Despite abundant reserves, Zimbabwe will achieve only modest growth over the forecast period to 2017 due to weak global prices and a deteriorating business environment. Platinum production will be the main driver of growth, while growth in diamond output will be modest and the country will remain a very small producer of gold.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Platinum: Promising Outlook, Despite Major Risks 10

      Refinery Rumblings 11

      Table: Zimbabwe - Major Platinum Projects 12

      Political Risks Weigh Heavily On Sector 12

      Table: Zimbabwe - Platinum Production 12

Diamonds: Huge Potential Fraught With Risks 13

      Table: Zimbabwe - Diamond Production 15

Gold: Modest Growth Outlook 15

      Table: Key Gold Projects In Zimbabwe 16

      Table: Zimbabwe - Gold Production 17

Industry Risk Reward Ratings 18

Risk/Reward Ratings 18

      Lower Gold Prices Reduce Rewards 18

      Table: Africa - Mining Risk/Rewards Ratings 19

      Reduced Rewards For Copper Mining 19

      Mixed Rankings For West Africa 19

      Substantial Rewards In Southern Africa 20

      Lack Of Uniformity In Regulatory Development 21

      Political & Infrastructure Risks Lurk 21

      Country Highlights 22

      South Africa: Deteriorating Environment For Mining Companies 22

      Mozambique: Mining Sector Set To Boom 23

      Botswana: All Round Outperformer 23

Market Overview 24

      Table: Zimbabwe- Key Mining Projects 26

      Table: Zimbabwe - Mining Industry Value And Production 27

Regulatory Development 28

Regulatory Underperformance 28

Bright Spots 28

Structure, Law & Royalties 28

Corruption 29

Tax Regime 30

      Table: Zimbabwe - Political Overview 30

      Table: Africa: Mining Regulatory Outlook 31

Commodities Forecast 33

Commodity Strategy 33

      Iron Ore: Prices To Head Lower In 2014 34

      Steel: Reprieve Unlikely To Last 35

      Aluminium: Weakness Resuming 35

      Copper: Continued Weakening 37

      Lead: Modest Secular Uptrend To Remain Intact 37

      Nickel: Can't Catch A Break 38

      Tin: Outperformance To Continue 39

      Zinc: Likely To Hold Up 40

      Table: Select Commodities - Performance & BMI Forecasts 41

      Table: BMI Commodities Strategy 42

Competitive Landscape 43

      Table: Southern Africa - Largest Listed Mining Companies 44

Company Profile 45

Impala Platinum 45

      Table: Impala Platinum - Key Financial Data 48

African Consolidated Resources 50

Regional Overview 52

Africa Overview 52

      1. Chinese Investment Inflows To Continue 52

      2. Lack Of Infrastructure A Major Hurdle 53

      3. Regulatory Environment In Flux 54

      Table: Key Regulatory Developments 55

      4. Gold Crunch To Gain Traction 55

      5. Iron Ore Production In West Africa To Boom 57

      6. Southern Africa To Become A Key Coal Exporter 58

Global Industry Overview 59

Global Overview 59

      Downturn To Continue Into 2014 59

      1. China Slowdown To Drive Mining Moderation 59

      2. Frontier Mining Increasingly Challenging 60

      3. Mining Services Firms Facing Tough Outlook 62

      But Opportunities Still Exist 64

      1. Asian Outward Investment Continues 64

      2. Private Equity Entering The Mix 66

      3. Global Thermal Coal Demand Still Growing 67

Methodology 70

Industry Forecast Methodology 70

Sources 71

Risk/Reward Rating Methodology 72

      Table: Mining Risk/Reward Ratings Indicators 73

      Table: Weighting Of Indicators 74

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