The financial reform bill that emerged from a House-Senate conference committee meeting contains provisions that mining companies must file safety reports
The financial reform bill that emerged from a House-Senate conference committee meeting contains provisions that mining companies must file safety reports. The National Stone Sand & Gravel Association reports that the provisions require any company that files reports in accordance with the Securities and Exchange Act of 1934 and operates or owns a subsidiary that operates a coal or other mine must include in each periodic report filed with the Securities and Exchange Commission various information relating to mine safety.
Among the information that operators will have to file with SEC are the total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a safety or health hazard under the Mine Safety and Health Act for which the operator received a citation; the total number of 104(b) orders issued under the Act; total number of unwarrantable failure citations; total number of flagrant violations; total number of imminent danger violations; total dollar value of proposed assessments; and the total number of mining-related fatalities, NSSGA reports.
The legislation also calls for companies in their filings to list their mines that receive written notice from the Mine Safety and Health Administration of a pattern of S&S violations. It also requires the disclosure of any pending legal action before the Federal Mine Safety and Health Review Commission.
Finally, the financial reform bill also calls upon these companies to include in their SEC filings if they are in receipt of an imminent danger order or have received a written notice of a pattern of violations, NSSGA reports.