Finance & Acquisitions Alert
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), signed into law by President Obama on July 21, 2010, contains new disclosure requirements for mine operators, "resource extraction issuers," and users of "conflict minerals" originating in the Democratic Republic of the Congo.
Periodic Report Requirement for Mine Operators Is Effective Today
Section 1503 of the Act requires any public company that operates a mine, directly or through a subsidiary, to make new mine safety disclosures in each periodic report (quarterly or annual) that it files with the Securities and Exchange Commission (the "SEC") after August 20, 2010, for the time period covered by such report. The mine safety disclosures include the total number (by category) of certain violations of the Federal Mine Safety and Health Act of 1977 and citations and orders issued by the U.S. Mine Safety and Health Administration ("MSHA"), including "significant and substantial" and unwarrantable failure citations and orders.