Zambia's mining sector is set to continue on a positive trajectory over our forecast period to 2018. Copper is the mainstay of the mining sector, and we expect solid growth in output as the country's main producers forge ahead with expansion plans. Growing coal production will contribute to mining sector growth over coming years, as strong domestic demand for the fuel incentivizes increased mine output.

BMI Industry View 7

Downside Risks Lurk 7

SWOT 9

Industry Forecast 11

Copper: New Projects & Expansions To Come Online 11

      Risks To Outlook 12

      Table: Zambia: Major New Copper Projects 14

      Table: Zambia - Copper Production 14

Coal: Solid Growth Over Forecast Period 14

      Table: Zambia - Coal Projects 16

      Potential Pitfalls Ahead 17

      Table: Zambia - Coal Production 17

Industry Risk Reward Ratings 18

Risk/Reward Ratings 18

      Lower Gold Prices Reduce Rewards 18

      Table: Africa - Mining Risk/Reward Ratings 19

      Reduced Rewards For Copper Mining 19

      Mixed Rankings For West Africa 20

      Substantial Rewards In Southern Africa 20

      Lack Of Uniformity In Regulatory Development 21

      Political & Infrastructure Risks Lurk 22

      Country Highlights 23

      South Africa: Deteriorating Environment For Mining Companies 23

      Mozambique: Mining Sector Set To Boom 24

      Botswana: All Round Outperformer 24

Market Overview 25

Zambia To Maintain Its Global Position 26

      Table: Zambia - Major Mining Projects & Expansions 27

Power Shortages To Weigh On Mining Sector 27

      Table: Zambia - Mining Industry Value & Production 28

Regulatory Development 29

      Table: Zambia - Political Overview 31

      Table: Africa - Regulatory Outlook 31

Commodities Forecast 33

Commodity Strategy 33

      Steel: Subdued Medium Term Outlook 35

      Aluminium: Despite Recent Upswing, Underperformance To Persist 36

      Copper: No Time To Celebrate Yet 37

      Lead: Outperformance On The Cards 38

      Nickel: Sideways Movement In Weeks Ahead 39

      Zinc: Positive Momentum To Continue 41

      Table: Select Commodities - Performance & BMI Forecasts 42

      Table: BMI Commodities Strategy 43

Competitive Landscape 44

Some Diversification 44

Major Players To Remain Dominant 44

      Table: Zambia Key Players - Comparative Valuation Metrics 45

Company Profile 46

First Quantum 46

      Latest Financial Results 49

      Table: First Quantum: Key Financial Data 50

Vedanta Resources 51

      Latest Financial Results 53

      Table: Vedanta Resources - Key Financial Data 55

Regional Overview 56

Mining - Africa Overview 56

      Key Opportunities 56

      1. Asian Investment Inflows To Continue 56

      2. Iron Ore Production In West Africa To Boom 57

      3. Southern Africa To Become A Key Coal Exporter 58

      Key Challenges 59

      1. Gold Crunch To Gain Traction 59

      2. Lack Of Infrastructure A Major Hurdle 60

      3. Regulatory Environment In Flux 61

      Table: Africa - Key Mining Regulatory Developments 62

Global Industry Overview 63

Methodology 75

Industry Forecast Methodology 75

Sources 76

Risk/Reward Rating Methodology 77

      Table: Mining Risk/Reward Ratings Indicators 79

      Table: Weighting Of Indicators 80

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