We forecast the US mining industry will see modest growth over our forecast period, as we expect the bulk of mineral output and mining investment to occur in developing markets in Latin America. Still, we forecast the value of the industry to reach US$67.9bn in 2018, representing an average growth rate of 2.0% per annum. The country's stable economic and political environment, coupled with its long history of mining and mineral wealth, should enable sector expansion.

BMI Industry View 7

Long Wait Times Mar Otherwise Solid Business Environment 8

SWOT 10

Industry Forecast 12

Coal: Domestic Troubles Ahead 12

      Table: United States - Main Coal Projects 14

      Export Strength Unlikely To Bring Industry Turnaround 14

      Despite Rising Gas Prices, Coal Unlikely To Benefit 16

      Further Negative Regulations Likely In 2014 17

      Table: United States - Coal Production 18

Copper: Production To Slow 18

      Interest In Copper To Persist 19

      Table: United States - Copper Mine Projects 20

      Environmental Considerations Often Major Impediment 20

      Table: United States - Copper Production 21

Gold: Tepid Production Growth, But Investment To Continue 21

      Barrick To Maintain Production Edge 22

      Table: Major Gold Projects In The United States 24

      Exploration & Capex At Risk 24

      Table: United States - Gold Production 24

Lead: US To Lose Global Market Share 25

      Table: United States - Lead Production 26

Industry Risk Reward Ratings 27

Developed Markets Show Low Risk, But Low Reward 28

Majors Facing Combination Of Tax Changes & Social Opposition 29

Second-Tier Miners To Show Little Rankings Improvement 30

      Table: Americas - Mining Risk/Reward Ratings 31

Market Overview 32

Regulatory Constraints To Limit Growth 33

Gold Still Shines, But Becoming Tarnished 34

      Table: US - Select Mining Projects 35

Coal Exports Help, But Will Not Reverse Sector Fortunes 35

Zinc & Lead To Maintain Secondary Status 36

      Table: United States: Mining Industry Value & Production 36

Regulatory Development 37

Recent Developments 37

Regulatory Environment Slow To Change 37

      Table: Key US Mining Laws 38

Long Permitting Times To Affect Greenfield Development 38

Second Quarter To Bring New Proposal On Carbon Limits 38

Tax Regime 38

Corruption Minimal 39

      Table: US Political Overview 40

      Table: Regional Regulatory Table 41

Commodities Forecast 42

Commodity Strategy 42

      Aluminium: Continued Short-Term Weakness 45

      Copper: Recent Strength Doesn't Change Our View 45

      Nickel: Recent Strength To Subside 47

      Zinc: Price Momentum To Continue 49

      Table: Select Commodities - Performance & BMI Forecasts 51

Competitive Landscape 52

Sector To Remain Consolidated 52

      Table: Financial Data For Key US Mining Firms 53

Domestic Focus 53

Company Profile 55

Freeport-McMoRan 55

      Company Strategy 57

      Latest Financial Results 58

      Financial Data 59

      Table: Freeport-McMoRan - Key Financial Data 59

      Address Details 59

Newmont Mining 60

      Company Strategy 61

      Latest Financial Results 62

      Financial Data 63

      Table: Newmont Mining - Key Financial Data 63

      Address Details 63

Peabody Energy 64

      Company Strategy 65

      Recent Financial Data 66

      Table: Peabody Energy: Key Financial Data 67

      Address Details 67

Regional Overview 68

Americas Overview 68

      1. Policy Changes To Affect Largest LatAm Players 68

      Table: Americas - Regulatory Updates 69

      2. Financial Pressures To Curb Capex, Yet Mine Output To Grow 69

      3. North American Mining Growth Weaker Compared To South 70

      4. Central American Promise Remains Premature 74

Global Industry Overview 76

Methodology 88

Industry Forecast Methodology 88

Sources 89

Risk/Reward Rating Methodology 90

      Table: Mining Risk/Reward Ratings Indicators 92

      Table: Weighting Of Indicators 93

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