We forecast Peru's mining sector will experience average annual growth of 4.6% through 2018, driven by investment in both base and precious metals. We expect the sector's total value to reach US $27.7bn. Numerous domestic and international firms have projects in development and construction phases,and the sector presents promising growth opportunities for miners of a wide array of minerals.

BMI Industry View 7

SWOT 10

Industry Forecast 12

Copper: Growth Ahead Despite Environmental Concerns 12

      Solid Growth Prospects 12

      Table: Peru - Select Copper Projects 13

      Weakening External Demand Presents Downside Risk 14

      Protests Still Plague Industry 15

      Table: Peru - Copper Production 16

Gold: Prospects Tarnished By Protests 16

      Protests & Prices Continue To Plague Sector 17

      Table: Peru - Gold Production 18

Lead: Modest Growth In Coming Years 18

      Potential Complications 20

      Table: Peru - Lead Production 20

Silver: Peru To Coninue To Lead Output 21

      Table: Peru - Key Silver Projects 22

      Industry Increasingly Being Challenged 22

      Table: Peru - Silver Production 23

Tin: Production Declines To Continue 23

      Potential Upside For Minsur 24

      Table: Peru - Tin Production 25

Zinc: Mixed Outlook Despite Production Growth 25

      Table: Peru - Key Zinc Projects 27

      Mixed Outlook 27

      Table: Peru - Zinc Production Forecast 28

Industry Risk Reward Ratings 29

Developed Markets Show Low Risk, But Low Reward 30

Majors Facing Combination Of Tax Changes & Social Opposition 31

Second-Tier Miners To Show Little Rankings Improvement 32

      Table: Americas - Mining Risk/Reward Ratings 33

Market Overview 34

Mining Sector To Remain Major Component Of Economy 35

Copper To Dominate 36

      Table: Peru - Select Future Projects 37

Sector Headwinds To Present Challenges 37

      Table: Peru - Mining Industry Value & Production 38

Regulatory Development 40

Recent Developments 40

Balancing Industry Growth & Local Sentiment 40

Tax Regime 41

Endemic Corruption 41

      Table: Peru - Political Overview 42

      Table: Regional Regulatory Ratings 43

Commodities Forecast 44

Commodity Strategy 44

      Steel: Subdued Medium Term Outlook 46

      Aluminium: Despite Recent Upswing, Underperformance To Persist 47

      Copper: No Time To Celebrate Yet 48

      Lead: Outperformance On The Cards 49

      Nickel: Sideways Movement In Weeks Ahead 50

      Zinc: Positive Momentum To Continue 52

      Table: Select Commodities - Performance & BMI Forecasts 53

      Table: BMI Commodities Strategy 54

Competitive Landscape 55

      Table: Financial Data - Key Mining Firms Listed In Peru 55

Gold & Silver Prospects Slightly Tarnished 56

Company Profile 57

Buenaventura 57

      Latest Financial Results 58

      Table: Buenaventura - Key Financial Data 59

Grupo México 60

      Latest Financial Results 62

      Table: Grupo México - Key Financial Data 62

Glencore Xstrata 64

      Latest Financial Results 66

      Table: Glencore Xstrata - Key Financial Data 67

First Quantum 68

      Latest Financial Results 71

      Table: First Quantum: Key Financial Data 72

Regional Overview 73

Americas Overview 73

      1. Policy Changes To Affect Largest LatAm Players 73

      Table: Americas - Regulatory Updates 74

      2. Financial Pressures To Curb Capex, Yet Mine Output To Grow 74

      3. North American Mining Growth Weaker Compared To South 75

      4. Central American Promise Remains Premature 79

Global Industry Overview 81

Methodology 93

Industry Forecast Methodology 93

Sources 94

Risk/Reward Rating Methodology 95

      Table: Mining Risk/Reward Ratings Indicators 97

      Table: Weighting Of Indicators 98

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