What is Dodd-Frank conflict minerals?
Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG). The conflict minerals reporting template (CMRT) is available to all at no cost.
What are the four main conflict minerals?
The EU regulation covers tin, tantalum, tungsten and gold because these are the four minerals that are most often linked to armed-conflicts and related human rights abuses, so it makes sense to focus on them.
Why is columbite a conflict mineral?
She is currently based in New South Wales. Image courtesy of Wikimedia Commons.
Are conflict minerals illegal?
Conflict minerals are not illegal and would be nearly impossible to remove from global supply chains, but that doesn’t mean they are without risk. The OECD Due Diligence Guidance for Minerals has become that international standard for most activities.
How are conflict minerals mined?
In the eastern provinces of the country, some mines are accessed exclusively by small-scale miners or armed groups. Production from the sites pass through many parties before export and this opens it up to exploitation by armed forces.
Why is cassiterite A conflict mineral?
Overview of the Conflict Minerals Issue Armed groups controlling mines smuggle minerals out of the DRC and the proceeds are used to further finance conflict and perpetuate criminal behavior; hence, cassiterite, coltan, wolframite and gold are considered conflict materials.
Are diamonds conflict minerals?
The most well-known conflict minerals often referred to as the ‘3Ts and gold’ – Tin, Tungsten, Tantalum and Gold – but can also include copper, cobalt, platinum and diamonds. These minerals are found in a range of everyday products including electronics.
What is the conflict minerals section of Dodd-Frank?
The bottom line is that if you manufacture products that have any of the 4 minerals (tin, gold, tantalum, tungsten) in them, and you are a publicly traded company, you have actions as a result of the Conflict Minerals section of the Dodd-Frank Act.
What is the US law on conflict minerals?
US Conflict Minerals Law. In 2010, the U.S. Congress passed a landmark law. The “conflict minerals” provision—commonly known as Section 1502 of the Dodd Frank Act —requires U.S. publicly-listed companies to check their supply chains for tin, tungsten, tantalum and gold, if they might originate in Congo or its neighbours, take steps…
How many companies are filing conflict minerals reports with the SEC?
In June 2014, 1,321 companies filed their inaugural conflict minerals reports with the SEC, as required by Section 1502. In 2015, Global Witness and Amnesty International analysed 100 of this first set of filings. Of the companies surveyed, 21 percent of companies in our sample met the minimum requirements of the law.
What is Global Witness doing about conflict minerals?
Global Witness is campaigning to make sure governments and companies also commit to the governance reform, development measures, and increased accountability that is critically needed in the region. In June 2014, 1,321 companies filed their inaugural conflict minerals reports with the SEC, as required by Section 1502.