By Final Rule dated December 21, the SEC has adopted new rules outlining how mining companies must disclose the mine safety information required by the Dodd-Frank Act, including the addition of Item 1.04 to Current Report Form 8-K. Section 1503 Dodd-Frank requires mining companies to include information about mine safety and health in the quarterly and annual reports filed with the SEC. The Dodd-Frank Act disclosure requirements are based on the safety and health requirements that apply to mines under the Federal Mine Safety and Health Act of 1977, which is administered by the Mine Safety and Health Administration (MSHA).
The SEC adopted amendments to periodic Forms 10-K, 10-Q, 20-F and 40-F to require the disclosure mandated by Section 1503(a) of the Dodd-Frank Act; adopted new Item 104 of Regulation S-K, which sets forth the disclosure requirements for Forms 10-K and 10-Q, and amended Item 601 of Regulation S-K to add a new exhibit to Forms 10-K and 10-Q for provision of this information. The new Form 8-K Item 1.04 implements the requirements imposed by Section 1503(b) of Dodd-Frank, and the SEC amended Form S-3 to add the new item to the list of Form 8-K items the untimely filing of which will not result in loss of Form S-3 eligibility.
The SEC estimates that, of the approximately 13,500 Form 10-Ks filed annually, approximately 100 are filed by companies that operate, or have a subsidiary that operates, a mine subject to the Mine Act, and that therefore will be affected by the rule and form amendments. Of the 942 Form 20-F and 205 Form 40-F annual reports filed by foreign private issuers, approximately 30 are filed by companies that would be affected by the rule and form amendments. The final rules, which require disclosure on a mine-by-mine basis, take effect 30 days after publication in the Federal Register.
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