Services to Energy, Utilities and Mining Companies adopting International Financial Reporting Standards to Manage Value and Reporting in the Petroleum Industry, Gas Market Global and Mining Industry
Energy, Utilities and Mining
In an ever-changing landscape, PwC has been providing professional services to energy, utilities, and mining companies for more than 100 years. We help companies confront the industry's most challenging issues, including: Growth Geopolitical risk Transaction risk Regulatory change Operational excellence Reporting and compliance risk Social responsibility Financial risk Workplace size and diversity Corporate Governance At PwC, we are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets today. Transparency and good standards of corporate governance—both in our clients' businesses and in our own—are central to our ability to achieve those objectives. And we aim to continue to achieve them from a position of strength as the undisputed leader of our profession. Structure We're structured as a network of member firms, connected through membership in PricewaterhouseCoopers International Limited. PwC member firms operate locally in countries around the world. But by working together, member firms also comprise a vigorous global network. This structure provides PwC firms with the flexibility to operate simultaneously as the most local and the most global of businesses. As a direct result, we are able to serve a broad range of clients: large, publicly-listed multinationals; small, private, domestic companies; and almost everything in between. In most parts of the world, the right to practice accountancy is granted only to national firms in which locally qualified professionals have majority or full ownership. Consequently, PwC member firms are locally owned and managed. But local ownership also confers two additional strengths: a deep understanding of local markets; and the sense of individual responsibility and initiative that comes from having a stake in the practice. The member firms are linked together through membership in PricewaterhouseCoopers International Limited (PwCIL), a UK membership-based company. PwCIL does not provide services to clients. Its primary activities are to: identify broad market opportunities and develop associated strategies; strengthen PwC's internal product, skill, and knowledge networks; promote the PwC brand; and develop and work for the consistent application of common risk and quality standards by member firms, including compliance with independence processes. Member firms are also part of regional groups that promote cooperation and application of common strategies, risk, and quality standards. The unit of organization most critical to PwC's success is also its smallest and most fluid: the client engagement team. Much of the decision-making authority relating to how client needs are met rests with engagement teams. The team also has primary responsibility for building and expanding client relationships. And the team is where much of our people's professional development occurs and PwC's culture is passed to younger professionals. As a consequence, each piece of the PwC network shares a single, overriding aim: to help engagement teams connect with clients, win work, and mentor the next generation of leaders. How We Do Business The reputation of PricewaterhouseCoopers is anchored in the professionalism, ethics and excellence of service our people have striven to demonstrate and embrace every day of our 150-year history. But times change, and today we find ourselves functioning in a very different and challenging business climate - one that requires us to visibly reinforce our commitment to high standards and our passion for quality and integrity in all we do. Hence, we have developed a Code of Conduct. The Code is a set of principles intended to guide us in the conduct of our business and aid us in ensuring that PwC's culture of ethics and integrity is sustained around the world. By combining our own good judgement and experience with the practical guidelines in the Code, we aim to continue earning the trust of all our stakeholders.
In an ever-changing landscape, PwC has been providing professional services to energy, utilities, and mining companies for more than 100 years. We help companies confront the industry's most challenging issues, including:
Corporate Governance
At PwC, we are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets today. Transparency and good standards of corporate governance—both in our clients' businesses and in our own—are central to our ability to achieve those objectives. And we aim to continue to achieve them from a position of strength as the undisputed leader of our profession. Structure
We're structured as a network of member firms, connected through membership in PricewaterhouseCoopers International Limited.
PwC member firms operate locally in countries around the world. But by working together, member firms also comprise a vigorous global network. This structure provides PwC firms with the flexibility to operate simultaneously as the most local and the most global of businesses. As a direct result, we are able to serve a broad range of clients: large, publicly-listed multinationals; small, private, domestic companies; and almost everything in between.
In most parts of the world, the right to practice accountancy is granted only to national firms in which locally qualified professionals have majority or full ownership. Consequently, PwC member firms are locally owned and managed. But local ownership also confers two additional strengths: a deep understanding of local markets; and the sense of individual responsibility and initiative that comes from having a stake in the practice.
The member firms are linked together through membership in PricewaterhouseCoopers International Limited (PwCIL), a UK membership-based company. PwCIL does not provide services to clients. Its primary activities are to: identify broad market opportunities and develop associated strategies; strengthen PwC's internal product, skill, and knowledge networks; promote the PwC brand; and develop and work for the consistent application of common risk and quality standards by member firms, including compliance with independence processes.
Member firms are also part of regional groups that promote cooperation and application of common strategies, risk, and quality standards.
The unit of organization most critical to PwC's success is also its smallest and most fluid: the client engagement team. Much of the decision-making authority relating to how client needs are met rests with engagement teams. The team also has primary responsibility for building and expanding client relationships. And the team is where much of our people's professional development occurs and PwC's culture is passed to younger professionals. As a consequence, each piece of the PwC network shares a single, overriding aim: to help engagement teams connect with clients, win work, and mentor the next generation of leaders. How We Do Business The reputation of PricewaterhouseCoopers is anchored in the professionalism, ethics and excellence of service our people have striven to demonstrate and embrace every day of our 150-year history.
But times change, and today we find ourselves functioning in a very different and challenging business climate - one that requires us to visibly reinforce our commitment to high standards and our passion for quality and integrity in all we do.
Hence, we have developed a Code of Conduct. The Code is a set of principles intended to guide us in the conduct of our business and aid us in ensuring that PwC's culture of ethics and integrity is sustained around the world.
By combining our own good judgement and experience with the practical guidelines in the Code, we aim to continue earning the trust of all our stakeholders.
Oil and Gas Industry
Globally, the oil and gas industry is experiencing continued price volatility, significant technology advancements, regulatory changes, and the opening of new exploration areas and new markets. Companies have expanded internationally via production sharing contracts, mergers, acquisitions, and strategic alliances. The industry faces higher spending requirements for compliance with environmental and safety standards Crunch Time - Embedding International Financial Reporting Standards in the Oil & Gas and Utilities Industries With little time left to go until the biggest shake-up in accounting standards in 25 years, Europe's oil and gas and utility companies need to start the implementation work now to achieve a smooth transition to International Financial Reporting Standards. Crunch Time - Embedding International Financial Reporting Standards in the Oil and Gas and Utilities Industries is a PricewaterhouseCoopers report which highlights the opportunities, tensions and challenges CFOs will face as they embrace the new standards and embed them into the organisation. European Union regulation requires all listed European companies to comply with International Financial Reporting Standards (IFRS) by 2005 for their group financial statements. Countries outside the EU, including Australia, Russia and several Middle Eastern and African countries have also agreed on mandatory compliance to IFRS. To manage stakeholder expectations, and those of market analysts and regulators, many companies are likely to produce IFRS financial information in advance of 2005. Companies currently reporting under national generally accepted accounting principles (GAAP), face the greatest challenge, as the change from local GAAP to IFRS involves almost the whole company. Embedding this new basis of financial reporting and performance measurement across the entire organisation is critical. The new global standards carry profound implications for companies and pose specific challenges in different sectors. Across the whole oil and gas and utilities sectors, a fundamental challenge for both regulatory standard-setters and company Chief Financial Officers will be to explore how the evolving standards can heighten transparency by ensuring that the bases of external financial reporting and internal management reporting are as seamless as possible. Going global - Change and challenge in the gas market Gas is poised to become the fuel of the future, yet companies and regulators alike face a growing reality within mature markets of the burgeoning gap that is forming between supply and demand. In a complex market, many companies are seeking to avoid risk by occupying a clear point on the value chain. Some are choosing to diversify through multi-product offerings, whilst others are re-focusing their attention towards horizontal product and service differentiation. For all, the challenge will be to deliver a market model that offers incentives for investment, customer demand, market development, reduced costs and competitive prices. Certainly for all mature market players, gas is no longer the plentiful fuel source it once was and there is a price to be paid for ensuring the continuance of its supply. Policy makers and industry leaders alike must establish who will pick up the tab and how to create the right environment for its timely payment. Drilling deeper: Managing value and reporting in the petroleum industry More than ever, investors are on guard against corporate reports that may be technically correct, but fail to provide a true picture of a company's health and prospects. The need for reporting measures and techniques that fully communicate the potential of a company's strategy and operations and promote trust is possibly greater than ever before. Oil and gas companies have built solid relationships with investors but, as the comprehensive survey Drilling deeper: Managing value and reporting in the petroleum industry shows, there is potential for fine-tuning and deepening communication to deliver more value for investors and companies alike. The potential benefits for companies are two-fold. By increasing disclosure, companies have the prospect of deepening relationships with long-term investors, reducing stock volatility and maximising share value. It also provides a clear platform for influencing and educating the regulatory climate. To complete this survey PricewaterhouseCoopers commissioned an independent market research firm, Market & Opinion Research International (MORI) to survey three key groups: Petroleum companies: The respondents included 39 senior petroleum executives, either Chief Financial Officers or Heads of Investor Relations. They represented leading global petroleum companies headquartered in North America, South America, Europe and Russia. Companies from the integrated, exploration and production (E&P), downstream and service sectors were included. The collective market capitalisation of respondents' companies was in excess of US$800 billion Investors: The respondents included 50 institutional investors (or fund managers). In total, they manage more than US$2.6 trillion in funds, including more than US$31 billion in oil and gas funds Analysts: The respondents included 30 leading sell-side analysts from top investment banks in the U.S. and Europe.
Globally, the oil and gas industry is experiencing continued price volatility, significant technology advancements, regulatory changes, and the opening of new exploration areas and new markets. Companies have expanded internationally via production sharing contracts, mergers, acquisitions, and strategic alliances. The industry faces higher spending requirements for compliance with environmental and safety standards
With little time left to go until the biggest shake-up in accounting standards in 25 years, Europe's oil and gas and utility companies need to start the implementation work now to achieve a smooth transition to International Financial Reporting Standards. Crunch Time - Embedding International Financial Reporting Standards in the Oil and Gas and Utilities Industries is a PricewaterhouseCoopers report which highlights the opportunities, tensions and challenges CFOs will face as they embrace the new standards and embed them into the organisation. European Union regulation requires all listed European companies to comply with International Financial Reporting Standards (IFRS) by 2005 for their group financial statements.
Countries outside the EU, including Australia, Russia and several Middle Eastern and African countries have also agreed on mandatory compliance to IFRS.
To manage stakeholder expectations, and those of market analysts and regulators, many companies are likely to produce IFRS financial information in advance of 2005.
Companies currently reporting under national generally accepted accounting principles (GAAP), face the greatest challenge, as the change from local GAAP to IFRS involves almost the whole company.
Embedding this new basis of financial reporting and performance measurement across the entire organisation is critical.
The new global standards carry profound implications for companies and pose specific challenges in different sectors.
Across the whole oil and gas and utilities sectors, a fundamental challenge for both regulatory standard-setters and company Chief Financial Officers will be to explore how the evolving standards can heighten transparency by ensuring that the bases of external financial reporting and internal management reporting are as seamless as possible.
Gas is poised to become the fuel of the future, yet companies and regulators alike face a growing reality within mature markets of the burgeoning gap that is forming between supply and demand. In a complex market, many companies are seeking to avoid risk by occupying a clear point on the value chain. Some are choosing to diversify through multi-product offerings, whilst others are re-focusing their attention towards horizontal product and service differentiation. For all, the challenge will be to deliver a market model that offers incentives for investment, customer demand, market development, reduced costs and competitive prices.
Certainly for all mature market players, gas is no longer the plentiful fuel source it once was and there is a price to be paid for ensuring the continuance of its supply. Policy makers and industry leaders alike must establish who will pick up the tab and how to create the right environment for its timely payment.
More than ever, investors are on guard against corporate reports that may be technically correct, but fail to provide a true picture of a company's health and prospects. The need for reporting measures and techniques that fully communicate the potential of a company's strategy and operations and promote trust is possibly greater than ever before. Oil and gas companies have built solid relationships with investors but, as the comprehensive survey Drilling deeper: Managing value and reporting in the petroleum industry shows, there is potential for fine-tuning and deepening communication to deliver more value for investors and companies alike.
The potential benefits for companies are two-fold. By increasing disclosure, companies have the prospect of deepening relationships with long-term investors, reducing stock volatility and maximising share value. It also provides a clear platform for influencing and educating the regulatory climate.
To complete this survey PricewaterhouseCoopers commissioned an independent market research firm, Market & Opinion Research International (MORI) to survey three key groups:
Utility Sector
The utility sector is complex and changing rapidly as companies pursue new models of value creation. Utility Sector in Energy trading Some strategies fiercely reinforce the traditional integrated utility strength of owning production, distribution and the customers. Others seek competitive advantage (or have it thrust upon them by regulators) by concentrating on particular parts of the energy chain. Previously sacrosanct national boundaries are falling as cross border investment progresses. Energy trading is becoming a risky essential. But the trend to liberalisation, convergence and competition for end customers is by no means uniform across territories. National differences abound. Sustainable from the start Sustainable from the start* is a discussion paper that has been developed out of a series of client roundtables we have conducted during FY05 in Europe on the topic of Sarbanes-Oxley 404 compliance by the oil & gas and utility companies. Under pressure utilities global survey 2005 When we conducted our survey last year, security of supply was the number one concern identified by utility companies. That worry is increasing and, with world energy demand rising inexorably, the need to raise capital is pressing. So this year, for the first time ever, we have expanded our utilities global survey to include investors. Power deals 2004 annual review Power Deals 2004 shows resurgence in confidence contributing to record highs after the extreme lows of the previous year. Power companies switch strategic direction as deal activity moves into record territory. A global bounce-back in deal activity is taking place in the electricity and gas sector. Utility companies and the domestic manufacturing deductionOn January 19, 2005, the Treasury Department and the Internal Revenue Service ("IRS") issued Notice 2005-14 (the "Notice") and a related Fact Sheet, which provided much anticipated interim guidance under new section 199 of the Internal Revenue Code of 1986 (the "Code"), enacted by the American Jobs Creation Act of 2004 (the "Act"). The IRS and the Treasury Department expect that the regulations will incorporate the rules set forth in the Notice. Crunch time update: Embedding infrastructure accounting under IFRS in the UK water industry There has been considerable debate in the UK water industry over the real impact, notably about the rejection of the infrastructure renewals accounting alternative treatment set out in the UK Financial Reporting Standard FRS 15. Energy commodity, trading and risk management The Energy and Utilities practice of PricewaterhouseCoopers has compiled this glossary of energy commodity, trading, and risk management terms. Utility companies and the American jobs creation act of 2004 As you know by now, the President has signed into law The American Jobs Creation Act of 2004. This is the first major corporate tax act in a number of years, and with it will come significant opportunities for many of you. The Act will bring tax relief of over $137 billion to more than 200,000 U.S. corporations and businesses. 2004 Utilities industry whitepaper Our US Utilities Assurance and Tax practices have released the 2004 edition of their Utilities Industry White Paper More Taxation of emissions trading within the EU* This publication is of specific relevance for all companies that will have to take part in the European emission trading scheme as of January 1st 2005. More Power deals half year review 2004 Deal values in the global power and gas sectors confirmed the return of confidence to power merger and acquisition (M&A) in the first half of 2004, according to PricewaterhouseCoopers new market report 'Power Deals* – Merger and acquisition activity in the global electricity and gas market – Half-year Review 2004'.More Impact of revenue ruling 2003-81 on Asset Reclassification Studies (US Publication) In July, 2003 the IRS issued Revenue Ruling 2003-81, regarding Asset Reclassifications that are now being challenged by the IRS. Supply essentials - Utilities global survey 2004Supply essentials presents the views of 148 leading companies across 47 countries throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. Previously known as Movers and Shapers, which covered Europe and the US, Supply essentials is a greatly-expanded survey - a truly comprehensive report of the global utilities perspective. Emission Critical -Connecting carbon and value strategies in utilities Utility companies will be at the forefront of the EU's principal policy response to the challenge of global warming. The creation of the world's largest emission trading regime will present new and unique challenges for utility company leaders. The change will ultimately herald a dramatic value shift in Europe's power sector. It will demand a fundamental rethinking of value and risk. More Climate change and the power industry european carbon factor 2003 Benchmarking of CO2 Emissions by the largest European Power Producers European Carbon Factor is the second edition of a survey launched in 2002. The survey aims at identifying and presenting comprehensive CO2 figures for the leading European power companies, tracking and analysing key emissions variations. Data presented are compiled from publicly available sources. More Crunch time: Embedding international financial reporting standards in the oil & gas and utilities industries With little time left to go until the biggest shake-up in accounting standards in 25 years, Europe's oil and gas and utility companies need to start the implementation work now to achieve a smooth transition to International Financial Reporting Standards. Power Deals - Mergers and acquisitions activity in the global electricity and gas markets - Half 1 2003 Electricity deals light the way. After a period of strong activity in the global gas market in 2002, the first half of 2003 saw a resurgence in electricity deals. The power industry as a whole proved resilient in the number of deals, however values fell dramatically, according to the latest PricewaterhouseCoopers 'Power Deals' analysis.
The utility sector is complex and changing rapidly as companies pursue new models of value creation.
Some strategies fiercely reinforce the traditional integrated utility strength of owning production, distribution and the customers. Others seek competitive advantage (or have it thrust upon them by regulators) by concentrating on particular parts of the energy chain. Previously sacrosanct national boundaries are falling as cross border investment progresses. Energy trading is becoming a risky essential. But the trend to liberalisation, convergence and competition for end customers is by no means uniform across territories. National differences abound. Sustainable from the start Sustainable from the start* is a discussion paper that has been developed out of a series of client roundtables we have conducted during FY05 in Europe on the topic of Sarbanes-Oxley 404 compliance by the oil & gas and utility companies. Under pressure utilities global survey 2005 When we conducted our survey last year, security of supply was the number one concern identified by utility companies. That worry is increasing and, with world energy demand rising inexorably, the need to raise capital is pressing. So this year, for the first time ever, we have expanded our utilities global survey to include investors.
Power deals 2004 annual review Power Deals 2004 shows resurgence in confidence contributing to record highs after the extreme lows of the previous year. Power companies switch strategic direction as deal activity moves into record territory. A global bounce-back in deal activity is taking place in the electricity and gas sector. Utility companies and the domestic manufacturing deductionOn January 19, 2005, the Treasury Department and the Internal Revenue Service ("IRS") issued Notice 2005-14 (the "Notice") and a related Fact Sheet, which provided much anticipated interim guidance under new section 199 of the Internal Revenue Code of 1986 (the "Code"), enacted by the American Jobs Creation Act of 2004 (the "Act"). The IRS and the Treasury Department expect that the regulations will incorporate the rules set forth in the Notice.
Crunch time update: Embedding infrastructure accounting under IFRS in the UK water industry There has been considerable debate in the UK water industry over the real impact, notably about the rejection of the infrastructure renewals accounting alternative treatment set out in the UK Financial Reporting Standard FRS 15. Energy commodity, trading and risk management The Energy and Utilities practice of PricewaterhouseCoopers has compiled this glossary of energy commodity, trading, and risk management terms. Utility companies and the American jobs creation act of 2004 As you know by now, the President has signed into law The American Jobs Creation Act of 2004. This is the first major corporate tax act in a number of years, and with it will come significant opportunities for many of you. The Act will bring tax relief of over $137 billion to more than 200,000 U.S. corporations and businesses.
2004 Utilities industry whitepaper Our US Utilities Assurance and Tax practices have released the 2004 edition of their Utilities Industry White Paper More Taxation of emissions trading within the EU* This publication is of specific relevance for all companies that will have to take part in the European emission trading scheme as of January 1st 2005. More Power deals half year review 2004 Deal values in the global power and gas sectors confirmed the return of confidence to power merger and acquisition (M&A) in the first half of 2004, according to PricewaterhouseCoopers new market report 'Power Deals* – Merger and acquisition activity in the global electricity and gas market – Half-year Review 2004'.More
Impact of revenue ruling 2003-81 on Asset Reclassification Studies (US Publication) In July, 2003 the IRS issued Revenue Ruling 2003-81, regarding Asset Reclassifications that are now being challenged by the IRS.
Supply essentials - Utilities global survey 2004Supply essentials presents the views of 148 leading companies across 47 countries throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. Previously known as Movers and Shapers, which covered Europe and the US, Supply essentials is a greatly-expanded survey - a truly comprehensive report of the global utilities perspective. Emission Critical -Connecting carbon and value strategies in utilities Utility companies will be at the forefront of the EU's principal policy response to the challenge of global warming. The creation of the world's largest emission trading regime will present new and unique challenges for utility company leaders. The change will ultimately herald a dramatic value shift in Europe's power sector. It will demand a fundamental rethinking of value and risk. More
Climate change and the power industry european carbon factor 2003 Benchmarking of CO2 Emissions by the largest European Power Producers European Carbon Factor is the second edition of a survey launched in 2002. The survey aims at identifying and presenting comprehensive CO2 figures for the leading European power companies, tracking and analysing key emissions variations. Data presented are compiled from publicly available sources. More Crunch time: Embedding international financial reporting standards in the oil & gas and utilities industries With little time left to go until the biggest shake-up in accounting standards in 25 years, Europe's oil and gas and utility companies need to start the implementation work now to achieve a smooth transition to International Financial Reporting Standards.
Power Deals - Mergers and acquisitions activity in the global electricity and gas markets - Half 1 2003 Electricity deals light the way. After a period of strong activity in the global gas market in 2002, the first half of 2003 saw a resurgence in electricity deals. The power industry as a whole proved resilient in the number of deals, however values fell dramatically, according to the latest PricewaterhouseCoopers 'Power Deals' analysis.
Global Mining Industry
Over many years, PricewaterhouseCoopers has, often in conjunction with regional industry bodies, conducted surveys of mining industry activity – looking at aspects such as historical financial performance, taxation regimes, exploration and development activity, health and safety performance and many other areas of relevance to the industry. Mining - review of global trends in the mining industry In 2003, PricewaterhouseCoopers launched the results of research identifying the industry-specific indicators that mining companies believe are critical to managing the value of their businesses, and contrasted these with the reporting priorities of investors and analysts. Our publication, Digging deeper – managing value and reporting in the mining industry, explored areas of importance to stakeholders and challenged companies to meet the requirements of analysts and investors in reporting results, risks and strategies in creating value. This publication, mine – review of global trends in the mining industry, provides an aggregated view of trends in the financial performance of the global mining industry in 2003, based on 30 of the largest listed mining companies across the world. It also looks at how companies have responded to some of the reporting challenges identified in Digging deeper. We are confident that our findings will prompt debate across the mining industry and are pleased to provide the forum for that debate Metals Market Sentiment - Quarter 3, 2005This quarterly publication focuses on the metals and mining industry covering pricing information, market trends and industry forecasts. This issue includes: Commentary by the Editor, Future prospects for metals prices as indicated by our poll of analysts, and Metals prices from April 2005 to August 2005. Effective Tax Rates Comparison* of the Global Mining Industry 2004April 2005 Edition - We are pleased to present the latest edition of PricewaterhouseCoopers' Effective Tax Rates Comparison – Global Mining Industry. This study has been compiled for the past five years, semi-annually since 2003, as a tool for benchmarking the financial impact of taxes on the global mining industry's financial position. Global Mining ExecutiveOur strength in serving the international mining industry comes from our skills, our experience, and our network of partners and managers who focus the majority of their time on understanding the mining business and working on solutions to industry issues. With their many years of mineral sector involvement, PricewaterhouseCoopers' mining professionals represent a unique team of linked industry specialists led out of Johannesburg, South Africa; Phoenix, USA; Melbourne, Australia; London, U.K; Chile, South America and Toronto, Canada. Mine - enter the dragon Mine - enter the dragon is PricewaterhouseCoopers' review of global trends in the mining industry. It provides an overview of the financial performance and position of the industry in 2004 based on an analysis of some of the largest mining companies across the world. Responding to a changing environment: Applying emissions trading strategy to industrial companies.2005 marks the start of the carbon-constrained economy in Europe. The EU Emissions Trading Scheme (EU-ETS) generates substantial risk - and potentially creates substantial opportunities - for companies in a number of industrial sectors.
Over many years, PricewaterhouseCoopers has, often in conjunction with regional industry bodies, conducted surveys of mining industry activity – looking at aspects such as historical financial performance, taxation regimes, exploration and development activity, health and safety performance and many other areas of relevance to the industry.
In 2003, PricewaterhouseCoopers launched the results of research identifying the industry-specific indicators that mining companies believe are critical to managing the value of their businesses, and contrasted these with the reporting priorities of investors and analysts. Our publication, Digging deeper – managing value and reporting in the mining industry, explored areas of importance to stakeholders and challenged companies to meet the requirements of analysts and investors in reporting results, risks and strategies in creating value.
This publication, mine – review of global trends in the mining industry, provides an aggregated view of trends in the financial performance of the global mining industry in 2003, based on 30 of the largest listed mining companies across the world. It also looks at how companies have responded to some of the reporting challenges identified in Digging deeper.
We are confident that our findings will prompt debate across the mining industry and are pleased to provide the forum for that debate
Metals Market Sentiment - Quarter 3, 2005This quarterly publication focuses on the metals and mining industry covering pricing information, market trends and industry forecasts. This issue includes: Commentary by the Editor, Future prospects for metals prices as indicated by our poll of analysts, and Metals prices from April 2005 to August 2005.
Effective Tax Rates Comparison* of the Global Mining Industry 2004April 2005 Edition - We are pleased to present the latest edition of PricewaterhouseCoopers' Effective Tax Rates Comparison – Global Mining Industry. This study has been compiled for the past five years, semi-annually since 2003, as a tool for benchmarking the financial impact of taxes on the global mining industry's financial position.
Global Mining ExecutiveOur strength in serving the international mining industry comes from our skills, our experience, and our network of partners and managers who focus the majority of their time on understanding the mining business and working on solutions to industry issues. With their many years of mineral sector involvement, PricewaterhouseCoopers' mining professionals represent a unique team of linked industry specialists led out of Johannesburg, South Africa; Phoenix, USA; Melbourne, Australia; London, U.K; Chile, South America and Toronto, Canada.
Mine - enter the dragon Mine - enter the dragon is PricewaterhouseCoopers' review of global trends in the mining industry. It provides an overview of the financial performance and position of the industry in 2004 based on an analysis of some of the largest mining companies across the world.
Responding to a changing environment: Applying emissions trading strategy to industrial companies.2005 marks the start of the carbon-constrained economy in Europe. The EU Emissions Trading Scheme (EU-ETS) generates substantial risk - and potentially creates substantial opportunities - for companies in a number of industrial sectors.
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