Conflict Minerals Regulatory Compliance
Regulations regarding conflict minerals–gold, tantalum, tin, tungsten and their alloys–require companies to report the source of those minerals and that due diligence has been conducted in verifying said source.
Understanding Conflict Minerals
Conflict minerals are those used in consumer products and produced in regions of ongoing armed conflict. Conflict minerals regulations were enacted in response to these conflicts to prevent armed groups from funding their operations through the sale of minerals.
Under conflict minerals regulations, importers of these minerals must carry out due diligence on their supply chain, confirming where the minerals and metals they import have been processed and that they have been processed responsibly.
What are Conflict Minerals?
Conflict Minerals include gold, tantalum, tin, tungsten and their alloys
Risks of Non-Compliance
- Possibly funding the operations of armed groups through the purchase of these minerals.
- Likely perpetuation of violations of a wide range of human rights abuses (working conditions, child labour, etc.).
- In addition to any legal administrative sanctions/penalties stemming from non-compliance, there may also be damaging consequences to the organization’s reputation, its brand, sales and profitability.
Conflict Minerals Reporting Requirements
Importers of conflict minerals must carry out due diligence on their supply chain.
Due Diligence in the Supply Chain
Monitoring where the minerals and metals they import have been mined and if they have been processed responsibly.
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