SEC proposes new mining, minerals rules
Associated Press December 15, 2010 09:35 AM Copyright Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Wednesday, December 15, 2010
Federal regulators on Wednesday proposed new reporting requirements for public companies that operate mines, pull oil or gas out of the ground or use certain minerals from Africa in their products.
The Securities and Exchange Commission voted to propose the new rules under the financial overhaul law enacted in July. The regulators' goal is to make companies engaged in potentially controversial activities more accountable about them to shareholders.
In the case of companies that use so-called "conflict" minerals from Congo and neighboring countries in electronics and other products, the idea is that stricter reporting requirements would help curb the widespread violence in Congo, where minerals are produced in mines controlled by rebel groups. The goal is to cut off funds to the rebels.
Public companies that operate mines would be required to provide information in periodic SEC reports on health and safety violations as well as any notices from the U.S. Labor Department indicating that a mine has a pattern of violating health or safety standards.
Companies that produce oil, natural gas or minerals would be required to detail in an annual report all payments related to commercial development that were made to the U.S. or a foreign government. They would include taxes, royalties and licensing fees.
<SNIP>View entire article here: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/12/15/national/w082006S04.DTL#ixzz18FPFjdh1
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