The latest proposals and updates to the Conflict Mineral Regulations have been debated in the European Parliament. The majority of the initial proposals and most recent amendments were approved, however there was some debate over which businesses the Act should be concerned with. In its current state the regulations would only require EU based smelters and refiners to voluntarily get certified.
Some of the MEPs would prefer it if all importers of goods containing conflict minerals had to register under the scheme, not just smelters and refiners. There was also call from some members to make it a mandatory scheme rather than voluntary and even to apply it to other metals and minerals not just the currently established conflict minerals (Tin, Tungsten, Tantalum and Gold)
The current proposals for the regulations don't go as far as the Dodd – Frank bill which is the equivalent in the US. The American bill requires manufacturers to file a Conflict Minerals Report and are expected to exercise due diligence on the source of their conflict minerals. However, the EU proposals don't just focus on the Democratic Republic of Congo but also Columbia, Afghanistan and Myanmar amongst others.
The new amendments and draft bill will be voted for in May. Of course we will keep you up to date with what happens next. Just subscribe to the blog or follow us on Twitter.