Proposed EU Law to Help in Fight Against Conflict Minerals

Mining Weekly reported that campaigner Emily Norton from the nongovernmental organisation Global Witness conflict minerals believed that the proposed European Union (EU) conflict minerals law will help make responsible sourcing a natural part of doing business in countries struggling with conflict.

As quoted in the market news:

The trade in tin, tungsten, tantulum and gold (3TG), she notes, has funded conflict in the Democratic Republic of Congo (DRC), especially in the North Kivu area, for decades through illegal and unregulated mining practices.

Revenues from the extraction and sale of these natural resources, also known as conflict minerals, not only provide armed groups with the means to operate but also provide State security forces and corrupt officials with off-budget funding. Conflict-mineral legislation, specifically Section 1502 of the Dodd Frank Act, promulgated in the US in 2011, was the first legislation of its kind that aimed to break the links between the lucrative minerals trade in certain African regions and armed groups.

However, members of the European Parliament last month voted in favour of a new strong and binding law to deal with the trade in conflict minerals. This vote determines the European Parliament’s (EP’s) position when it enters into negotiations with member States to find agreement on the law, although the law adopted by the EP is still in draft form and member States still need to review the proposal from the EP and respond. The EP, the European Council and the European Commission will then negotiate a final version.

Click here to read the full Mining Weekly report.