US 'denting DRC rebels' mineral profits'

2012-08-08 11:04
AFP

AFP

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

New York - A US law and an electronics industry code governing the use of conflict minerals have slashed profits among armed groups in the Democratic Republic of Congo by 65% in the past two years, a report by a non-profit rights group found on Tuesday.

But the Enough Project - an arm of the Centre for American Progress that combats genocide and crimes against humanity - also warned that months of unrest in DRC’s volatile east is hampering progress made in curbing the conflict minerals trade.

"Economics are at the heart of the renewed violence in eastern DRC, and M23's latest advances indicate a move to open the floodgates of conflict minerals smuggling to Rwanda," said Enough Project senior policy analyst Sasha Lezhnev.

"The time for robust monitoring of mines and traders is now," said Lezhnev, who co-authored the report.

Tutsi-led M23 rebels are fighting government forces in the resource-rich eastern DRC and the UN experts and Kinshasa have accused neighbouring Rwanda and Uganda of supporting the uprising. Both countries have rejected the allegations.

The Enough Project said the armed groups in eastern DRC were still generating income by smuggling tantalum, tin and tungsten through Rwanda.

The report, citing Rwandan government data, found that from 2010 to 2011 Rwanda's mineral exports jumped 62% compared with a 22% rise in domestic mining production.

A serious dent

The group said increased diplomacy, greater investment from companies, and a consolidated push to go conflict-free were needed to strengthen the progress already made that had seen armed groups' minerals profits drop by two-thirds in two years.

"The Dodd-Frank law is making a serious dent on the militias in eastern Congo [DRC], cutting their profits from the conflict minerals," said Enough Project policy consultant and report co-author Fidel Bafilemba.

The 2010 Dodd-Frank financial reform law requires companies to disclose whether they use tantalum, tin, gold or tungsten from the Democratic Republic of the Congo. The US Securities and Exchange Commission (SEC) is due to vote on 22 August on long-delayed guidelines needed to enforce the conflict minerals law.

The conflict minerals rule has been arguably one of the most controversial rules in the Dodd-Frank law.

Companies would need to identify if any conflict minerals are used in their products. If the minerals are present, the companies would then need to conduct a due diligence check to track them through the supply chain to their origins.

Electronics companies such as Dell and Intel have also signed up to codes of conduct excluding conflict minerals from their supply chains, and jewelry retailers are pressuring manufacturers to do the same.

Read more on:    un  |  m23  |  us  |  drc  |  central africa
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
SPONSORED CONTENT
When is a mountain more than just a mountain? 2014-12-18 07:26

When it’s an adventure! A group of Old Mutual employees found out how much is enough courage, endurance and camaraderie to take on Africa's highest peak.

/News
 

Joburg hot spots for cocktails, craft beer, tapas and wine!

It’s the season to be jolly – so we’ve rounded up some new Joburg hot spots!

 
 

I love summer.24

The craziest deaths of 2014
How to make this a sensual, sexy summer!
This is what South Africans Googled in 2014!
This hilarious song is your new holiday anthem

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

2DAYS ONLY – 30% off Appliances

Coffee makers, blenders, fans, juicers and more. T&Cs apply. Shop now!

2 DAYS ONLY – 40% off books

Get 40% off when you buy 2 books. For two days only! T&Cs apply. Buy now!

Up to 50% off on outdoor gear

Save on chairs, blankets, cooler bags, umbrellas and more. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

There is so much going on around you and inside your head. You may want to take your ideas to the next level. Romance may be...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.