Wednesday, December 15, 2010
The SEC today voted unanimously to propose measures, as mandated by the Dodd-Frank Act, which would require new disclosures by reporting issuers concerning conflict minerals that originated in the Democratic Republic of the Congo or an adjoining country. Specifically, companies would be required to disclose annually whether they use “conflict minerals” that are “necessary to the functionality or production” of a product that they either manufacture or contract to be manufactured that originate from the Democratic Republic of the Congo or adjoining countries. The conflict minerals are cassiterite, columbite-tantalite, gold, wolframite or their derivatives. These minerals are essential to many products — from jewelry to cell phones to jet engines. CONFLICT MINERALS
SEC Proposes Rules for Resource Extraction Issuers Under Dodd-Frank Act, DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION ISSUERS.