In a press release from the European Commission on June 16, 2016, the Commission announced that it, together with the Council and Parliament, have agreed on a framework for a conflict minerals regulation.  The press release is available on the Europa website.

The agreement is to impose mandatory obligations for due diligence and reporting on the upstream companies that directly import and work with the minerals and metals, such as importers of ore, smelters and refiners. The due diligence requirement is expected to align with the OECD guidance.

As part of the agreement, the Commission is expected to develop voluntary measures and tools for downstream companies to help them source responsibility. There was also a suggestion that some form of public disclosure by downstream companies may be required, but this requirement is very vague in the information provided to date.  The agreement appears to be structured to not initially impose mandatory obligations on product manufacturers but includes a clause to renegotiate such requirements in the future.

As for timeframe, the press release states: “Today’s political understanding sets the Regulation on track for technical work and final adoption in the coming months.”