Shorty after the Córrego do Feijão mining facility tragedy in Brumadinho, a group of institutions brought together by the Church of England Pensions Board and the Council on Ethics of the Swedish National Pension Funds started The Investor Mining & Tailings Satety Initiative. This initiative aims to improve the standards around tailings management in the mining industry.
DAMSAT welcomes this initiative as, just like DAMSAT, it is a great project to minimise the risk of tailings storage facilities failure.
The Global Tailing Review
The group first called for a new public, international and independent standard for tailings storage facilities. This call brought to life the Global Tailings Review, a project led by the International Council on Mining and Metals (ICMM), partnered with the United Nations Environment Programme (UNEP) and the Principles for Responsible Investment (PRI). The Global Tailings Review proposes a new international standard for tailings dams based upon the consequences of failure.
The group has also formally asked to more than 726 extractive companies around the world to disclose their tailings storage facilities, to create a mining activity database: the Global Tailings Portal, soon available to the public. This portal contains information that has a level of disclosure without precedence in the industry. It will enable more accurate analysis on the potential consequence associated to the collapse of these structures.