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Conflict Minerals
20
Mar 2017
Conflict Minerals: EU Parliament approves Draft Regulation
On 20, Mar 2017 | In Conflict Minerals, News @en | By Alisa Maier
Members of EU Parliament approved on March 16, 2017 a draft EU regulation on Conflict Minerals: Importers of tin, tungsten, tantalum and gold are obliged to do due diligence checks on their suppliers.
Tin, tungsten, tantalum and gold are used in the production of many high-tech devices, in the automotive, electronics, aerospace, packaging, construction, lighting, industrial machinery and tooling industries, as well as in jewellery.
Importers have to do their due diligence checks in accordance with the respective OECD guidelines. However, also big EU firms (with over 500 employees) will be encouraged to report on their sourcing practices and will be able to join an EU registry.
Once the Council has approved the new regulation, it will be published in the EU Official Journal. The new due diligence obligations will apply from January 1, 2021.