- Following two catastrophic TSF failures in Brazil, a call was made for international standards to be developed to prevent any future failures
- The panel drafting the standards is backed by the United Nations Environment Programme, the International Council on Mining and Metals (ICMM) and the Principles for Responsible Investment
- The standards will focus on 6 core areas
- Hear from industry experts about the next round of Church of England – Tailings questions, upcoming global standards, and available reporting and monitoring tools in this FREE webinar
What 6 key areas will the TSF standards focus on?The draft standards focus on six core areas:
- Improving the knowledge and information on TSFs
- Increasing engagement with affected communities living and working near the TSFs
- Standardizing the design, construction, operation and management of the TSFs that embodies a precautionary approach
- Elevating the environmental, health and safety decision making associated with TSFs within the company
- Creating emergency response and long-term recovery plans in the event of a TSF failure
- Publicly disclosing information associated with TSFs
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What is the Investor Mining and Tailings Safety Initiative?
Following the recent tailings dam failures, The Investor Mining and Tailings Safety Initiative was established by a group of institutional investors active in the extractive industries representing more than $13.1 trillion in assets under management. Governed through a Steering Committee chaired by the Church of England Pensions Board and the Swedish Council of Ethics of the AP Funds, the group has called upon 727 extractive mining companies to disclose information in relation to their tailings storage facilities to form an online database.
How many companies have disclosed information about their TSFs?
As of the 20th of December 2019, 46 per cent of companies contacted responded to the request. 40 of the top 50 mining companies have made disclosures which has resulted in information about thousands of individual tailings dams being made public on company websites. All 23 of 23 publicly owned companies that are members of the International Council on Mining & Metals (ICMM) responded and fully disclosed information about their TSFs.
How many tailings dams have had stability issues?
Company disclosures to investors have revealed that 10% (166 out of 1,635) of the tailings dams reported to have had stability issues in their history.
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- See how our solutions help manage industry stakeholder engagement and operator and regulator compliance requirements here