Several filers of last year’s conflict minerals disclosures reported the Central Bank of the DPR Korea (North Korea) as a supplier of gold within their supply chain. Long standing trade sanctions prohibit US companies from engaging in business activities with North Korea. Although later determined to be an error, this event highlighted a major weakness in issuers’ internal conflict minerals information review processes.
As a result, Elm has joined with Source Intelligence to offer a unique and unparalleled service for supporting conflict minerals smelter/refiner due diligence reviews. Elm clients now have exclusive stand-alone access to the Source Intelligence smelter/refiner verification processes and results without a full IT platform subscription or implementation. This broadens the existing relationship between Elm and Source Intelligence through which comprehensive bundled services have been provided in the past to a range of clients.
The new Department of Commerce list of global smelters/refiners listing almost 50% more facilities than the current CFSI Conflict Minerals Common Reporting Template (CMRT), combined with the aftershocks of the DPRK revelation, have raised the bar for what will be expected of issuers in verifying smelter/refiner information. The Elm/Source Intelligence offering provides a unique blend of leading consulting expertise and data verification processes.
See the press release or contact us for more information.