Emerging markets will continue to attract the bulk of mining investment, leading us to forecast slow growth across mineral products in the US over our forecast period. We forecast the value of the US mining industry to reach US$66.1bn in 2017, representing an average growth rate of 1.5% per annum. The US mining sector is likely to grow at a slower pace than many developed market peers, such as Canada and Australia, but promising opportunities for mine development still exist.

BMI Industry View 7

Solid Business Environment, But Long Wait Times 8

SWOT 10

Industry Forecast 12

Coal: Domestic Troubles Ahead 12

      Table: United States - Main Coal Projects 13

      Export Gains Unlikely To Solve Long-Term Woes 15

      Natural Gas Evening Out With Coal 16

      Coal Industry Facing Unfriendly Regulatory Environment 17

      Table: United States - Coal Production 18

Copper: Production To Slow 18

      Long-Term Decline 19

      Table: United States - Copper Mine Projects 20

      Environmental Considerations Often Major Impediment 20

      Table: United States - Copper Production 21

Gold: Tepid Production Growth, But Investment To Continue 21

      Barrick To Remain Sector Leader 22

      Table: Major Gold Projects In The United States 24

      Exploration & Capex Threatened By Weaker Prices 24

      Table: United States - Gold Production 24

Lead: US To Lose Global Market Share 25

      Table: United States - Lead Production 26

Industry Risk Reward Ratings 27

Americas - Q1 2014 27

      Table: Americas - Mining Risk/Reward Ratings 27

      Local Opposition Remains Potent 28

      Royalty Threat 28

      Country Highlights 29

      Chile: Despite Rating, Potential Vulnerabilities 29

      Canada: Solid Developed World Destination 30

      United States: Slow Growing Giant 30

      Peru: Strong Prospects But Protests Maintain Pressure 31

      Colombia: Coal Holds Promise 31

      Brazil: Complexities Abound 32

      Mexico: Domestic Fundamentals Favourable, For Now 32

      Argentina: Clear Potential Amid High Risks 33

      Central America: Frontier Market Opportunities? 33

Market Overview 34

Obstacles To Constrain Sector Growth 35

Slow Copper Expansion 35

Precious Metals Maintain Interest 37

      Table: US - Select Mining Projects 37

Coal Exports Help Underperforming Sector 37

Zinc & Lead To Remain Subdued 38

      Table: United States: Mining Industry Value & Production 38

Regulatory Development 39

Recent Developments 39

Stable Regulatory Environment, But Permitting Remains Slow 39

      Table: Key US Mining Laws 40

Long Permitting Times Weigh On Sector 40

Carbon Limits To Affect Coal Producers & Utilities 40

Tax Regime 41

Corruption Minimal 41

      Table: US Political Overview 42

      Table: Regional Regulatory Table 42

Commodities Forecast 44

Iron Ore: Rally To Fade In Q413 45

Steel: Supply Glut To Endure 46

Aluminium: Surge Gives Way 47

Copper: Weak Outlook 48

Lead: Short-Term Weakness 49

Nickel: Still The Laggard 50

Zinc: Still A Surplus Market 53

      Table: Select Commodities - Performance And BMI Forecasts 54

      Table: Global Commodities Strategy 55

Competitive Landscape 56

Large Players In Developed Market 56

      Table: Financial Data For Key US Mining Firms, FY 2012 56

Domestic Focus 57

Company Profile 59

Freeport-McMoRan 59

      Company Strategy 61

      Recent Financial Results 62

      Financial Data 63

      Table: Freeport-McMoRan - Key Financial Data 63

      Address Details 63

Newmont Mining 64

      Company Strategy 65

      Recent Financial Results 66

      Financial Data 66

      Table: Newmont Mining - Key Financial Data 66

      Address Details 67

Peabody Energy 68

      Company Strategy 69

      Recent Financial Data 70

      Table: Peabody Energy: Key Financial Data 71

      Address Details 71

Regional Overview 72

Americas Overview 72

      1. Slowdown To Resume After Recent Uptick 72

      2. Capex Outlook Remains Mixed 73

      3. US & Canada To Lag Southern Peers 74

      4. Growing, Though Still Limited Opportunity In Central America 76

      Table: Key Central America And Caribbean Mining Projects 77

      5. Growth In US Coal Exports Unlikely To Stem Industry Woes 78

      6. Political Risks Remain At Forefront 79

Global Industry Overview 81

Downturn To Continue Into 2014 81

      1. China Slowdown To Drive Mining Moderation 81

      2. Frontier Mining Increasingly Challenging 82

      3. Mining Services Firms Facing Tough Outlook 84

But Opportunities Still Exist 86

      1. Asian Outward Investment Continues 86

      2. Private Equity Entering The Mix 88

      3. Global Thermal Coal Demand Still Growing 89

Methodology 92

Industry Forecast Methodology 92

Sources 93

Risk/Reward Rating Methodology 94

      Table: Mining Risk/Reward Ratings Indicators 95

      Table: Weighting Of Indicators 96

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