EU Conflict Minerals: An Agreement Has Been Met

Jun 20, 2016 6:35 PM ET

On June 15th, the European Union (EU) agreed on terms for the long-pending conflict minerals regulation. As one of the largest economic bodies in the world, The EU was hard pressed to develop a regulation that would make companies perform due diligence on their supply chains, ensuring that they responsibly source 3TG (tin, tantalum, tungsten and gold), or conflict minerals.

The Israeli Diamond Industry built on the development saying, “The agreed framework carries clear obligations for the upstream part of the conflict minerals supply chain, including smelters and refiners, to source responsibly. The vast majority of metals and minerals imported to the EU will be covered...”

Like the US, Dodd-Frank section 1502, conflict minerals regulation, the EU conflict minerals regulation will recognize the Organization for Economic Cooperation and Development (OECD). The main difference between the two regulations is the EU regulation will cover the sourcing of conflict minerals from anywhere in the world. Companies from all over the world may be impacted by the new regulation. To learn more about the EU conflict minerals regulation, join Source Intelligence for their upcoming feature, EU Conflict Minerals: A Guide To The New Legislation. This webinar will take place on June 30th, 2016, at 11:00 Central European Time (CET). The On Demand feature will be available on July 1st, at 10:00am PDT.