On November 22, The EU agreed on a Conflict Mineral Regulation framework. The regulation seeks to inhibit import and sale of minerals and ores that are used to fund armed conflict and infringe upon basic human rights.
Importers of Tin, Tantalum, Tungsten, and Gold (3TG) will be required to review and conduct due diligence upon their supply chain beginning in 2021. Also beholden to the regulation are smelters and refiners of 3TG.
Exempted from the regulation is the import of finished products that may contain 3TG.
Major differences between the EU and US version of the Conflict Minerals regulations include the exemption of imported finished goods by the EU version and an increased scope of where the minerals may have been obtained. EU Conflict Minerals requires all 3TG whereas US Conflict Minerals Act addresses 3TG from the Democratic Republic of Congo and its nine neighboring countries.
As the phase-in period begins for EU Conflict Minerals, please check back with this blog for any and all pertinent updates and changes.
