The European Union (EU) has finalizes the agreement on a conflict minerals regulation on November 22, 2016.
The agreement regulation aims to set requirements for EU smelters, refiners and direct importers of tin, tantalum, tungsten and gold (3TG) into the EU. The requirements are based from the OECD Guidance framework.
The regulation details the important roles of the following:
- Downstream Companies
- Conflict-Affected and High-Risk Areas
The regulation is proposed to take effect on January 1, 2021 if both approved by the EU Parliament and Council. Both bodies are scheduled to vote on the final agreement early next year.