The mining industry has a vested interest in improving operations and complying with regulatory changes. The cost of remediation and remuneration for workers affected by failures is significant, not only from a business standpoint but from a public relations standpoint as well. No company wants to be seen as a bad actor in opposition to the communities in which it operates.
Reviewing design, construction, and operation policies is the first step forward towards minimising TSF failures, such as has begun in Australia’s mining industry. But with additional scrutiny from regulators and investors alike, companies looking to develop new mines and maintain existing ones will need to go through more thorough regulatory reviews as well as to take additional steps to ensure safe operations.
The World Economic Forum has suggested five ways in which mining companies can align operations with global environmental and safety concerns.
- Building multi-stakeholder relationships with regulators, communities, faith organisations, business associations, and others.
- Pursuing sustainable development in partnership with communities where they operate.
- Improving transparency into operations, safety measures, and anti-corruption initiatives.
- Sharing information with peers to develop industry-wide best practices.
- Enhancing internal structures that rapidly and effectively monitor and communicate risks as they develop.
Don’t miss another update!