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New US ruling could force 'conflict minerals' disclosure16 Dec 2010Source Reuters Africa Thousands of companies could be forced to reveal the source of metals and ores they use under a proposed U.S. rule aimed at cutting the flow of money to armed rebels in the Democratic Republic of Congo. The U.S. Securities and Exchange Commission proposed on Wednesday that companies annually reveal whether they are sourcing tantalum, tin, gold and tungsten from the war-torn region. That means companies such as Hewlett-Packard and Research in Motion Ltd which rely on the metals to make their electronic gadgets and laptops, could be subject to the new rule. The SEC estimates 6,000 companies could be affected. "The idea is to cut off funding for the armed rebels in the Democratic Republic of Congo who are getting money from the sale of these minerals to fund these activities," said Darren Fenwick, a senior manager at Enough Project, an organization aimed at ending genocide and crimes against humanity. "It is going to create transparency in the supply chain process. It will force consumers to make a choice," he said. Much of Congo's metals and ores come from its troubled east, where fighting between government forces and rebel groups has displaced more than 1.4 million people. Read more here |
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