Any OEM or supplier currently purchasing tin, tungsten, tantalum or gold must now demonstrate via a third party audit that it (and its supply chain) does not source these metals from the DRC. The legislation, passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, will likely impact at least 1200 companies that already must comply with SEC regulations, and will now have to also file a Conflict Minerals Report. Experts suggest that for a second group of companies — suppliers to SEC-regulated companies — the number impacted could reach 12,000. The legislation requires the use of private sector independent auditors. In short, the law “is aimed at conflict materials that are incorporated into a product necessary to the functionality or production of a product.
The SEC has announced it will publish the final rules on April 15. MetalMiner will continue to publish information regarding the legislation and how companies can comply.
In the meantime, feel free to download the MetalMiner Conflict Minerals Legislative Guide to learn important details not mentioned above.
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