For the past three years I have had the pleasure of speaking to The Right Place, an economic development group focused on “advancing the West Michigan economy. I enjoy speaking to this group because of its diversity. The conference includes a broad swath of industrial manufacturers, from some of the largest — Herman Miller, Amway, Steelcase and Irwin Seating — to dozens of middle-market manufacturers such as ODL Inc. and Flexco. Each year, I review the ferrous and non-ferrous markets and provide our thoughts as to where markets may go. The session ends with a general Q&A. This year, everything went according to plan, but to my surprise (and delight) I fielded several questions from manufacturers around conflict minerals and rare earth metals.
At its core, the conflict minerals legislation contains two requirements independent third-party supply chain traceability audits and reporting of audit information to the SEC.Ã‚Â The metals involved include the following:
- Tantalum and colmbite-tantalite (coltan)
- Tin and cassiterite
- Tungsten and wolframite
- Their derivatives
- And any other mineral or derivative determined by the Secretary of State to be financing the DRC or an adjoining country
The legislation applies to publicly traded companies that currently must file with the SEC as well as to certain foreign forms that must register with the SEC though don’t trade any instruments within the US. The catch, however, involves the supply chain of a publicly traded firm any private firm that supplies these metals to a public company will also need to comply with this law.
Join us and our gracious sponsor Aravo on Wednesday, October 12 from 10-11 am CDT to hear one of the foremost experts on this legislation, Lawrence Heim. Lawrence will provide background around the legislation, its current status, discuss challenges and perhaps most important, identify the steps companies must take to integrate the legislation into their sourcing practices.
Even if you can’t attend the webinar, sign up for it so that you will automatically receive a link to the replay.