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. Under the Act, those minerals include tantalum, tin, gold or tungsten. Congress enacted Section 1502 of the Act because of concerns that the exploitation and trade of conflict minerals by armed groups is helping to finance conflict in the DRC region and is contributing to an emergency humanitarian crisis. Section 1502 of the Act amends the Securities and Exchange Act of 1934 to add Section 13.
See full list on sec.gov
The final rule applies to a company that uses minerals including tantalum, tin, gold or tungsten if: 1. The company files reports with the SEC under the Exchange Act. 2. The minerals are necessary to the functionality or production of a product manufactured or contracted to be manufactured by the company. The final rule requires a company to provide the disclosure on a new form to be filed with the SEC .
A company is considered to be contracting to manufacture a product if it has some actual influence over the manufacturing of that product. This determination is based on facts and circumstances, taking into account the degree of influence a company exercises over the products manufacturing. A company is not be deemed to have influence over the manufacturing if it merely: 1. Affixes its brand, marks, logo, or label to a generic product manufactured by a third party. 2. Services, maintains, or repairs a product manufactured by a third party. 3. Specifies or negotiates contractual terms with a manufacturer that do not directly relate to the manufacturing of the product. The requirements apply equally to domestic and foreign issuers.
Under the final rule, companies that are required to file a Conflict Minerals Report must exercise due diligence on the source and chain of custody of their conflict minerals. The due diligence measures must conform to a nationally or internationally recognized due diligence framework, such as the due diligence guidance approved by the Organisation for Economic Co operation and Development . DRC Conflict Free If a company determines that its products are DRC conflict free that is the minerals may originate from the covered countries but did not finance or benefit armed groups then the company must undertake the following audit and certification requirements: 1. Obtain an independent private sector audit of its Conflict Minerals Report 2. Certify that it obtained such an audit. 3. Include the audit report as part of the Conflict Minerals Report. 4. Identify the auditor. Not Been Found to Be DRC Conflict Free If a companys products have not been found to be DRC conf...
The main mining legislation is the Philippine Mining Act of 1995, Republic Act No. 7942 and its Implementing Rules and Regulations , Department of Environment and Natural Resources Administrative Order No. 21 10. The Mining Act governs large scale exploration, development and utilisation of mineral resources.
The principal means of acquiring mining rights on federal lands is location of mining claims under the Mining Law of 1872. That statute, enacted when the West was being settled and federal policy encouraged disposal of public domain lands, still governs the location of metallic minerals such as gold, silver, tin and copper, as well as other ...
The minerals on Federal lands are divided into three categories, each subject to different laws and regulations. Locatable, which are subject to the Mining Law of 1872, as amended, include gold, silver, copper and other hard rock minerals. Leasable minerals, such as coal and a host of other commodities, are subject to various Mineral Leasing Acts.