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Chile Mining Report Q4 2015

Chile Mining Report Q4 2015

BMI View: Chile's mining sector will be supported by the country's stable political and businessenvironments, combined with its significant mineral reserves. However, output growth will decline due toaging mines, while subdued copper and precious metal prices will limit sector growth and miners'expansion plans.

Chile's mining sector will be dominated by copper production over our forecast period to 2019. The sector'spipeline of copper projects and the country's global dominance in copper production will ensure the countrymaintains its lead despite falling ore grades and lagging productivity. In 2014, copper accounted forapproximately 92% of mining exports as measured in dollar terms and nearly 55% of the country's totalexports. However, the latter represents a decline from 2010, when copper accounted for slightly over 58%of the country's total exports. Moreover, lower oil prices and a weaker Chilean peso on the back of USdollar strength will cap growth in input costs, providing a boon to miners facing subdued metal prices.


BMI Industry View
Further Investment, But Only Modest Sector Growth
SWOT
Industry Forecast
Copper: Modest Growth Ahead
Global Majors To Stay On Top
Table: Chile - New Copper Projects
Table: Copper Production Forecast (Chile 2011-2019)
Gold: Growth To Slow Due to Rising Costs & Project Delays
Copper To Remain Main Dominant
Table: Chile - Major Gold Projects
Price Weakness And Project Delays To Curb Growth
Table: Gold Production Forecast (Chile 2014-2019)
Industry Risk Reward Ratings
Chile Risk/Reward Index
Rewards
Industry Rewards
Country Rewards
Risks
Industry Risks
Country Risks
Americas Risk Reward Index
Risks To Increase Modestly
Latest Revisions:
Table: Americas - Mining Risk/Reward Index
Regulatory Development
Positive Outlook, Though Challenges Ahead
Trade & Investment Risk Analysis
Commodities Forecast
Global - Metals: Lower Costs And Weak Demand To Anchor Prices
Metal Price Weakness: Chinese Equity Slump & US Dollar Strength
US Dollar Strength To Anchor Weak Metal Prices
Competitive Landscape
Codelco Remain On Top
Table: Chile - Financial Data For Domestically Listed Mining Firms
Company Profile
Antofagasta
Latest Results
Table: Antofagasta - Supply Chain Analysis
Table: Antofagasta - Financial Data
Codelco
Latest Results
Table: Codelco - Supply Chain Analysis
Table: Codelco - Financial Data
Global Company Strategy - Anglo American - Q4 2015
Company Strategy
Latest Results
Table: Anglo American - Financial Data
Regional Overview
Americas Mining: The Three Key Themes
Key Themes:
Regulatory Changes On The Cards
Dollar Strength And Oil Price Weakness To Support Production
Americas To Outperform Northern Peers
Global Industry Overview
Global Mining: 2015 Key Themes Revisited
Table: Key Mining Themes For 2015
Theme: Mining Capital Expenditure Will Continue To Decline
Theme: US Dollar Strength
Iron Ore Consolidation & Majors Share To Increase
Asian Investment In Africa To Continue
2015's Standouts
Methodology
Industry Forecast Methodology
Sources
Risk/Reward Index Methodology
Table: Weighting Of Indicators

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