Energy and Minerals Business Council

Energy and Minerals Business Council

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. [ [http://www.theaustralian.news.com.au/story/0,20867,20765701-601,00.html Energy chiefs sneak into G20] David Uren and Natasha Robinson, The Australian, November 16, 2006. Accessed September 17, 2007]

Membership is composed of the world's most powerful mining and oil companies including BHP Billiton, Rio Tinto, 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.

Inaugural Meeting

Fifteen chief executives from the mining and energy sector attended the inaugural meeting, with Chip Goodyear, CEO of BHP Billiton chairing the meeting. [ [http://www.theage.com.au/news/malcolm-maiden/g20-is-an-idea-that-stacks-up/2006/11/17/1163266781388.html?page=fullpage#contentSwap1 G20 is an idea that stacks up] Malcolm Maiden, The Age, November 18, 2006. Accessed September 17, 2007]

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." ["G20 2006 Australia communique". Quote taken from [http://melbourne.indymedia.org/news/2006/11/131655.php G20 Meeting invites Business, Excludes Civil Society] Melbourne Indymedia November 21, 2006. Accessed September 17, 2007]

In a statement released on 18th 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." [ [http://www.icmm.com/news/1467061118_StatementofEnergyandMineralsBusinessCouncil.pdf Statement of Energy and Minerals Business Council] International Council on Mining and Metals website 18 November 2006. Accessed September 17, 2007]

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. [ [http://www.theaustralian.news.com.au/story/0,20867,20786046-643,00.html Mineral demand to prop up price] David Uren, The Australian, November 20, 2006. Accessed September 17, 2007] 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. [ [http://www.imf.org/external/np/speeches/2006/111806.htm Energy Policy in the Global Economy] IMF website, Speech by Rodrigo de Rato, 18 November, 2006. Accessed September 17, 2007] as well as Australian Teasurer Peter Costello. [ [http://www.treasurer.gov.au/tsr/content/transcripts/2006/170.asp Australian Treasurer Press Conference] , G-20 Media Centre, Friday, 17 November 2006. Accessed September 17, 2007]

ee also

International Council on Mining and Metals

References


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