European Union Will Start To Restrict Conflict Minerals In 2021
As reported by Reuters, last week the European Union (EU) agreed to a plan to restrict imports of conflict minerals—gold, tin, tungsten, and tantalum—from all over the word.
Starting in 2021, EU importers, smelters, and refiners will “have to carry out checks on” the suppliers of these minerals. The agreement does not include imports of finished products and will exempt small importers. Reuters said the plan is broader in scope than the United States’ conflict minerals regulation because it is not limited, like the U.S. rule, to the Democratic Republic of Congo and its nine neighboring countries. However, Reuters also acknowledged the EU plan is less restrictive because the U.S. rule, which the Metals Service Center Institute (MSCI) opposes, extends to the import of finished products.
The EU program, like the U.S. program, is mandatory.
As a reminder, according to the American Action Forum, the U.S. conflict minerals regulation is expected to cost American companies $4.6 billion. Click here and here to read previous Connecting the Dots stories about the U.S. regulation.