Saturday, May 22, 2010

"Blood Minerals"---there is movement to solve this problem that plagues The Congo...

There is movement in trying to solve what seems to be an intractable problem- --the horrendous violence and chaos in the eastern part of the Congo.  The Senate has inserted an amendment into the current financial system reform bill  to require strict reporting by companies that use minerals that "may" have come from illegal sources within the Congo...
NYTIMES""...Nevertheless, tucked into the bill passed by the Senate on Thursday is a provision that requires any publicly traded company that uses certain minerals to file reports annually with the Securities and Exchange Commission certifying whether the minerals originated in Congo or neighboring countries. It also requires them to report what steps the company took to ensure that the purchase of these minerals did not benefit armed groups in Africa. Minerals trading in Africa is often used to finance military activities. These are not just any minerals, however. Columbite-tantalite, cassiterite, wolframite, gold and metals derived from them are widely used in the manufacture of cellphones, laptop computers, MP3 players, digital cameras and all sorts of other consumer electronics. Thus, the regulations could affect hundreds of companies. Wolframite, for example, is a source of tungsten, which is used in integrated circuits, light bulbs, and computer and television screens. The measure calls for any company using the minerals as a primary ingredient in its products to file the reports and to describe the steps taken to ensure that its mineral procurements did not benefit armed groups in Africa."""
Below is an short video explaining what "Conflict Minerals" are and why they are a problem. VERY informative if you are interested in the issue...Also, go HERE for more information on this issue.
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