India's poor operating environment will continue to impede growth in the mining sector. A domestic shortfall in coal production is unlikely to fade away anytime soon, while growth in iron ore output will be restricted by the government's clampdown on illegal mining.

BMI Industry View 7

SWOT 10

Industry Forecast 11

Bauxite: Environmental Opposition A Key Threat 11

      NALCO To Drive Growth 12

      Risks To Production Outlook 13

      Table: Bauxite Production Forecast (India 2010-2018) 13

Coal: Domestic Struggles To Lift Imports 13

      Many Roadblocks To Production 14

      Coal To Stay King 15

      Table: Coal Production Forecast (India 2010-2018) 17

Iron Ore: Mining Challenges To Continue 18

      Table: India - Select Iron Ore Projects 20

      Table: Iron Ore Production Forecast (India 2010-2018) 20

Zinc: HZL To Drive Growth 20

      Table: India - Largest Zinc Mining Projects 22

      Table: Zinc Production Forecast (India 2010-2018) 22

Industry Risk Reward Ratings 23

Risk/Reward Ratings 23

      Australia Leads, Frontier Markets To Remain Laggards 23

      An Improving Regulatory Landscape 24

      Largest Quarterly Change In Laos 25

      Table: Asia - Mining Risk/Reward Index 26

Risk/Reward Ratings 26

      Rewards 26

      Industry Rewards 26

      Country Rewards 27

      Risks 27

      Industry Risks 27

      Country Risks 28

      Table: India - Mining Industry Value & Production Forecasts 28

Regulatory Development 29

      Table: Key Changes In Licence/Lease Granting In 2011 MMDR Bill 30

      Table: Royalty Rates Under Proposed Mining Bill 31

      Table: Political Overview 33

Competitive Landscape 35

      Table: India - Select Listed Mining Companies 37

Company Profile 38

Coal India Ltd (CIL) 38

      Table: Coal India Ltd - Key Financial Data 41

Hindustan Copper 42

      Table: Hindustan Copper - Key Financial Data 44

NMDC 45

      Table: NMDC - Key Financial Data 48

Vedanta Resources 48

      Latest Financial Results 51

      Company Strategy 51

      Company Details 53

      Table: Vedanta Resources - Key Financial Data 54

Regional Overview 55

Asia Overview 55

Global Industry Overview 61

Capex Cutbacks To Yield Rewards 61

M&A Activity To Pick Up 62

High Grade Opportunities In Iron Ore 63

Shifting Centre Of Growth For Platinum 64

Chinese & Indian Outbound Mineral Investment To Gather Pace 65

Shake-Up For Global Rare Earths Industry 66

Commodities Forecast 68

Commodity Strategy 68

      Ferrous Metals: 69

      Iron Ore: Bounce Won't Last, Weakness In 2015 69

      Steel: Long Road To Price Recovery 70

      Non-Ferrous Metals: 71

      Aluminium: Elevated Prices In Coming Weeks 71

      Copper: Strength To Turn To Weakness By Q414 72

      Lead: Price Bounce Underway 73

      Nickel: Prices To Cool In Coming Months 74

      Tin: Market Tightness To Drive Prices Higher 75

      Zinc: Prices To Moderate By Q414 76

      Table: Select Commodities - Performance & BMI Forecasts 77

Methodology 79

Industry Forecast Methodology 79

Sources 80

Risk/Reward Rating Methodology 81

      Table: Weighting Of Indicators 82

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