Wednesday, January 12, 2011
(graphic: Enough Project)
Both foreign and domestic mining companies have asked the Securities and Exchange Commission (SEC) for more time to comment on new rules requiring the disclosure of deals involving “conflict minerals.”
Largely involving the Democratic Republic of the Congo, conflict minerals are those extracted amid civil war, corruption and human rights abuses.
The SEC wants the mining industry to inform investors how much of a company’s business is derived from the buying or selling of “blood diamonds” and other minerals.
The National Mining Association, which represents 325 American mining companies, and the World Gold Council in the United Kingdom have requested another 30 days from the SEC to respond to the regulation.
The mining industry is no stranger to high-priced lobbying in Washington. The National Mining Association has spent nearly $10 million and the gold group about $525,000 on lobbyists since 2008.
-Noel Brinkerhoff
Mining Groups Seek to Delay SEC’s Conflict Mineral Deadline (by Amy Biegelsen, Center for Public Integrity)
SEC Moves Ahead On Oil, Mining, Derivatives Transparency (by Jeremy Borden, Center for Public Integrity)
Proposed Rule (Securities and Exchange Commission) (pdf)
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