While Zambia's mining sector is set to continue on a positive trajectory over our forecast period to 2018, risks are mounting. The major copper producers have threatened to shelve expansion projects and delay capital expenditure due to a deteriorating regulatory environment in the country. Copper will remain the mainstay of Zambia's mining sector while growing coal production will contribute to growth over the coming years.

BMI Industry View 7

Regulatory Turmoil 7

SWOT 9

Industry Forecast 11

Copper: Investment Under Threat 11

      Risks To Outlook 13

      Table: Zambia: Major New Copper Projects/ Expansions 15

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

Coal: Production Ramp-Up 15

      Table: Zambia - Coal Projects 17

      Potential Pitfalls Ahead 18

      Table: Coal Production Forecast (Zambia 2010-2018) 18

Industry Risk Reward Ratings 19

Risk/Reward Ratings 19

      Rewards 19

      Industry Rewards 19

      Country Rewards 19

      Table: Zambia - Major Mining Projects & Expansions 19

      Risks 20

      Industry Risks 20

      Country Risks 20

Risk/Reward Ratings 20

      Botswana On Top 21

      Table: Africa - Mining Risk/Reward Ratings 22

      South Africa: Still Ranking Highly 22

      Lower Gold Prices Reduce Rewards 23

Regulatory Development 25

      Table: Zambia - Political Overview 27

      Table: Africa - Regulatory Outlook 27

Commodities Forecast 29

Commodity Strategy 29

      Ferrous Metals: 30

      Iron Ore: Bounce Won't Last, Weakness In 2015 30

      Steel: Long Road To Price Recovery 31

      Non-Ferrous Metals: 32

      Aluminium: Elevated Prices In Coming Weeks 32

      Copper: Strength To Turn To Weakness By Q414 33

      Lead: Price Bounce Underway 34

      Nickel: Prices To Cool In Coming Months 35

      Tin: Market Tightness To Drive Prices Higher 36

      Zinc: Prices To Moderate By Q414 37

      Table: Select Commodities - Performance & BMI Forecasts 38

Competitive Landscape 40

Some Diversification 40

Major Players To Remain Dominant 40

      Table: Zambia Key Players - Comparative Valuation Metrics 41

Company Profile 42

Vedanta Resources 42

      Latest Financial Results 44

      Company Strategy 44

      Company Details 46

      Table: Vedanta Resources - Key Financial Data 47

First Quantum 47

      Latest Results 50

      Table: First Quantum: Key Financial Data 50

Regional Overview 52

Chinese Quest For Minerals Undeterred 52

      Table: Select Projects - Chinese Mining Investment In Africa 52

Look To West Africa For Rapid Growth 53

Tin Mining To Make A Comeback 54

Flurry Of Investment Into Southern African Coal 55

Changing Landscape For Precious Metals 56

Risks & Opportunities In Infrastructure 58

Global Industry Overview 60

Capex Cutbacks To Yield Rewards 60

M&A Activity To Pick Up 61

High Grade Opportunities In Iron Ore 62

Shifting Centre Of Growth For Platinum 63

Chinese & Indian Outbound Mineral Investment To Gather Pace 64

Shake-Up For Global Rare Earths Industry 65

Methodology 67

Industry Forecast Methodology 67

Sources 68

Risk/Reward Rating Methodology 69

      Table: Weighting Of Indicators 70

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