GTSO CEO Paul Watson said that the new Dodd-Frank regulations would help level the playing field for smaller companies seeking transparency in their business dealings in Africa and other regions where vast mineral wealth hasn't translated to local prosperity. Research by a UN Group of Experts last year found that the law had already helped reduce the sums earned from tungsten, tin and tantalum mining used to support warlords and buy guns.

“GTSO isn't threatened at all by these new rules because we're highly focused on building quality operations with the utmost of transparency,” Watson said. “It's our competitors who are seeking unfair advantages that will be hurt.”

The company says that it has spent time finding appropriate partners, including Diamond V Associates (DVA) and their contacts in the Africa Support Network (ASN), to facilitate valid operations in Ghana and other troubled regions that focus on helping local communities through resource development.

Through its joint venture with DVA, GTSO is exploring new tungsten mining opportunities in West Africa as well as North America. As China, the world's primary minerals producer, tightens supplies of tungsten, the metal's value has doubled in recent years. This has sparked a global rush to develop new tungsten resources on which GTSO is working to capitalize.

Kemet and GAM also commented on the ruling.