We forecast limited growth opportunities in Slovakia's mining sector as weakness in gold prices prevents the take-off of the gold sector. Coal will remain the mainstay of the country's mining industry over our forecast period to 2018. Even so, growth in coal output will be subdued.

BMI Industry View 7

SWOT 9

Industry Forecast 10

Coal: Stagnation To 2018 10

      Table: Slovakia - Coal Mines 10

      Table: Slovakia - Coal Production Forecasts (million tonnes) 11

Gold: Project Delays Due To Weak Prices 11

      Table: Slovakia - Major Gold Projects 12

      Table: Slovakia - Gold Production Forecasts 12

Industry Risk Reward Ratings 13

SWOT 13

      Rewards 13

      Industry Rewards 13

      Country Rewards 13

      Risks 14

      Industry Risks 14

      Country Risks 14

Regulatory Development 15

Tax Regime 16

Corruption A Key Challenge 16

      Table: Europe - Mining Regulatory Outlook 17

Commodities Forecast 18

Commodity Strategy 18

      Iron Ore: Fading Iron Will 18

      Steel: Global Glut To Weigh On Prices 20

      Aluminium: Fundamentals To Remain Weak 21

      Copper: All Eyes On China 22

      Lead: Outperforming Its Troubled Peers 23

      Nickel: Monthly Outperformer 25

      Tin: Outperforming A Weak Field 26

      Zinc: Further Consolidation Likely 27

      Table: Select Commodities - Performance & BMI Forecasts 29

Competitive Landscape 30

Company Profile 32

Hornonitrianske Bane Prievidza (HBP) 32

Slovalco 34

Regional Overview 36

Europe Overview 36

      1. Coal Production Growth Mainly In The East, But Upside In Germany 36

      2. Iron Ore Mining To Come Under Threat 38

      3. More Stringent Regulation On The Horizon 40

      Table: Europe: Mining Regulatory Outlook 40

      4. Long-Term Promise For Rare Earths 41

      5. Public Opposition To Present Major Downside Risk 42

Global Industry Overview 43

Challenges 43

      Table: Mining - Select M&A Deals 47

Cause For Optimism 50

Methodology 57

Industry Forecast Methodology 57

Sources 58

Risk/Reward Rating Methodology 59

      Table: Mining Risk/Reward Ratings Indicators 61

      Table: Weighting Of Indicators 62

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