"Show Me the Money…and the Minerals"
|Area||Mining and Natural Resources|
Article originally published in Volume 13, No. 1
OBA’s “The Resource:” - Natural Resources and Energy Section
Excerpt from "Show Me the Money…and the Minerals":
New SEC Rules Require Enhanced Disclosure of Government Payments by Resource Extraction Issuers and Use of Conflict Minerals
In 2010, the U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Among the many rulemaking initiatives mandated by Dodd-Frank were requirements for the U.S. Securities and Exchange Commission (SEC) to issue rules requiring disclosure by SEC reporting companies of: (1) certain payments made to the U.S. federal government or foreign governments by resource extraction issuers (being companies engaged in the development of oil, natural gas or minerals); and (2) the use of “conflict minerals” (being certain minerals, including gold, cassiterite, coltan, tin, tantalum and tungsten, originating in the Democratic Republic of Congo (DRC) and adjoining countries). The SEC first published for comment a draft of these rules in December 2010. After a long public review process, the SEC narrowly adopted final rules on August 22, 2012.
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