West Africa's mining sector is set to grow rapidly as investment pours into the region's phenomenal mineral wealth. Much of this growth will be focused on iron ore and gold as the region has untapped and high-grade reserves of both metals. We expect the bulk of the growth in the mining sector to be towards the end of the forecast period as many of the projects are still in their early stages of development.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Guinea Iron Ore: Pushing Back The Boom 11

      Potential Chinese Investment in Infrastructure 12

      Table: Guinea - Main Iron Ore Projects 14

      Table: Guinea - Iron Ore Production 14

Guinea Bauxite: Third Largest Producer By 2017 15

      Table: Guinea - Key Expansion Plans 17

      Uncertainty & Poor Infrastructure To Weigh On Investment 18

      Table: Guinea - Bauxite Production 19

Sierra Leone Iron Ore: Export Boom 19

      Table: Sierra Leone - Main Iron Ore Projects 21

      Table: Sierra Leone - Iron Ore Production (mn tonnes, unless stated otherwise) 22

Mauritania: Mining Sector To Receive Boost, But Overshadowed By Neighbours 22

      Table: Mauritania - Key Mining Projects 25

      Gradual Steps To Improve Infrastructure 25

      Table: Mauritania - Iron Ore & Gold Production 25

Mali Gold: Sound Growth Outlook Despite Political Uncertainties 26

      Sizeable Downside Risks 27

      Government Support 28

      Table: Mali - Largest Gold Projects 29

      Political Risk Subdued 29

      Table: Mali - Gold Production 29

Ghana Gold: Headwinds For Gold Miners 29

      Government Measures To Increase Difficulties 31

      Table: Ghana - Gold Production 32

Cote d'Ivoire Gold: Large Potential, Larger Risks 32

      Table: Cote d'Ivoire - Largest Gold Projects 34

      Table: Cote d'Ivoire - Gold Production ('000 ounces) 35

Liberia Iron Ore: Joining West Africa's Surge 35

      Relatively Stable Business Environment 36

      Table: Liberia - Main Iron Ore Projects 37

      Downside Risks 37

      Table: Liberia Iron Ore Production & Growth 37

Industry Risk Reward Ratings 38

Risk/Reward Ratings 38

      Lower Gold Prices Reduce Rewards 38

      Table: Africa - Mining Risk/Rewards Ratings 39

Reduced Rewards For Copper Mining 39

Mixed Rankings For West Africa 39

Substantial Rewards In Southern Africa 40

Lack Of Uniformity In Regulatory Development 41

Political & Infrastructure Risks Lurk 41

Country Highlights 42

South Africa: Deteriorating Environment For Mining Companies 42

Mozambique: Mining Sector Set To Boom 43

Botswana: All Round Outperformer 43

Market Overview 44

Iron Ore To Take Centre Stage 45

      Table: West Africa - Main Projects 45

      Table: West Africa - Key Mining Production 47

Regulatory Development 48

Ghana & Mauritania: Sectors To Remain Investor Friendly 48

Mining Reviews For Mali and Sierra Leone 48

Tough Conditions In Guinea and Cote d'Ivoire 49

Future Possibility of Regulation Harmonization 49

      Table: Africa - Regulatory Outlook 49

Commodities Forecast 51

Commodity Strategy 51

      Aluminium: Small Rebound 54

      Copper: Sideways Trading To Give Way 55

      Nickel: Still No Relief 58

      Zinc: Short-Term Strength 60

      Table: Select Commodities - Performance & BMI Forecasts 61

      Table: Global Commodities Strategy 62

Competitive Landscape 63

      Table: Financial Metrics 64

Company Profile 65

Rio Tinto - Q1 2014 65

      Company Overview 67

      Company Strategy 68

      Table: Rio Tinto - Key Financial Data 70

AngloGold Ashanti 71

      Overview 72

      Strategy 73

      Table: AngloGold Ashanti - Key Financial Data 74

Randgold Resources 75

      Table: Randgold Resources - Financial Results 78

Regional Overview 79

Africa Overview 79

      1. Chinese Investment Inflows To Continue 79

      2. Lack Of Infrastructure A Major Hurdle 80

      3. Regulatory Environment In Flux 81

      Table: Key Regulatory Developments 82

      4. Gold Crunch To Gain Traction 82

      5. Iron Ore Production In West Africa To Boom 84

      6. Southern Africa To Become A Key Coal Exporter 85

Global Industry Overview 86

Downturn To Continue Into 2014 86

      1. China Slowdown To Drive Mining Moderation 86

      2. Frontier Mining Increasingly Challenging 87

      3. Mining Services Firms Facing Tough Outlook 89

But Opportunities Still Exist 91

      1. Asian Outward Investment Continues 91

      2. Private Equity Entering The Mix 93

      3. Global Thermal Coal Demand Still Growing 94

Methodology 97

Industry Forecast Methodology 97

Sources 98

Risk/Reward Rating Methodology 99

      Table: Mining Risk/Reward Ratings Indicators 100

      Table: Weighting Of Indicators 101

      Table: Weighting Of Indicators 102

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