GA Trade July-Aug 2014 - page 25

thoroughly conduct due diligence
reports. This, however, is not an easy
task, due to the complexity of the
trade of preciousminerals. Siemens,
as amanufacturer of a variety of
electronic devices, emphasized in their
current annual report the importance
of transparency in their supply chain:
“We are currentlyworking on an
implementation strategy for the
above-referenced legislation. Since
we operatewithin highly complex
value chains, we are required to
undertake a significant due diligence
process in order to complywith the
conflict minerals due diligence
requirements."
It is noticeable that the Dodd-Frank
Act created awareness in regards to
the origin of precious metals and
minerals. The German company
Infineon, for example, is not subject
to the SEC reporting requirement,
according to its recent annual
statement. Despite this exclusion, the
company voluntarily started a
request in 2009 to its suppliers to
provide information about the origin
of theminerals in question. As a
result, the companywas able to draw
up a “Conflict Minerals” statement,
identifying all smelters in their
supply chain. The results were
published in the 2013 annual report:
“The analysis of these results
by region shows that these
smelters are not located in the
Democratic Republic of the Congo
or an adjoining country."
n
GTAI
INDUSTRY TALK
Detailed industry reports, written by the U.S.
correspondents of German Trade and Invest
(GTAI), the official German foreign trade and
inward investment agency.
Darkcrystalsofwolframite (tungstenore) inquartz.
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