Tie breaker fish off delivers win to Florida pro

Rich Howes of Oviedo, Fla. beat another Florida angler Daniel Lanier in the two-man fish off after the anglers tied on Saturday with 47-2 for three days of fishing in the Bassmaster Southern Open on Lake Toho near Kissimmee. Howes implemented a pattern of punching a Gambler BB Cricket and a Bitter Bug behind 1 1/2-ounce tungsten bullet weights.

Lanier led on day one, Howes led on day two and they tied on day three before battling it out in a half-day shootout on Sunday for the $10,000 cash and Triton Boat prize package.

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GMA Resources has conditionally agreed to acquire a 90% participatory interest in the charter capital of joint venture Kazakh-Russian Mining Company.

KRMC is party to two subsoil use contracts in respect of two molybdenum and tungsten deposits in northern Kazakhstan - the Drozhilovskoye molybdenum-tungsten deposit in Denisovski rayon of Kostanai oblast and the Smirnovskoe molybdenum-tungsten-copper deposit in Karabalyksky rayon, also of the Kostanai oblast.

The consideration of £40m will be satisfied through the issue of 148,320,720 B shares by the bompany to Lother Enterprises Limited or, at the vendor's request, to Bergfolk Corporation, Strathland Enterprises Limited and Hanson Central European Fund LP.

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The Conflict Minerals Rule (Rule) requires SEC reporting companies to undertake diligence and then report their use of certain minerals. The Rule applies to all SEC reporting companies that manufacture or contract to manufacture products containing any of the four “conflict minerals” – gold, tantalum, tin and tungsten.  Conflict minerals are found in countless electronic and industrial products. All industries – including public utilities, energy and power companies – are covered by the Rule, and companies must consider what diligence and reporting obligations apply to them and their operations.

Although many in the power industry might expect that they would be outside of the scope of this Rule, there are circumstances in which public utilities, energy and power companies could be deemed to be “manufacturers” or “contract manufacturers” under the Rule and therefore subject to it.   

Note: the first reporting period under the Rule is calendar year 2013, so companies should commence a process right away to determine the degree to which (if any) the new Rule applies to them.  A company may have only a few products that are covered, but because of the possible scope and cost of diligence, conflict minerals (gold, tantalum, tin and tungsten) compliance should be considered sooner rather than later.

Failure to comply with the Rule could have serious business and legal consequences. The Rule does not ban or prohibit the use of conflict minerals.  But, customer and activist pressure about the use of conflict minerals has already created quite a stir in many industries. It is important to note that the failure of a reporting company to make a required filing could render it ineligible for S-3 treatment.  That ineligibility could be significant in accessing the capital markets.

As a first step, a public utility, energy or power company should consider:

    Whether its business involves the sale or lease of any product? (for example, smart meters, demand management/energy efficiency devices, power generators, electrical appliances).
    Whether those products are purchased off-the-shelf for resale or whether that company has any input into their manufacture?

The SEC did not provide much guidance on whether an item is a “product” or whether a company will be deemed to be a “manufacturer.” And, although those seem like straight-forward questions, answering them for purposes of the Rule may require detailed and reasoned analysis.
 

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Due to SEC (The Security and Exchange Commission) regulations, specifically section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, conflict mineral statuses need to be determined and reported. Access to this information is quickly becoming imperative; in the electronics industry alone, the SEC has estimated the impact of conflict mineral regulations to be over $3 billion dollars.

SiliconExpert's Database, containing data on millions of parts, reveals that nearly 25% of electronic parts contain at least one of the four minerals. Specifically, Passive parts lead the product categories with nearly 30% of all passives potentially having conflict minerals. Following Passives include Semiconductors at 28%, Interconnects at 25%, and Electrical and Electronic Components at nearly 19%.

The top ten products containing one of the four minerals include: MEMS Oscillators, Connector Headers and PCB Receptacles, Connector Card Edge, Capacitor Tantalum Solid, SMD Crystal Oscillator, Resistor Fixed Single-Surface Mount, Resistor (Trimmers, Potentiometer and Rheostat), Switch Push Button, Resistor Fixed Single-Through Hole, and Switch Slide. Six of the top ten are Passives, two are Interconnects, and two are Electromechanical from the category Electrical and Electronic Components.

Only 52% of parts potentially containing conflict minerals have a published conflict mineral status and these parts come from only around 15% of suppliers. Of the suppliers who have a published status, 37 are listed as conflict free, 40 are listed as in progress, and 4 are listed as not clear. Only 30% of parts containing tin, tungsten, tantalum, and gold are confirmed as conflict free minerals.
 

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