The first deadline for companies to publicly disclose their use of conflict minerals that originated in the Democratic Republic of the Congo (DRC) or an adjoining country is fast approaching. Justmeans.com reports that nearly 6,000 companies will have to provide these disclosures by May 31, 2014, and they’re finding it’s a complex process.
Any company that uses tin, tantalum, tungsten and gold for the functionality or production of its products now must disclose specific information, including the source of those products, according to the “Conflicts Mineral Rule.” It’s part of efforts to raise awareness of and change the human rights abuses in the DRC mining industry, and the financing of armed conflict from the sale of the minerals.
Less that a year ago, a PriceWaterhouseCoopers survey found that almost half of the executives surveyed were still in the initial stages of their compliance efforts, while 16 percent hadn’t begun gathering information and 32 percent were still trying to determine if the rule even applied to them.
We’ll host a half-day Mega Session on this rule and its long-term implications for companies and their suppliers at the ISM Conference May 5-7 in Las Vegas. We hope you can join us.