The EU Council adopts conflict minerals regulation
The EU Council finally adopted a regulation aimed at stopping the financing of armed groups through trade in conflict 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. These 'due diligence' rules will become binding from 1 January 2021, though importers are encouraged to apply them as soon as possible.
At least 95% of all EU imports of metals and minerals will be covered, while small volume importers will be exempt. The competent authorities will carry out checks to ensure that EU importers of minerals and metals comply with their due diligence obligations.
In addition, the Commission will carry out a number of other measures to further boost due diligence by both large and small EU 'downstream' companies, which are those that use these minerals as components to produce goods. The Commission will also draft a handbook including non-binding guidelines to help companies, and especially SMEs, with the identification of conflict-affected and high-risk areas.
More information on the regulation can be found at this here.