Are conflict minerals legal?
Are conflict minerals legal?
2017. The Trump Administration signaled that rules like the US conflict minerals rule might be eliminated. Members of Congress introduced legislation that would have repealed Section 1502 of Dodd-Frank, which was the legislative basis for the US conflict minerals rule. No such legislation was passed.
What is happening in the Democratic Republic of Congo with conflict minerals?
Conflict Minerals in the DRC Conflict minerals are usually talked about in the context of the Democratic Republic of Congo (DRC), where a 20-year conflict between armed groups and the state has to mass murder, rape and other human rights violations. More than 3 million people have been killed in the conflict.
Who has to report conflict minerals?
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 DRC conflict free?
(D)For purposes of this paragraph, a product may be labeled as “DRC conflict free” if the product does not contain conflict minerals that directly or indirectly finance or benefit armed groups in the Democratic Republic of the Congo or an adjoining country. …
What is conflict minerals sourcing policy?
Sourcing Policy. “Conflict minerals”1 originating from the Democratic Republic of the Congo (DRC) are sometimes mined and sold, “under the control of armed groups”2, to “finance conflict characterized by extreme levels of violence”2.
Why is the Congo underdeveloped?
Democratic Republic Congo is very rich in valuable minerals and favorable climate that can spur economic growth to great height however, the country is still underdeveloped mainly due to the political instability of the country. Despite the favorable climate sector such as agriculture have been neglected.
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…
What can be done to address the DRC conflict minerals crisis?
Government actions have included legislative proposals to encourage supply chain verification schemes, support for regional peacebuilding, programs to strengthen governance in the DRC, and other efforts. Solutions that effectively address DRC conflict minerals cut across a number of industries and require action from a variety of stakeholders.
What minerals are mined in the eastern DRC?
Cobalt, copper and diamonds are also significant resources in the DRC, but are generally not mined in the Eastern DRC conflict region and their extraction does not immediately involve armed groups. BSR | Conflict Minerals and the DRC: An Overview 5.
Is there progress being made on mineral rights in Congo?
Spurred by the U.S. law, there has been some welcome progress, especially on paper. Parts of Congolese civil society now actively advocate more responsible mineral trading. Some miners are now more aware of their rights, and the increased scrutiny generated by Section 1502 has encouraged more monitoring by local committees.
