**Updated details of company disclosures (as of 5 July 2019) are available below under "Responses to the Disclosure Request"**
The Investor Mining & Tailings Safety Initiative is an investor led engagement convening institutional investors active in extractive industries including major asset owners and asset managers. Inputs into the investor process have been sought from communities impacted by the recent disaster, leading international experts, government representatives, leading international technical advisors as well as company representatives.
The Investor Mining & Tailings Safety Initiative is governed through a Steering Committee Chaired by the Church of England Pensions Board and the Swedish Council of Ethics of the AP Funds.
This has led to two interventions. The first was a call, supported by funds with over $6 trillion in assets under management, for a new independent and publicly accessible international standard for tailings dams based upon the consequences of failure. See press releases here, here and here. Investors have been pleased to see the response of industry through ICMM, and their commitment to co-convene a global independent expert review panel. The second intervention is the letter outlined below.
Following the catastrophic tailings dam failure at the Córrego do Feijão mining facility in Brumadinho, Minas Gerias, Brazil, which led to the loss of over 245 lives, and 25 missing people (as of May 2019), a group of 96 institutional investors (representing more than $10.3 trillion assets under management) have written to 683 extractive companies seeking greater disclosure on the management of tailings storage facilities (“TSF”).
On the 5th April a letter was sent to the Board Chairs and Chief Executive Officers of 683 listed extractive companies requesting specific disclosure on Tailings Storage Facilities. A follow up letter was sent on 17th April. Given the urgency of the issue the disclosure is requested by 7th June 2019 and to be placed upon the company website, signed by the CEO or Board Chair.
This is the second major intervention by institutional investors following the Brumadinho disaster.
Following the disaster investors made a public call to establish a new independent and publicly accessible international standard for tailings dams based upon the consequences of failure. In response to that request a global review was announced and co-convened by the International Council on Mining and Metals (ICMM), the Principles for Responsible Investment (PRI) and the United Nations Environment Programme (UNEP).
High Level Investor Roundtables
As part of the investor initiative two high level investor roundtables have been convened by the Church of England Pensions Board and Swedish Council of Ethics at Church House in London on the 4th March and 1st April. Investors are due to continue to meet on a monthly basis.
These roundtable events are intended to:
- Provide a forum for input from locally affected communities.
- Enable better understanding of the scale of social and financial risks associated with TSF failure.
- Help identify the actions required to make best practices on TSF management a minimum standard including through input from TSF experts and industry leading companies.
- Define the roles of investors, companies and other stakeholders in reducing the safety risks associated with TSF.
Investor disclosure request
There is currently no consolidated global public register of TFSs. It has been estimated that there are approximately 18,000 TFSs worldwide, of which approximately 3,500 are currently active. However, without a global register, the precise scale of the risks are not clear, nor is it clear which company has responsibility for which facilities.
As institutional investors in the mining industry and in the absence of such a register or common public reporting standards on TSFs, the Investor Mining & Tailings Safety Initiative is currently requesting data from 683 mining companies on each of their TSFs, as outlined in the letters (see here and here).
Key features of the disclosure request
- The Investor Mining & Tailings Safety Initiative requests the public disclosure of this information, certified by the Chairperson of the Board of Directors, and / or the Chief Executive Officer, on the company’s website by 7th June 2019.
- Disclosure should include:
- All tailings facilities where the company has any interest, through subsidiaries, partnerships, joint ventures both incorporated and unincorporated, and any other enterprises of whatever legal form.
- All joint venture partners reporting on jointly owned facilities, even if you are not the operating partner (“NOJV’s”), should use the same facility name/identifier in the disclosure statement.
- Companies should send confirmation of completed disclosure, along with relevant weblink and details of contact person for future correspondence to
- If respondents are unable to answer a question or do not have the requested information, please explain why this is the case and what action the company is taking to address this.
- We strongly recommend that the disclosure is accompanied by plans to communicate directly with communities that may be affected by the company’s TSF footprint.
Responses to the Disclosure Request:
650 publicly listed extractive companies were contacted (including Oil and Gas companies due to exposure to tailings from Tar Sands operations and Joint Ventures). The number of companies contacted decreased slightly from the number announced in April due to changes during the period of engagement as a result of acquisitions, delisting etc.
As of 31st July 2019, 34 of the top 50 mining companies have made disclosures which has resulted in information about thousands of individual tailings dams/facilities being made public on company websites. Over 54% of the mining industry (specifically, 54.2% of publicly listed mining companies by market capitalisation) have responded, and 21 of 22 publicly owned companies that are members of the International Council on Mining & Metals (ICMM) responded and fully disclosed tailings dams/facilities.
Of the 650 companies contacted the breakdown of responders were:
- 238 responded (representing 55% of the companies contacted by market cap).
- 140 confirmed they did not have tailings facilities (representing 30%).
- 98 confirmed they did have tailings facilities.
- 29 companies have not yet published their disclosure on a website or have asked for extra time to complete their disclosure.
- 412 did not respond (representing 45%).
Breaking these figures down further for the mining sector only, preliminary analysis indicates:
- 34 out of the top 50 largest mining companies in the world responded.
- 68% of the industry by market capitalisation responded.
- 54.2% of the industry by market capitalisation fully and publicly disclosed.
- 21 out of 22 publicly listed members of the International Council of Mining & Metals responded and publicly disclosed.
Press Release on Company Disclosures (17 June 2019)
Information on which companies have disclosed (31 July 2019)
Further Information and documents:
Please don’t hesitate to contact us if you have any questions relating to this disclosure request at
Letter to 683 companies (5th April 2019)
Second letter to companies (17th April 2019)
Frequently Asked Questions:
Q: We are not responsible for any tailings dams, nor are we linked to any via subsidiaries or joint ventures. Do we still need to make a disclosure on our website by 7th June 2019?
A: Please confirm with us ([email protected]) that you have no Tailings Storage Facility exposure by 7th June 2019. Your company will remain on the public disclosure register with a statement to the effect that you have responded fully to the disclosure request and confirmed that you have no exposure to TSF's.
Q: How should we format the disclosure?
A: We have made available a sample Excel spreadsheet that you would be welcome to use. It is available here.