What is conflict minerals declaration?

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The Conflict Minerals Reporting Template (CMRT) is a free, standardized reporting template developed by the Responsible Minerals Initiative (RMI) that facilitates the transfer of information through the supply chain regarding mineral country of origin and the smelters and refiners being utilized.

What are the 3 conflict minerals?

These conflict minerals are tin, tantalum, tungsten (the “3 T’s”) and gold which are mined in eastern Congo and are in all consumer electronics products, as well as products from the jewelry, automotive, aerospace, medical equipment, and many other industries.

What are the 5 conflict minerals?

“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.

What is a conflict mineral disclosure?

The Securities and Exchange Commission (SEC) disclosure rule on conflict minerals broadly requires that certain companies submit a filing that describes their efforts to determine the source of their conflict minerals—tin, tungsten, tantalum, and gold.

Is conflict minerals reporting still required?

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.” …

Who does conflict minerals apply to?

The regulation applies directly to between 600 and 1,000 EU importers. It will indirectly affect about 500 smelters and refiners of tin, tantalum, tungsten and gold, whether they are based inside the EU or not.

What are 4 main conflict minerals?

The EU regulation covers tin, tantalum, tungsten and gold because these are the four minerals that are most often linked to armed-conflicts and related human rights abuses, so it makes sense to focus on them.

What legislation has been placed to regulate the sale of conflict minerals?

Background. 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.

Who has to report on conflict minerals?

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.

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.

What is the Dodd-Frank Act 2020?

Dodd–Frank reorganized the financial regulatory system, eliminating the Office of Thrift Supervision, assigning new responsibilities to existing agencies like the Federal Deposit Insurance Corporation, and creating new agencies like the Consumer Financial Protection Bureau (CFPB).

What is the new form for conflict minerals disclosure?

Form for and Timing of Disclosure: Under the final rule, the company is required to provide its conflict minerals disclosure in new Form SD. All affected companies will file the new form for the same period, a calendar year, regardless of their fiscal year end.

What is conflict minerals reporting template (CMRT)?

What are conflict minerals and how are they used?

The conflict minerals are tin, tungsten, tantalum and gold (called the 3TG’s). Companies using conflict minerals must also disclose their supply chain inquiries to verify whether these minerals originated in the DRC or adjoining countries.

What is the new SEC Rule on conflict minerals?

The new rule applies to a company that uses any conflict minerals if: the company files reports with the SEC pursuant to Exchange Act Sections 13(a) or 15(d); and. the minerals are “necessary to the functionality or production” of a product manufactured by the company or contracted by the company to be manufactured.