蒙华铁路全线通车在即，作为我国唯一一条且是最后一条南北煤运专线，它的投运势必将对运输格局、煤炭及电力市场产生深刻影响。

The lifting of the ban on mining activities in 2009, coupled with profound structural reforms in the regulatory framework and a wide investor engagement campaign carried out by the government during 2016-2017, have spurred investor interest towards the underdeveloped mineral resources of Ecuador. As of December 2017, the government had granted 275 new mining concessions to 33 private companies, mainly from Australia, Canada and the US. Moreover, over 18 major players have entered the domestic mining sector through M&A deals and greenfield investments, including BHP Billiton, Anglo American, Codelco, Newcrest Mining, Fortescue Metals Group and Hancock Prospecting.

The Dominican Republic's gold sector will experience muted production growth over the coming years, as a weak project pipeline limits growth. We forecast the country's gold output to edge higher from 1.1moz in 2018 to 1.4moz by 2027. The Pueblo Viejo mine, a joint-venture by Canadian miners Barrick Gold (60%) and Goldcorp (40%), accounts for the lion's share of the Dominican Republic's annual gold production. All-in sustaining costs at Pueblo Viejo will remain competitive, averaging an estimated USD540-560/oz.

供需紧平衡趋势下，进出口煤炭将持续扮演国内供给的“调节器”角色，“技术层面”监管将加强，但不改国内供需格局、影响弱化，行业龙头受益。