Mine safety info to be mandatory: SEC

MINING companies will have to disclose information about safety and health standards at their operations to their shareholders, according to rules being proposed by the US Securities and Exchange Commission.
Mine safety info to be mandatory: SEC Mine safety info to be mandatory: SEC Mine safety info to be mandatory: SEC Mine safety info to be mandatory: SEC Mine safety info to be mandatory: SEC

 

Donna Schmidt

The federal agency said the proposed regulations would implement the Dodd-Frank Act Section 1503, which mandates mine safety and health standards information be included in quarterly and annual SEC reports.

Operators would also be required to file a Form 8-K when the US Mine Safety and Health Administration issues notices to mines.

"Congress has determined that investors will benefit from disclosure of the health and safety records of mining companies," SEC chair Mary Schapiro said.

"We look forward to hearing from commenters as to whether these rules address the informational needs of investors."

The agency has opened the proposed rule for public comment. Any input must be received by January 31, 2011.

The disclosure requirements in the Frank-Dodd Act are based on the requirements for health and safety under the Federal Mine Safety and Health Act, or Mine Act.

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