Washington D.C., United States — MININGREVIEW.COM — 15 December 2010 – American regulators are aiming to take steps directed at abolishing trade in so-called ‘conflict minerals’ that are being used to finance war in the Democratic Republic of Congo (DRC).
A large number of companies could eventually be required to disclose whether they are sourcing their minerals from the war-torn region, under a plan to be considered today by the U.S. Securities and Exchange Commission (SEC).
“The idea is to cut off funding for the armed rebels in the DRC who are getting money from the sale of these minerals to fund their activities,” said Darren Fenwick, a senior manager at Enough Project “’ an organisation aimed at ending genocide and crimes against humanity. “It is going to create transparency in the supply chain process. It will force consumers to make a choice,” he added.
Much of DRC”s minerals, such as gold, cassiterite and tantalum, come from its troubled east, where conflict between government forces and rebel groups have displaced more than 1.4 million people.
Today the SEC is expected to propose rules that would force mining and energy companies to disclose payments to foreign governments, as well as mine safety information.