Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Catherine Ashton, EU High Representative for Foreign Affairs and Security Policy | Photo by Mark III Photonics / Shutterstock.com
Under the draft regulation announced on Wednesday, companies will find it easier to source tin, tantalum, tungsten, and gold through conflict-free sources.
‘Conflict minerals’ are minerals that are sourced from regions of armed conflict. Armed groups often benefit from their sale and their extraction often involves forced labour.
The measures include an EU system of ‘self-certification’ for importers “who choose to import responsibly into the Union.”
“Self-certification requires EU importers of these metals and their ores to exercise ‘due diligence’ – i.e. to avoid causing harm on the ground …” the EU’s High Representative for Foreign Affairs and Security Policy, and the Trade Commissioner wrote in joint a statement.
The organization will also publish an annual list of EU and global ‘responsible smelters and refiners.’
Other proposals include:
- Public procurement incentives for companies selling products such as mobile phones, printers and computers containing tin, tantalum, tungsten and gold;
- Financial support for Small and Medium sized Enterprises (SMEs) to carry out due diligence and for the OECD for capacity building and outreach activities;
- Visible recognition for the efforts of EU companies who source responsibly from conflict-affected countries or areas;
- Policy dialogues and diplomatic outreach with governments in extraction, processing and consuming countries to encourage a broader use of due diligence;
- Raw materials diplomacy including in the context of multi-stakeholder due diligence initiatives;
- Development cooperation with the countries concerned;
- Support by EU Member States through their own policies and instruments
The EU is one of the biggest markets for tin, tantalum, tungsten and gold.
Human Rights group Amnesty International said the proposed law is “not strong enough,” “falls far short of expectations,” and will have a “minimal impact.”
“Instead of putting forward robust legislation that would require a wide range of EU-based companies to do checks on their supply chains – known as due diligence – the Commission today announced voluntary measures that will only apply to companies importing processed and unprocessed minerals into the European market,” Amnesty said in a statement.
Comments
samarendra dey
Its interesting trying to solve conflict minerals by just drawing a map of conflict and then blacklisting this into a desired stigma area that is using its economy to currency weapons to fight the governments who’s initial seat was to due care and protect, the opposition had their own disagreement and allowed the running affray of rebels at the cost of obedience and respect of the citizens to vote them in as trustee instead politics has become the stage of war for personal vendetta at the populaces expense both in life by fear and with no income to poverty. It is the vocational duty for both the Government and the rebels to wake up and owe this apology to their conscience or stop preaching god or their will to power and chase the future of mankind in turmoil that lie in their concious hands given in trust of those who respect and voted you or failed the other to wake up and fulfil their responsibility in the tenure or resign. Sanctions only hurt the weakest in our honesty to society and the collective which also corrupts our elite trust to rule in law but the exchange of trust into currency is made in the parliament to disguise the weakness of justified rule as this seems now.