Tuesday April 04, 2017 22:20
The European Union has introduced new rules that will curtail imports of conflict minerals, including gold, the sale of which is benefiting armed groups.
The new laws, which were passed on Monday and will become binding in January 2021, will force all 28 EU member states to reveal the source of their mineral imports, including gold, tungsten, tin and tantalum. All four metals are heavily used in products such as smartphones, cars and jewelry.
The idea behind the law is to improve traceability requirements of imported metals and minerals.
“The regulation obliges EU companies to source their imports of tin, tantalum, tungsten and gold responsibly and to ensure that their supply chains do not contribute to funding armed conflict,” the European Council said in a press release.
The co-called “conflict minerals” the Council refers to include forced-labor mining organized by armed groups that then sell minerals to fund their insurgencies or wars.
“By ensuring product traceability, the regulation is aimed at cutting off a major source of their income. The regulation carries clear obligations to source responsibly for the 'upstream' part of the production process, which involves the extraction and refining of these minerals,” the press release added.
The EU is urging all members to introduce the laws as quickly as possible. At least 95% of all the EU imports of metals and minerals will be impacted by these rules.
Prior to passing the law this week, the EU debated it for three years.
