What are the main 4 conflict minerals?

The four most commonly mined conflict minerals (known as 3TGs, from their initials) are cassiterite (for tin), wolframite (for tungsten), coltan (for tantalum), and gold ore, which are extracted from the eastern Congo, and passed through a variety of intermediaries before being purchased.

What changed in 2010 conflict minerals?

In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies.

What are conflict minerals examples?

“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. Downstream companies often refer to the extracts of these minerals as 3TG.

Are diamonds conflict minerals?

The most well-known conflict minerals often referred to as the ‘3Ts and gold’ – Tin, Tungsten, Tantalum and Gold – but can also include copper, cobalt, platinum and diamonds. These minerals are found in a range of everyday products including electronics.

How much profit does Congo’s gold generate?

Hundreds of thousands working in the province produce an estimated 4,800 kilograms of artisanal-mined gold annually. In 2020, this equated to a market value of around $265 million. The value of Congo’s total gold production is approximately $2 billion annually.

Are conflict minerals illegal?

Conflict minerals are not illegal and would be nearly impossible to remove from global supply chains, but that doesn’t mean they are without risk.

What is the Dodd-Frank Act conflict minerals?

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 the new form and rule on conflict minerals?

We are adopting a new form and rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals.

What is the conflict minerals agency called?

CONFLICT MINERALS AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: We are adopting a new form and rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals.

Should the Commission amend the Sarbanes-Oxley Act for conflict minerals?

of the Sarbanes-Oxley Act if the rule requires that an issuer provide its conflict minerals information in its filed annual report. 279 In this regard, one commentator stated that, if the final rule requires an issuer to provide conflict minerals information in its annual report, the Commission should amend rules 13a-14(a) and (b) 280

When do public companies have to disclose conflict minerals?

The final rule requires annual disclosures by public companies for which conflict minerals (regardless of the place of origin of such conflict minerals) are “necessary to the functionality or production” of products that they manufacture or contract to manufacture.