The past decade of minimal growth in South Africa's mining sector is set to continue as the country's gold and platinum sectors face diminishing margins and industrial strife. The coal and iron ore sectors will come under pressure as particularly weak prices dent production growth. We expect South Africa's mining industry value to grow at an annual average rate of 0.8% between 2014 and 2018, from USD32.6bn in 2014 to USD33.7bn in 2018.

BMI Industry View 7

SWOT 9

Industry Forecast 11

Coal: Waning Investor Interest 11

      Strike Action To Remain A Risk 12

      Chinese Curbs Present A New Concern 13

      Some Important Bright Spots Remain 14

      Table: South Africa - Major Coal Projects & Expansions 15

      Indian Investment Ahead 16

      Carbon Tax Postponed 17

      Positive Infrastructure Developments 17

      Currency Depreciation To Support Operations 18

      Table: Coal Production Forecast (South Africa 2010-2018) 19

Diamonds: Exceptional Discoveries Bolster Outlook 19

      Stellar Discoveries Bolster Outlook 21

      Downside Risks 21

      Table: South Africa - Largest Diamond Projects 21

      Table: Diamond Production (South Africa 2010-2018) 22

Gold: Sector Buffeted By Weak Prices 22

      Potential Upside? 25

      Table: Gold Production Forecast (South Africa 2010-2018) 25

Iron Ore: Global Price Collapse To Squeeze Margins 26

      Table: South Africa - Major New Iron Ore Projects & Expansions 28

      Risks Lurking On The Horizon 29

      Table: Iron Ore Production Forecast (South Africa 2010-2018) 29

Platinum: Divestments Ahead 29

      Wage Costs Will Continue Rising 30

      Mine Depletion & Power Constraints To Further Raise Costs 32

      Diminishing Revenue To Drive Divestment 33

      Table: South Africa - Platinum Mine Production & Growth 34

Palladium: Output To Stagnate 35

      Table: South Africa - Largest Palladium/Platinum Development Projects 37

      Table: Palladium Production (South Africa 2010-2018) 37

Industry Risk Reward Ratings 38

Africa Risk/Reward Ratings 38

      Large Rewards On Offer - With Varying Degrees Of Risk 38

      Gold Producers Lag The Pack 39

      Largest Quarterly Change In South Africa 40

      Table: Africa - Mining Risk/Reward Ratings 41

South Africa Risk/Reward Ratings 42

      Rewards 42

      Industry Rewards 42

      Country Rewards 42

      Risks 43

      Industry Risks 43

      Country Risks 43

      Table: South Africa - Major Mining Expansion Plans 44

      Table: Mining Industry Forecasts (South Africa 2010-2018) 44

Regulatory Development 46

      Table: Africa - Mining Regulatory Outlook 46

      Table: South Africa Political Overview 49

Commodities Forecast 52

Commodity Strategy 52

      Ferrous Metals: 52

      Steel: Prices To Remain Subdued 54

      Non-Ferrous Metals: 55

      Aluminium: Price Strength To Continue In Q314 55

      Copper: Further Decline By Year's End 56

      Lead: Constructive Price Outlook 57

      Nickel: Moderation To Continue 58

      Tin: Upside Ahead 59

      Zinc: Consolidation Before Multi-Year Gains 61

      Table: Select Commodities - Performance & BMI Forecasts 62

Competitive Landscape 64

      Table: South Africa - Largest Mining Companies' Financial Data 65

Company Profile 67

Impala Platinum 67

      Table: Impala Platinum - Key Financial Data 69

Anglo American 71

      Company Strategy 74

      Latest Results 75

      Table: Anglo American - Financial Data 76

AngloGold Ashanti 78

      Overview 80

      Strategy 81

      Risks 82

      Latest Results 82

      Table: AngloGold Ashanti - Key Financial Data 83

Regional Overview 84

Chinese Quest For Minerals Undeterred 84

      Table: Select Projects - Chinese Mining Investment In Africa 84

Look To West Africa For Rapid Growth 85

Tin Mining To Make A Comeback 86

Flurry Of Investment Into Southern African Coal 87

Changing Landscape For Precious Metals 88

Risks & Opportunities In Infrastructure 90

Global Industry Overview 92

Capex Cutbacks To Yield Rewards 92

M&A Activity To Pick Up 94

High Grade Opportunities In Iron Ore 94

Shifting Centre Of Growth For Platinum 95

Chinese & Indian Outbound Mineral Investment To Gather Pace 96

Shake-Up For Global Rare Earths Industry 97

Methodology 99

Industry Forecast Methodology 99

Sources 100

Risk/Reward Rating Methodology 101

      Table: Weighting Of Indicators 103

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