SEC Postpones Rules on African Conflict Minerals Until August
The U.S. Securities and Exchange Commission said it has postponed until at least August the adoption of new rules governing the trade in so-called “conflict minerals” from Central Africa.
The rules, which were originally expected this month, will require U.S. companies to disclose whether certain minerals used in their products could have supported conflict in Democratic Republic of Congo, according to a draft of the rules on the SEC website.
The commission now plans to adopt the final regulations between August and December, according to a statement on its website. The SEC doesn’t comment on the timing of its actions, a commission spokeswoman said in an e-mailed response to questions.
The SEC was tasked with formulating auditing rules for companies that source tungsten, coltan, tin ore and gold from Congo and its nine neighboring countries by the Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama in July. Mineral-rich Congo is trying to stop the exploitation of its natural resources from supporting armed groups in the country’s east, which has suffered more than 15 years of conflict.
To contact the reporter on this story: Michael J. Kavanagh in Bukavu on Mkavanagh9@bloomberg.net.
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