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WASHINGTON – Federal regulators on Wednesday proposed new reporting requirements for public companies that operate mines, pull oil or gas out of the ground or use certain minerals from Africa in their products.

The Securities and Exchange Commission voted to propose the new rules under the financial overhaul law enacted in July. The regulators' goal is to make companies engaged in potentially controversial activities more accountable about them to shareholders.

In the case of companies that use so-called "conflict" minerals from Congo and neighboring countries in electronics and other products, the idea is that stricter reporting requirements would help curb the widespread violence in Congo, where minerals are produced in mines controlled by rebel groups. The goal is to cut off funds to the rebels.

Public companies that operate mines would be required to provide information in periodic SEC reports on health and safety violations as well as any notices from the U.S. Labor Department indicating that a mine has a pattern of violating health or safety standards.

Companies that produce oil, natural gas or minerals would be required to detail in an annual report all payments related to commercial development that were made to the U.S. or a foreign government. They would include taxes, royalties and licensing fees.

The information would have to be provided in an interactive data format, with electronic tags.

An increasing number of companies have been charged by the SEC and the Justice Department in recent years with violating the Foreign Corrupt Practices Act, which prohibits bribery of foreign government officials or company executives to secure or retain business.

And companies that use "conflict" minerals from the Congo and neighboring countries in their products would have to file each year a report including a description of the research the company did to trace the minerals back to their sources. Descriptions of the manufactured products and the factories that processed the minerals would have to be included.

Conflict minerals are defined as gold, cassiterite, wolframite and columbite-tantalite, also called coltan. Cassiterite and coltan are used to make cell phones, computers and other electronics. Wolframite is used in metal seals and other components.

The United Nations has imposed sanctions on armed rebel groups in Congo, who are accused of committing widespread rape, murder and other violence in the course of their illicit minerals trafficking.

"Congress was concerned that the exploitation and trade of conflict minerals originating in (Congo) is helping to finance conflict that is characterized by extreme levels of violence, particularly sexual- and gender-based violence, and is contributing to an emergency humanitarian situation," SEC Chairman Mary Schapiro said before the vote.

The SEC opened the proposed rules to public comment until Jan. 31. They could be formally adopted sometime after that possibly with changes.

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NEW YORK – Shares of mining companies dropped Friday with the broader market as the price of oil and precious metals fell on growing concerns that rapid growth in China will slow.

The Dow Jones industrial average dropped nearly 100 points in early afternoon trading, led by sharp losses in energy and materials stocks.

Investors are worried that China might have to raise interest rates to fight inflation, which brought worries of waning demand for a wide range of commodities. A slowdown in China could ripple across the world because that country's strength has helped offset sluggish growth elsewhere, like in the U.S. Many companies have credited international sales as a major revenue driver.

China's appetite for crude and other imports is also vital to other countries. China is the largest energy consumer in the world, and any economic slowdown there could stall its consumption.

Benchmark oil for December delivery dropped more than 3 percent in afternoon trading on the New York Mercantile Exchange. Gold fell 2.6 percent and was back below $1,400 an ounce. Copper dropped 2.8 percent, while silver slid 5 percent.

Shares of metal miners like Freeport-McMoRan Copper & Gold Inc. dropped about 4 percent in afternoon trading. Coal companies were also down. Peabody Energy Corp., one of the world's largest, dropped 3.8 percent.

Aluminum makers also lost ground. Alcoa shares dropped about 2 percent in late afternoon.

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Both are images of the past, ghosts industry of the now defunct far from the life of the 21st century - this is why the emergence of 33 Chilean exhilarating a hole in the ground came as a little surprise to the public this week.

As it turns out that mining do more after all, but a global industry employing trillion of 43 million people.

Modern technology may have done away with the need to pick axes and asses, but there are places that still rely on men crawling through tunnels in search of more and more scarce commodities.

For these men, it is apparently worth braving the extremely poor security conditions in exchange for a 20pc than copper average salary miner in the South American nation.

Men rescued in San José, worked in a copper mine - and the Chile is the world number one producer of base metal which saw higher prices for the months.

Euphoria at the Chile is likely to die before long, when the miners returned to their wives and ma?tresses.Mais there is still much to be happy about for mining giants.

Department of mines Chile closed mines around 300 since the accident, concerned about the risk of disasters plus.Cependant, this is unlikely to have a major impact on the output of the country.

Product Chile one-third of the world copper around 95pc this is operated by the Corporation, Codelco and BHP Billiton - are under threat of all major international stops in their operations.

Meanwhile, prices are currently at a maximum of 27 months $ 8,490 per tonne and 5MC just below the record copper reached in 2008.

Whereas the weakness of the dollar has provided a boost short-term all precious metals and base, some have increased more rapidly than others - and that includes copper.

Two largest copper producers worldwide, Codelco and Freeport-McMoRan copper and gold, warned this week supply "very tight" next year.

The reasons for this are deteriorating mining, metal of inferior quality and lack of investment in their factory.

It is not only production is declining, but demand is rising.Even today, there are in China and the London Metal Exchange low inventory levels.

Most copper goes into the construction and electrical equipment.

But demand for copper in the future of conduct will be consumers want to buy more environmentally friendly hybrid cars that use twice the amount of copper because they have an electric motor as a motor.

In addition to this, a recent report by the International Copper study demand for red metal Groupsays increase by 3 81pc this year and 4 49pc next year, but Rio Tinto mining giant believes current projects can only supports 3pc growth rates.

It has really been driving the massive rise in base metals copper and providing a boost to the mining industry as a whole.

"FTSE index mining has outperformed FTSE100 stock by 15pc 35pc increase since June, index," said Nick "Metals" Moore, an analyst at RBS products.Antofagasta led the charge with a gain of 71pc, with the company offering price copper exposure, volume growth and position solid balance sheet.

"Other copper producers also increased further to 50pc investors leverage a premium to other miners at the back of the strong fundamental underlying and extremely optimistic market copper pure-play business copper consensus".

Goldman Sachs has higher than forecast in city analysts arguing that commercial copper 35pc higher than $11 per tonne in 12 mois.Il advised customers purchase contract from December 2011 as demand will probably lead to shortages of metal next year.

And there lies the reason as industrial accidents such as test Chilean minors or the latest tragedy in China, where 11 men were trapped dead fear and 26 other people were killed in an explosion of gas, will be on offshore companies or their employees to dig deeper into the Earth for the copper - and other natural resources.

Mining can still be dirty, dangerous, technically difficult and full of risk politique.Mais if prices increase in mineral products industry, is one of the growth sectors more profitable and more critical of the planet.

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