PWC矿业发展报告.ppt
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1、Mine 2011,The game has changedReview of global trendsin the mining industry,Contents,01Executive summary|page 01,02Industry in perspective|page 0203A view from the top|page 1004Nine-year trends 2002-2010|page 1406Financial review|page 2007Reserves|page 3010Glossary|page 3811Top 40 companies analysed
2、|page 3912Explanatory notes for aggregated financial information|page 4013Key contributors to Mine|page 4114Contacting PwC|page 4215Other PwC Mining Publications|page 43Features,PwC,05Vertical integrationno-go or gung-ho!?Page 18,08Whats mine is minePage 34,ing,Mine 2011The game has changed,Featuret
3、tes,02The state of Silver|page 0702Emergence of Sovereign Wealth Funds(SWFs)|page 0802Disclosing government payments|page 0904Operating costs and marginsA new base|page 1706Chilean mining clustersAccelerating the development ofworld-class suppliers|page 2406The talent race is back on!|page 2506Minin
4、g company returnsrisk vs.reward|page 2506The push for capital expenditures|page 2707Exploration expenditure|page 32,Gold Medal Performance,009 Global Gold Price Survey Report,ecember 2009,09The golden rulesPage 36MineThe game has changed,Mine 2011,The game has changed,01,Executive summary,PwC,1,Welc
5、ome to PwCs eighth annual review of global trends in the mining industryMine.These reviewsprovide a comprehensive analysis of the financial performance and position of the global miningindustry as represented by the Top 40 mining companies by market capitalisation.,Last year we highlighted the growi
6、ng optimism in the miningindustry and demand fundamentals that were driving theindustry back to boom times.The 2010 results have deliveredon this expectation,but it is clear that the game has changed.The mining industry has entered a new era.Demandcontinues to be stoked by strong growth in emergingm
7、arkets.Supply is increasingly constrained,as developmentprojects become more complex and are typically in moreremote,unfamiliar territory.The cost base of the industryhas permanently changed as lower grades and shortages oflabour take effect.To keep up with demand,the Top 40 have announced morethan$
8、300 billion of capital programs with over$120 billionplanned for 2011,more than double the total 2010 spend.While not all will be completed,the sheer size and volume ofthe announced capital projects demonstrates an industrywhere fulfilling seemingly insatiable demand is the top priority.In 2010,desp
9、ite tones of cautious optimism from CEOs andshort-term fluctuations in the market caused by instabilityacross many areas of the globe,the financial results for theTop 40 were spectacular:Revenues increased 32%breaking$400 billion for thefirst time Net profit was up 156%to$110 billion Operating cash
10、flows grew 59%,leaving more than$100billion cash on hand at year end Total assets approached$1 trillion Net debt reduced to$46 billion,resulting in gearing ofonly 8%However,while commodity prices have increased themargins achieved in the past year are still below the highs of2006 and 2007.Investment
11、 in new supply is increasingly focused on emergingmarkets,and by new faces,as customers and governmentsenter the industry with the primary goal of securing supply.Vertical integration into mining by customers that prioritisecertainty of supply over cost,will bring additional supplyonline from non-Ti
12、er one assets.The cost curve has shiftedand commodity prices have permanently moved higher.Production for 2010 increased by 5%overall with thebenefits of expansion through the global financial crisis beingrealised by those who continued to invest through the cycle.,Emerging markets continue to chang
13、e the face of the miningindustry.One sign is the average Total Shareholder Return(TSR)of companies from emerging markets in the Top 40more than doubling the return from the traditional miningcountries over the past four years.Overall the market capitalisation has increased by 26%.While some have exp
14、ressed concern that the marketcapitalisation of the industry has increased too fast and toomuch;the jump is attributable largely to balance sheetgrowth following 2010s stellar results.The outlook expressed by industry leaders is increasinglypositive,with companies taking definitive action on capital
15、projects,as well as mergers and acquisitions.In a view fromthe top,the CEOs note their continuing belief in emergingmarkets,particularly the ongoing growth in China and thenations ability to achieve or exceed the 7%growth targetoutlined in the 12th Five Year Plan.Resource nationalismand stakeholder
16、management occupy a higher degree ofattention from the CEOs,as does the ever increasingcomplexity and sophistication in the industry.With mining continuing to climb up the political priority listat a time of budget deficits and changing economic and socialpriorities,many governments are looking at r
17、eforms to theirmining codes,grappling with sustainability issues andrevisiting their approach to taxation and royalties.In whatsmine is mine we are joined by Eurasia Group,which hasprovided an overview of a number of the key drivers for thesetrends in light of a growing focus on corporate transparen
18、cyand the interplay between corporates and society.These are interesting times for the mining industry,with everincreasing scrutiny from governments,customers and otherstakeholders.Growing demand for its products,driven byemerging markets,highlights that supply will be the mostsignificant challenge
19、it will face.The shift in balance is apositive one for the mining industry,but it will not be simpleand will take some managing.All of this highlights that thegame has changed.We trust you will find this years publication informative andencourage you to send us your feedback.Tim GoldsmithPwC Global
20、Mining LeaderMine Project LeaderMineThe game has changed,Mine 2011The game has changed02Industry in perspective,2,PwC,3,Game-changing trends,Over the course of the last year,global economic andpolitical trends have changed the industry.The miningindustry finds itself in a new era and there is no tur
21、ningback.Emerging markets are leading bullish long-termdemand projections while supply remains constrained,with challenges such as declining grade and moreremote locations.The cost curve has shifted up,continuing to put pressure on the industry to maintainfinancial discipline.New players are emergin
22、g and theindustry is receiving more attention from its many andvaried stakeholders.The game has changed in the miningindustry.,Leading the way,Mining companies have continued to outperform theoverall market,as consumer sectors dependant ondemand from developed economies struggled torecover.While the
23、 industry was hit hard by the globalfinancial crisis,mining companies have led the returnand gone beyond.,Global indices(February 1989=1),9876,54321,0,1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011,Dow JonesFTSE,HSBC Global Mining Index,Source:Bloomberg.,2010 saw real tension in the mar
24、ket as growth,rebounded,offset by a number of incidents that keptcaution and risk on the agenda.Emerging countriescontinued to storm ahead,with demand for resourcesdriven by strong GDP growth,including close to 10%growth in China.,These results were achieved against a backdrop of naturaldisasters,in
25、cluding the Chilean earthquake and floods inAustralia.Political pressure increased with reviews of,MineThe game has changed,20,15,10,1,Mine 2011The game has changed,mining and taxation laws and government interventioninfluencing deals in a number of mining countries such asAustralia,Canada and South
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