LONDON METAL EXCHANGE TO DELAY BAN ON TAINTED METAL UNTIL 2025

Reuters claimed an exclusive on 18th September, reporting that the LME will postpone plans to ban metal tainted by human rights abuses until 2025, giving producers 3 more years to comply with guidelines.  The article notes the legal situation in the US and EU.  In the US, the Dodd-Frank Act requires companies operating in conflict areas such as DRC to conduct due diligence to establish minerals are conflict-free – the minerals involved are tin, tantalum, tungsten and gold.  The EU in May 2017 passed a Regulation to stop mine workers being abused and conflict minerals being exported to the EU and this will become effective on January 1st 2021.

https://www.reuters.com/article/us-lme-metals-sourcing-exclusive/exclusive-london-metal-exchange-to-delay-ban-on-tainted-metal-until-2025-sources-idUSKBN1W31V2

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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