It’s Official: EU Conflict Mineral Regulation Signed Into Law

It’s Official: EU Conflict Mineral Regulation Signed Into Law

The European Union (EU) has joined the growing list of regions, countries and regulatory bodies taking a stand against the use of conflict minerals in corporate supply chains. Officially signed into law yesterday, May 17, 2017, the EU conflict mineral rule will enter into effect in January 2021.

The law obliges EU importers of tin, tungsten, tantalum and gold (3TGs) to undertake due diligence to ensure their supply chains are not fueling armed conflicts in the Democratic Republic of Congo (DRC) and surrounding countries of the Great Lakes region in Africa.

Is your company ready for conflict mineral compliance? Find out in our new eBook, ‘The Conflict Mineral Handbook: Your Guide to Compliance in 2017’.

The final text of the law will be published in the Official Journal of the EU at the end of May, but here is what we know so far:

  • Due diligence will be mandatory, not voluntary
  • There will be thresholds (de minimis) standards for 3TGs and ores designed to cover at least 95 percent of imports
  • There will be an independent third-party auditor requirement for EU importers
  • ~600 to 1,000 EU importers will be directly affected
  • ~500 3TG smelters and refiners will be impacted globally
  • Big manufacturers will need to disclose exactly how they plan to survey their supply chains to ensure compliance and submit adopted practices for approval
  • EU member states will be responsible for enforcement of the rule in their own jurisdiction  

While the precise details of reporting requirements will be for individual member states to announce, it is clear companies will be obliged to conduct thorough supply chain surveying, data collection, data analysis and reporting to comply with the rule. Industry experts conclude this is best achieved through the use of the Conflict Free Sourcing Initiative’s (CFSI) Conflict Minerals Reporting Template (CMRT), which is in wide use by companies around the world.

Assent Compliance’s regulatory experts are closely following developments in the EU’s conflict mineral regulatory landscape. For guidance on how your company can prepare for compliance with EU and other conflict mineral regulations, download ‘The Conflict Mineral Handbook: Your Guide to Compliance in 2017’.

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