Tailings Management in Extractives – Standard-Setting Project

Public comment period is open through March 17, 2021.
Visit the Published Documents section of this page to view the Proposed Changes to the SASB Metals & Mining and Coal Operations Standards. Invitation to Comment on Exposure Drafts and Basis for Conclusions document. When you’re ready to submit a comment, please complete below form.

Page Last Updated: December 17, 2020

Project Overview

Project Objective
The current standards for the Metals & Mining and Coal Operations industries within the Extractives & Minerals Processing Sector are being evaluated for potential revision to ensure the set of disclosures fully captures the risks associated with company management of tailings storage facilities (TSF). The project also aims to improve global applicability of the standards.

Project Background

Tailings are mining operations waste, usually stored in ponds or dams, frequently covering very large land areas. Impoundments for tailings can present a significant threat if they collapse, potentially leading to the loss of life and/or damage to property and ecosystems, which bears significant financial implications. Recent catastrophic failures of TSFs include Imperial Metal’s 2014 release of waste slurry in Canada’s Polley Lake, a 2015 dam failure in Mariana, Brazil (a Vale/BHP joint venture), which entailed $6 billion in expenditures to restore the environment and affected communities, and Vale’s tragic January 2019 dam collapse in Brumadinho, which resulted in a $4.95 billion loss for the company in the first quarter after the disaster.

Since the SASB standards were codified in November 2018, there has been a significant evolution of investor interest and corporate disclosure related to tailings facilities management. Management of tailings facilities has been included in the SASB standards for the Metals & Mining and Coal Operations industries since SASB developed its first, provisional exposure draft for these industries in 2014. However, as global investors continue to express interest in the topic and evaluate the utility of various existing and proposed reporting frameworks, we believe there is opportunity to improve the industry standards in this area. We can even see some Oil & Gas – Exploration & Production industry companies, that own or operate tailings storage facilities management, benefiting from improved transparency on the subject, given the investor interest and materiality of the topic.

Project Status

Current Status

Proposed changes to the SASB Metals & Mining and Coal Operation Standards along with the Invitation to comment on Exposure Drafts and Basis for Conclusions public comment period is in progress and will conclude on March 17, 2021.

Next Steps

SASB’s Standards Board will consider all public comments submitted and conduct deliberations based on the comments received. At that time, the Standards Board may pursue further revisions of the relevant industry standards or may approve the exposure draft as is. Upon the approval of the proposed changes by the Standards Board, the approved version will supersede the 2018 version of the Metals & Mining and Coal Operations standards.

Contact Information

Ekaterina Hardin
Sector Analyst – Extractives & Minerals Processing, SASB
[email protected]

Board Materials & Decisions

Board Meeting Outcomes

September 2020

  • Staff presented metrics developed for the two disclosure topics under the project’s scope – Waste & Hazardous Materials Management and Tailings Storage Facilitates Management. Metrics were modeled for the Metals & Mining Industry and would be modified for Coal Operations Industry appropriately.
  • The Board discussed open issues such as the lack of globally accepted definitions of hazardous waste and materials; the preferred format of disclosure for the Tailings Storage Facilities Management topic – aggregate per company vs. tabular per site; and options for defining “material findings” that may result from companies’ dam safety reviews.
  • Next steps in the project will consist of developing exposure drafts for both industries and submitting those to the Standards Board for a vote in the coming weeks

Board Materials

September 2020

June 2020

December 2019

For a full list of past and upcoming Standards Board meetings, as well as associated materials, please visit our Board Meetings Calendar & Archive.

Public Comment

Please consider the following questions when submitting comments:

  1. Do you support the proposed changes to the Metals & Mining and Coal Operations Standards?
  2. Do you support the expanded approach on tailings storage facilities management, including the creation of its own disclosure topic?
  3. Do you agree that presenting tailings storage facilities inventory in a table format would be more useful than disclosure that is aggregated at the company level? Do you agree that company disclosure preparation costs for the table would not be significantly greater than the alternative?
  4. Do you agree that a disclosure capturing all hazardous waste incidents is more useful than one focusing only on hazardous raw materials or one that requires separate disclosure of incidents involving hazardous raw materials versus other hazardous wastes?
  5. Do you agree with the Board’s decision to retain the Waste Management disclosure topic in the Coal Operations Standard? Should any of the corresponding metrics be excluded?

If your comment does not apply to a specific sector, please select ‘N/A’ from the dropdown menu.
If your comment applies to multiple sectors, please list them in the message field below.

Maximum size: 1MB.
Allowed file types: .pdf, .txt, .doc, .docx.

Subscribe to Project Updates

Fill out this form for project-specific notifications about calls for public feedback, advancement in project phases, and research questions.

The staff has prepared this summary for informational purposes only. Any Standards Board decisions are tentative and do not change current accounting. Official positions of SASB are determined only after extensive due process and deliberations.