On August 22, 2012, the final rule regarding sourcing of conflict minerals under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act was approved by the U.S. Securities and Exchange Commission (“SEC”). The “Conflict Materials” legislation requires publically traded manufacturers to disclose their use of conflict materials coming from the Democratic Republic of the Congo (DRC) or an adjoining country.
The new rule imposes reporting requirements on certain companies to perform due diligence with respect to the sourcing of conflict minerals and to file annual reports relating to the use of conflict minerals (tantalum, tin, gold or tungsten) originating in the Democratic Republic of the Congo and certain adjoining countries (“Covered Countries”) in the products they manufacture or contract to manufacture if the conflict minerals are necessary to the functionality or production of a product. The first report must be filed with the SEC on May 31, 2014 for the 2013 calendar year.
View the GMI Solutions Conflict Minerals Statement in PDF format.