GREENVILLE, S.C., July 23, 2012 /PRNewswire/ -- KEMET Corporation (NYSE: KEM), a leading manufacturer of tantalum, ceramic, aluminum, film, paper and electrolytic capacitors, today announced that it is positively cited in the U.S. Government Accountability Office (GAO) report Conflict Mineral Disclosure Rule: SEC's Actions and Stakeholder-Developed Initiatives (GAO-12-763). This report highlights KEMET's "Making Africa Work" initiative of establishing a "closed-pipe" supply chain for responsible sourcing of tantalum from Katanga Province in the Democratic Republic of Congo (DRC).
"Addressing both the social and economic health of the local mining communities in the DRC is a critical step in resolving its longstanding social conflict and atrocities," stated Per Loof, KEMET's Chief Executive Officer. "As the industry leader, we have a responsibility to focus on creating sustainable communities in the DRC which, in turn, will support the stable supply of raw materials so important to meeting the long term needs of our customers and the overall market," continued Loof.
"KEMET's mention in this report confirms we are on the right track and illustrates our continued involvement with the various industry and governmental initiatives and organizations addressing the issue of conflict minerals sourcing," stated Dr. Daniel Persico, Vice President of Strategic Marketing & Business Development."Making Africa Work" is a comprehensive initiative that includes a social sustainability investment of $1.5 million over a two year period for infrastructure development and improvements such as the construction of schools, health clinics and fresh water wells at and around the Kisengo mine site in the DRC. This plan is focused on enhancing the overall quality of life of the miners and their families as well as creating long-term opportunities for the local community that supports the mine. The "Making Africa Work" initiative is a linchpin in KEMET's overall commitment to developing a conflict free, vertically integrated supply chain for the manufacture of our tantalum capacitors. In addition, KEMET has committed that it will cease doing business with any supplier that cannot prove their supply chain is free of conflict based materials.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts