Hello Mahendra,
topic 1: correct
topic 2: correct. If you use today in SAP ERP the IS-MINE functionality, it is not available in S/4HANA 1511. It is at our Roadmap, planned for SAP S/4HANA 1610 release.
Of course a Mining company can use SAP S/4HANA 1511. The industry solution (IS) specific functionality will come in next release. Conclusion for your 1511 SR1 installation: in Transaction SFW5 you will not find any "Mining" entry.
greetings, stefan