Growth in the Polish mining sector will be modest and predominantly driven by increased coal output. Copper output will struggle as falling copper ore grades and weak prices are set to hinder growth. Nevertheless, the rate of growth we forecast indicates that the country will remain one of the most significant players in the European coal, silver and copper markets.

BMI Industry View 7

Downside Risks 7

New Entrants 8

SWOT 9

Industry Forecast 10

Coal: Solid Growth Over Coming Years 10

      New Projects 11

      More IPOs Ahead 12

      Table: Coal Production Forecast (Poland 2010-2018) 13

Copper: Modest Growth As Falling Grades Take Their Toll 13

      Weak Copper Prices Constitute Greatest Downside Risk 15

      Table: Copper Production Forecast (Poland 2010-2018) 15

Industry Risk Reward Ratings 16

Europe Risk/Reward Ratings 16

      Downgrades For Coal Producers 17

      Subdued Metal Prices Reduce Rewards 18

      Table: Europe: Mining Risk/Reward Ratings 19

Poland Mining Risk/Reward Ratings 19

      Rewards 19

      Industry Rewards 19

      Country Rewards 20

      Risks 20

      Industry Risks 20

      Country Risks 21

      Table: Mining Industry Forecasts (Poland 2010-2018) 21

Regulatory Development 22

Corruption 22

Tax Regime 23

      Table: Political Overview 24

      Table: Europe - Mining Regulatory Outlook 25

Commodities Forecast 26

Commodity Strategy 26

      Ferrous Metals: 27

      Iron Ore: Bounce Won't Last, Weakness In 2015 27

      Steel: Long Road To Price Recovery 28

      Non-Ferrous Metals: 29

      Aluminium: Elevated Prices In Coming Weeks 29

      Copper: Strength To Turn To Weakness By Q414 30

      Lead: Price Bounce Underway 31

      Nickel: Prices To Cool In Coming Months 32

      Tin: Market Tightness To Drive Prices Higher 33

      Zinc: Prices To Moderate By Q414 34

      Table: Select Commodities - Performance & BMI Forecasts 36

Competitive Landscape 37

      Table: Poland - Major Mining & Metals Companies - Financial Data 37

Company Profile 38

KGHM 38

      Table: KGHM - Key Financial Data 42

Jastrzębska Spółka Węglowa (JSW) 43

      Table: JSW - Key Financial Data 46

Regional Overview 47

Europe Overview 47

      Coal Industry Down But Not Out 47

      Weak Prices To Hinder Gold Projects 48

      Environmental Pressure Mounting 49

      Return Of Tin Mining 50

      Rare Earth Opportunities Over The Long Term 51

Global Industry Overview 53

Capex Cutbacks To Yield Rewards 53

M&A Activity To Pick Up 54

High Grade Opportunities In Iron Ore 55

Shifting Centre Of Growth For Platinum 56

Chinese & Indian Outbound Mineral Investment To Gather Pace 57

Shake-Up For Global Rare Earths Industry 58

Methodology 60

Industry Forecast Methodology 60

Sources 61

Risk/Reward Rating Methodology 62

      Table: Weighting Of Indicators 64

冶金工业信息标准研究院