The looming exit of Glencore Xstrata's stake in the US$5.9bn Tampakan copper-gold project reinforces our conviction that mining investment in the Philippines will become less attractive amidst the downturn in commodity prices over the coming years. Despite rice mineral deposits in the country, resource nationalism will remain an issue as the Philippine government looks to implement more onerous regulatory reforms in the mining space.

BMI Industry View 7

      Table: Philippines - Number Of Operating Metallic Mines 7

SWOT 12

Industry Forecast 13

Copper: Sharp Slowdown From Boom Years 13

      Table: Philippines - Copper Mine Production 15

Gold: Losing Sparkle With Falling Prices 15

      Table: Philippines - Gold Mining Projects 17

      Table: Philippines - Gold Production Forecast 18

Nickel: Nickel Asia To Drive Growth 19

      Table: Philippines - Nickel Production Forecasts 21

Industry Risk Reward Ratings 22

Asia - Q3 2014 22

      Table: Asia - Mining Risk/Reward Index 26

Risk/Reward Ratings 26

      Rewards 27

      Industry Rewards 27

      Country Rewards 27

      Risks 28

      Industry Risks 28

      Country Risks 28

      Table: Philippines - Mining Industry Value & Production Forecasts 29

Regulatory Development 30

      Table: Asia - Mining Regulatory Scorecard 31

      Table: Philippines Political Overview 32

Commodities Forecast 34

Commodity Strategy 34

      Iron Ore: Fading Iron Will 34

      Steel: Global Glut To Weigh On Prices 36

      Aluminium: Fundamentals To Remain Weak 37

      Copper: All Eyes On China 38

      Lead: Outperforming Its Troubled Peers 39

      Nickel: Monthly Outperformer 41

      Tin: Outperforming A Weak Field 42

      Zinc: Further Consolidation Likely 43

      Table: Select Commodities - Performance & BMI Forecasts 45

Competitive Landscape 46

      Table: Philippines - Largest Listed Mining Companies 46

Company Profile 48

Nickel Asia 48

      Table: Nickel Asia - Key Financial Data 50

Philex Mining Corporation 52

      Table: Philex Mining - Key Financial Data 54

Semirara Mining Corporation (SMC) 56

      Table: Semimara Mining - Key Financial Data 58

Regional Overview 60

Asia - Q3 2014 60

      Challenges 60

      Opportunities 63

Global Industry Overview 68

Challenges 68

      Table: Mining - Select M&A Deals 72

Cause For Optimism 75

Methodology 82

Industry Forecast Methodology 82

Sources 83

Risk/Reward Rating Methodology 84

      Table: Mining Risk/Reward Ratings Indicators 86

      Table: Weighting Of Indicators 87

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