Gold Projects 10

      Weak Gold Prices Present Major Downside Risk 12

      Table: Gold Production Forecast (Turkey 2010-2018) 12

Coal: Lignite Production To Lead Growth 12

      Table: Coal Production Forecast (Turkey 2010-2018) 16

Industry Risk Reward Ratings 17

Risk/Reward Ratings 17

      Table: MENA - Mining Risk/Rewards Ratings 19

Risk/Reward Ratings 21

      Rewards 21

      Industry Rewards 21

      Country Rewards 21

      Risks 22

      Industry Risks 22

      Country Risks 22

      Table: Mining Industry Forecasts (Turkey 2010-2018) 23

Regulatory Development 24

      Table: Turkey - Political Overview 25

      Table: MENA - Mining Risk/Reward Ratings 27

Competitive Landscape 28

      Table: Turkey - Largest Listed Mining Companies 29

Company Profile 30

Eldorado Gold 30

      Table: Eldorado - Financial Data 32

Global Industry Overview 34

Challenges 34

      Table: Mining - Select M&A Deals 38

Cause For Optimism 41

Commodities Forecast 48

Commodity Strategy 48

      Iron Ore: Not Much Respite In Sight 48

      Steel: Production Rationalisation Too Slow To Provide Price Upside 50

      Aluminium: Further Price Rally Unlikely 51

      Lead: Ripe For A H214 Boost 52

      Copper: Consensus Moving Our Way 53

      Nickel: Price Surge To Abate Further 54

      Tin: In A Sweet Spot 55

      Zinc: Bullish Short-Term Picture 56

      Table: Select Commodities - Performance & BMI Forecasts 58

Methodology 59

Industry Forecast Methodology 59

Sources 60

Risk/Reward Rating Methodology 61

      Table: Weighting Of Indicators 63

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