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CONFLICT MINERALS 3TG
Con-flict Min-er-al \kan-flict'\\'min-rl','mi-na'-\ noun:
1. Conflict minerals are minerals mined in conditions wher armed conflict and human rights abuses occur. Commonly used for 4 minerals (3TG): Tungsten, Tantalum, Tin, and Gold that are mined in the eastern region of the Democratic Republic of the Congo (DRC). Thes minerals are used in the production of various goods such as electronic devices and jewelry.
W Sn Au-China
Au Ta-New Zealand
The Top 5 Producers in Metric Tons - 2009
=Democratic Republic of the Congo
=Rest of the World
Austria and Portugal
170 (0.28%) at $25,700/mt=
$2,621,400 Funding the war
Tungsten is from Wolframite. Used in the vibration of cellphones, filaments in vacuum tubes and electric lights, contact points in cars, electrodes, rocket engine nozzles, and cutting tools.
87 (12.99%) at $73,110/mt= $6,359,700 revenue
$3,815,820 funding the war
Tantalum is from Coltan ore. Used in capacitors, condensers, cutting tools, vacuum tube filaments, and camera lenses.
9,400 (3.62% at $14,200/mt =
$80,088,000 funding the war\
Tin is used in solder, electronic components, coating for steel cans, bearing alloys, and glass making.
2,000 (0.08%) at $31,300,000/mt =
$37,560,000 funding the war
Gold is used in electronics, electronic components, jewelry, dental crowns, and coins.
Who is Involved
Countries Involved in the Illegal Trade of Conflict Minerals
3.Central African Rep.
4.Rep of Congo
Fighting Forces Within the DRC
*Congolese National Army
*Various Armed Rebel Groups
*Liberation of Rwanda
There were 5.4 MILLION deaths as of 1998. That is equal to 3.5 times the population of Philadelphia, PA. USA
45,000 die each month
What is Being Done
The United States passed the 2300 page Dodd-Frank Wall Street Reform and Consumer Protection Act in May of 2010. It was signed by President Obama on July 21, 2010. Section 1502 of this law is referred to as the "Conflict Minerals Law" and requires all companies that are registered with the SEC to disclose the source of minerals in their products. This is the first of its kind in the world.
The United Nations and DRC have started a pilot project aimed at creating 5 mineral trading centers in the eastern section of the country to regulate the sale of minerals.
Who Should Care
*Publicly traded companies and the companies that supply them
*Companies that use these minerals "necessary to the functionality or production of its products" of its products manufactured (or contracted to be manufactured)
*The Securities and Exchanges Commission is expected to finalize updates to 17 CFR parts 229 and 249 by the end of 2011.
For more info
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