What is an example of a conflict mineral?
What is an example of a conflict mineral?
“Conflict minerals,” as defined by the US legislation, currently include the metals tantalum, tin, tungsten and gold, which are the extracts of the minerals cassiterite, columbite-tantalite and wolframite, respectively.
What is Section 1502 of the Dodd Frank Act?
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 to address any risks they find, and to report on their efforts …
What is conflict minerals declaration?
This document declares that some of International Light Technologies products contain one or more conflict minerals and that these minerals are necessary to the functionality of the products manufactured. This document certifies that all ILT products are declared “DRC conflict free”.
Who is required to file a conflict minerals report?
Per the SEC final rule, a company that is required to provide a conflict minerals report only is required to report on “the efforts to determine the mine or location of origin with the greatest possible specificity” for only those products/product categories that have not been described as “DRC conflict free.” …
What is conflict minerals rule?
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.
When did SEC conflict minerals rule become unconstitutional?
In October 2012, industry groups challenged the SEC conflict minerals rule, which ultimately led the D.C. Court of Appeals to find part of the Rule’s requirement to be unconstitutional. This ruling sets an incredibly dangerous precedent for corporate transparency and we have urged the Court to reconsider.
Why are conflict minerals included in the Minerals Act?
Under Section 1502, the term “conflict minerals” includes tantalum, tin, gold, or tungsten. Congress enacted Section 1502 because of concerns that the exploitation and trade of conflict minerals by armed groups is helping to finance conflict in the DRC region and is contributing to an emergency humanitarian crisis. The Rule
How many companies have filed conflict minerals reports?
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.
When are conflict minerals considered to be DRC conflict free?
If a company’s conflict minerals are derived from recycled or scrap sources rather than from newly-mined sources, the company’s products containing such minerals are considered “DRC conflict free.”