Energy and Minerals Business Council
Encyclopedia
The Energy and Minerals Business Council is a global business forum of mining
and energy
corporations formed in 2006 with an inaugural meeting at the Grand Hyatt Melbourne Hotel, in Melbourne
, Australia
on 18 November and 19 November 2006. The meeting was held to coincide with the 2006 G20 summit
.
Membership is composed of the world's most powerful mining and oil companies including BHP Billiton
, Rio Tinto Group
, Brazilian iron ore miner Companhia Vale do Rio Doce
(CVRD), Woodside Petroleum
, Saudi Aramco
the state-owned national oil company of Saudi Arabia, Anglo American PLC, PetroCanada and the BG Group
.
, CEO of BHP Billiton chairing the meeting.
In a first for a G20 meeting, an elite group of business leaders from the Energy and Minerals Business Council was able to address G20 Finance Ministers and Reserve Bank Governors at dinner on Saturday evening and at a working lunch."
In a statement released on 18 November 2006 the Energy and Minerals Business Council said:
Resource industry leaders said there had been a lack of investment in capacity in the industry, with a decline in levels of both skills and research and development, and that growth in Asian demand had not been anticipated. "The industry has been responding to these changes and is making massive investments, but the lead times are typically up to 10 years," according to the statement reported in The Australian. The statement also argued for policy reforms to build extraction capacity, encourage market solutions, and promote accountability.
Rodrigo de Rato, Managing Director of the International Monetary Fund
addressed the meeting of the Energy and Minerals Business Council. as well as Australian Teasurer Peter Costello
.
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
and energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
corporations formed in 2006 with an inaugural meeting at the Grand Hyatt Melbourne Hotel, in Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
on 18 November and 19 November 2006. The meeting was held to coincide with the 2006 G20 summit
2006 G20 summit
The 2006 G-20 Meeting of Finance Ministers and Central Bank Governors was held in Melbourne, Australia between November 18 and November 19, 2006...
.
Membership is composed of the world's most powerful mining and oil companies including BHP Billiton
BHP Billiton
BHP Billiton is a global mining, oil and gas company headquartered in Melbourne, Australia and with a major management office in London, United Kingdom...
, Rio Tinto Group
Rio Tinto Group
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
, Brazilian iron ore miner Companhia Vale do Rio Doce
Companhia Vale do Rio Doce
Vale S.A. Vale S.A. Vale S.A. (BM&F Bovespa: / , / , / , / , is an Brazilian diversified mining multinational corporation and one of the largest logistics operators in Brazil. In addition to being the second-largest mining company in the world, Vale is also the largest producer of iron ore,...
(CVRD), Woodside Petroleum
Woodside Petroleum
Woodside Petroleum Limited is an Australian petroleum exploration and production company. It is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia.-History:...
, Saudi Aramco
Saudi Aramco
Saudi Aramco , officially the Saudi Arabian Oil Company, is the national oil company of Saudi Arabia.Saudi Aramco is the world's largest and most valuable privately-held company, with estimates of its value in 2011 to be $7 trillion USD.Saudi Aramco has both the largest proven crude oil reserves,...
the state-owned national oil company of Saudi Arabia, Anglo American PLC, PetroCanada and the BG Group
BG Group
BG Group plc is a global oil and gas company headquartered in Reading, United Kingdom. It has operations in 25 countries across Africa, Asia, Australasia, Europe, North America and South America and produces around 680,000 barrels of oil equivalent per day. It has a major Liquefied Natural Gas ...
.
Inaugural Meeting
Fifteen chief executives from the mining and energy sector attended the inaugural meeting, with Chip GoodyearChip Goodyear
Charles Waterhouse "Chip" Goodyear V is part of the Goodyear lumber and railway family of New York and Pennsylvania.He is a Yale graduate with a science degree in geology & geophysics and an MBA from the Wharton School of the University of Pennsylvania. He rowed on the lightweight crew team at Yale...
, CEO of BHP Billiton chairing the meeting.
In a first for a G20 meeting, an elite group of business leaders from the Energy and Minerals Business Council was able to address G20 Finance Ministers and Reserve Bank Governors at dinner on Saturday evening and at a working lunch."
In a statement released on 18 November 2006 the Energy and Minerals Business Council said:
- "The aim for the natural resources industry is to provide sufficient resources at a reasonable price and in a sustainable way to ensure social and economic development."
Resource industry leaders said there had been a lack of investment in capacity in the industry, with a decline in levels of both skills and research and development, and that growth in Asian demand had not been anticipated. "The industry has been responding to these changes and is making massive investments, but the lead times are typically up to 10 years," according to the statement reported in The Australian. The statement also argued for policy reforms to build extraction capacity, encourage market solutions, and promote accountability.
Rodrigo de Rato, Managing Director of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
addressed the meeting of the Energy and Minerals Business Council. as well as Australian Teasurer Peter Costello
Peter Costello
Peter Howard Costello AC is an Australian politician and lawyer who served as the Treasurer in the Australian government from 1996 to 2007. He is the longest-serving Treasurer in Australian history. Costello was a Member of the Australian House of Representatives from 1990 to 2009, representing...
.