Executive Summary . 5
SWOT Analysis . 6
Mining Industry SWOT .. 6
Global Mining Outlook . 7
Table: Recent Tax Increases 10
Table: Largest Coal Projects ... 12
Table: Major Frontier Mining Projects ... 13
Europe: Mining Sector Outlook 14
Table: Major Nordic Mining Projects.. 16
Table: Key Gold Projects In Eastern Europe ... 17
Industry Trend Analysis 18
Table: Kazakhstan's Mining Industry Value And Production .. 19
Industry Forecasts . 20
Iron Ore: Major Projects In The Pipeline 20
Table: Kazakhstan's Largest Iron Ore Projects ... 21
Table: Kazakhstan's Iron Ore Production ... 21
Coal: Bogatyr To Drive Growth .. 21
Table: Kazakhstan's Coal Production .. 23
Lead And Zinc: Diverging Paths .. 23
Table: Kazakhstan's Zinc And Lead Production .. 24
Bauxite: Steady Growth With Uptick By 2016 . 24
Table: Kazakhstan's Largest Bauxite Projects . 25
Table: Kazakhstan's Bauxite Production, 2009-2016 .. 25
Copper: Industry Due For Positive Reversal ... 26
Table: Kazakhstan's Largest Copper Projects . 27
Table: Kazakhstan's Copper Production . 28
Gold: Glencore To Lead The Way ... 28
Table: Kazakhstan's Largest Gold Projects . 29
Table: Kazakhstan's Gold Production . 29
Regulatory Structure .. 31
Europe Business Environment Ratings ... 33
Table: Mining Business Environment Risk/Reward Ratings 33
Competitive Landscape . 37
Table: Kazakhstan - Comparative Valuation Metrics .. 38
Company Profiles ... 39
ENRC ... 39
Table: ENRC's Financial Results . 40
Kazakhmys ... 41
Table: Kazakhmys' Financial Results .. 43
Commodity Strategy .. 44
Copper To Edge Lower 44
Aluminium: No Sustained Recovery Ahead .. 44
Oil: Prices To Pull Back .. 45
Gold: Still Bullish 46
Business Environment Ratings Methodology. 47
Table: Mining Business Environment Indicators . 48
Table: Weighting Of Components 49Table: Recent Tax Increases . 10
Table: Largest Coal Projects . 12
Table: Major Frontier Mining Projects . 13
Table: Major Nordic Mining Projects. 16
Table: Key Gold Projects In Eastern Europe . 17
Table: Kazakhstan's Mining Industry Value And Production . 19
Table: Kazakhstan's Largest Iron Ore Projects . 21
Table: Kazakhstan's Iron Ore Production . 21
Table: Kazakhstan's Coal Production . 23
Table: Kazakhstan's Zinc And Lead Production . 24
Table: Kazakhstan's Largest Bauxite Projects . 25
Table: Kazakhstan's Bauxite Production, 2009-2016 . 25
Table: Kazakhstan's Largest Copper Projects . 27
Table: Kazakhstan's Copper Production . 28
Table: Kazakhstan's Largest Gold Projects . 29
Table: Kazakhstan's Gold Production . 29
Table: Mining Business Environment Risk/Reward Ratings . 33
Table: Kazakhstan - Comparative Valuation Metrics . 38
Table: ENRC's Financial Results . 40
Table: Kazakhmys' Financial Results . 43
Table: Mining Business Environment Indicators . 48
Table: Weighting Of Components . 49