An industry coalition has asked for SEC clarification that “chemical compounds” derived from tin, tantalum, and tungsten not fall within the definition of “conflict minerals” under the 2010 “Conflict Minerals” Rule. A decision is expected soon and FPA will keep its members updated on the final result.
The Securities and Exchange Commission issued a “Conflict Minerals” Rule mandated by the 2010 Dodd-Frank Wall Street Reform & Consumer Protection Act. Under the Rule, public companies are required to perform due diligence to determine if any “conflict minerals” (tin, tantalum, tungsten or gold) that are necessary to the functionality or production of their products manufactured, have been sourced from mining operations in the Democratic Republic of Congo or an adjoining country. The public companies who use “conflict minerals” must make the disclosure publicly available on their Web site and also submit a report to SEC each year.
First reporting began January 1, 2013 with first reports due by May 31, 2014.
The SEC has issued Guidance on Conflict Minerals Disclosure Rule. Additionally, the U.S. Chamber of Commerce and National Association of Manufacturers have asked the U.S. Court of Appeals of the District of Columbia to modify or set aside in whole or in part the “Conflict Minerals” Rule. For more information, contact Ram Singhal, vice president, Technology & Environmental Strategy, at (410) 694-0800.