Industry Bulletin: EU establishes voluntary system for conflict-free mineral certification
In our ongoing efforts to provide you with broader communications and industry information, Avalon Rare Metals Inc. is pleased to issue this Industry Bulletin, which reports on the European Union’s system of self-certification to encourage importers, smelters and refiners to source conflict minerals responsibly. Tin is one such conflict mineral.
On April 14, 2015, the European Parliament's International Trade Committee voted in favour of establishing a voluntary system of conflict-free self-certification in the EU for organizations importing conflict minerals such as tin, tantalum, tungsten and gold that come from countries or regions marked by armed conflict or risk of conflict. Extraction often involves forced labour and profits can be used by armed groups to finance their activities.
Self-certification requires EU importers of these minerals to exercise due diligence: to monitor and administer their business in line with the five steps of the Organisation for Economic Cooperation and Development Due Diligence Guidance. The certification will give EU importers an opportunity to improve ongoing efforts to ensure clean, legitimate supply chains and to encourage legitimate trading channels.
Through the Dodd-Frank Act, signed into federal law in 2010, the United States already requires American stock exchange-listed companies using conflict minerals to declare their origin and exercise due diligence. The Dodd-Frank Act had a positive impact for tantalum producers outside of Africa.
Avalon’s East Kemptville deposit, located in Yarmouth County, Nova Scotia is currently being evaluated as a source of tin and indium and will be a conflict-free source of these minerals.
Avalon’s President & CEO, Don Bubar, comments: “This EU certification program is a positive step forward to ensure that supply chains for minerals such as tin become globally sustainable. Avalon’s East Kemptville deposit is located in a politically-stable region in eastern Canada and could be a potential contributor to these conflict-free mineral supply chains desired by American and European consumers.”
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About Avalon Rare Metals Inc.
Avalon Rare Metals Inc. is a mineral development company focused on rare metal deposits in Canada, with three advanced stage projects. Its 100%-owned Nechalacho Deposit, Thor Lake, NWT is exceptional in its large size and enrichment in the scarce “heavy” rare earth elements, key to enabling advances in clean technology and other growing high-tech applications. Avalon is also advancing its Separation Rapids Lithium Minerals Project, Kenora, ON and its East Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility and environmental stewardship are corporate cornerstones.