Zimbabwe will achieve solid mining sector growth over our forecast period to 2018. Platinum production will be the main driver of growth, while growth in diamond output will be moderate and the country will remain a very small producer of gold. Weak global commodity prices and a deteriorating business environment will present downside risk to our forecasts.

BMI Industry View 7

SWOT 8

Industry Forecast 9

Diamonds: No Boom In Sight 9

      Table: Diamond Production (Zimbabwe 2010-2018) 11

Gold: Weak Prices To Cap Output 11

      Table: Key Gold Projects In Zimbabwe 12

      Table: Gold Production Forecast (Zimbabwe 2010-2018) 13

Platinum: Greater Russian Involvement Ahead 13

      Refinery Decision Finally Made 15

      Table: Zimbabwe - Major Platinum Projects 16

      Political Risks Weigh Heavily On Sector 16

      Table: Platinum Production (Zimbabwe 2010-2018) 16

Industry Risk Reward Ratings 17

Risk/Reward Ratings 17

      Rewards 17

      Industry Rewards 17

      Country Rewards 18

      Risks 18

      Industry Risks 18

      Country Risks 18

      Table: Zimbabwe - Main Mining Projects & Expansions 19

      Table: Mining Industry Forecasts (Zimbabwe 2010-2018) 19

Africa Risk/Reward Ratings 20

      Large Rewards On Offer - With Varying Degrees Of Risk 20

      Gold Producers Lag The Pack 21

      Largest Quarterly Change In South Africa 22

      Table: Africa - Mining Risk/Reward Ratings 23

Regulatory Development 24

Regulatory Underperformance 24

Beneficiation Drive 24

Structure, Law & Royalties 25

Volatile Political Climate 25

Corruption 26

Tax Regime 26

      Table: Zimbabwe - Political Overview 27

      Table: Africa: Mining Regulatory Outlook 28

Commodities Forecast 30

Commodity Strategy 30

      Ferrous Metals: 30

      Steel: Prices To Remain Subdued 32

      Non-Ferrous Metals: 33

      Aluminium: Price Strength To Continue In Q314 33

      Copper: Further Decline By Year's End 34

      Lead: Constructive Price Outlook 35

      Nickel: Moderation To Continue 36

      Tin: Upside Ahead 37

      Zinc: Consolidation Before Multi-Year Gains 39

      Table: Select Commodities - Performance & BMI Forecasts 41

Competitive Landscape 42

      Table: Southern Africa - Largest Listed Mining Companies 43

Company Profile 44

African Consolidated Resources 44

Impala Platinum 46

      Table: Impala Platinum - Key Financial Data 48

Regional Overview 50

Chinese Quest For Minerals Undeterred 50

      Table: Select Projects - Chinese Mining Investment In Africa 50

Look To West Africa For Rapid Growth 51

Tin Mining To Make A Comeback 52

Flurry Of Investment Into Southern African Coal 53

Changing Landscape For Precious Metals 54

Risks & Opportunities In Infrastructure 56

Global Industry Overview 58

Capex Cutbacks To Yield Rewards 58

M&A Activity To Pick Up 60

High Grade Opportunities In Iron Ore 60

Shifting Centre Of Growth For Platinum 61

Chinese & Indian Outbound Mineral Investment To Gather Pace 62

Shake-Up For Global Rare Earths Industry 63

Methodology 65

Industry Forecast Methodology 65

Sources 66

Risk/Reward Rating Methodology 67

      Table: Weighting Of Indicators 69

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