Anglo American Discloses Waste-Storage Details on Investor Pressure
June 07 2019 - 5:35AM
Dow Jones News
By Maitane Sardon
Anglo American PLC (AAL.LN) on Friday disclosed details of its
waste-storage facilities, responding to pressure from a group of
institutional investors with a total $10.3 trillion in assets under
management.
The mining company published on its website the details of its
91 managed tailings-storage facilities and 62 additional
tailings-storage facilities at nonmanaged joint ventures in which
it has an interest.
The move comes after the Church of England Pensions Board and
the Swedish Council on Ethics for the AP Fund asked the company in
a letter for disclosures on every individual tailings facility
under its control following the Brumadinho dam disaster, which
killed over 150 people.
The engagement, which was supported by 96 investors and the
United Nation's Principles for Responsible Investment, targeted 683
listed extractive companies.
The group asked companies to publish disclosure signed by the
CEO and to consider how to communicate any disclosure with
communities affected by their tailings footprint. The letter, sent
in April, and gave companies 45 days to respond.
"These disclosures will drive a new level of accountability and
transparency within the mining sector and will form the basis of
further interventions as investors continue our engagement
following the tragedy of Brumadinho," said Adam Matthews, director
of ethics and engagement for the Church of England Pensions Board
and colead on the Investor Mining & Tailings Safety
Initiative.
In addition to the requested information, Anglo American also
published on Friday its technical standards for mineral residue
facilities and water-management structures.
"As an industry, we have a clear ethical and moral imperative to
do everything possible to ensure that tailings storage facilities
are managed to the highest standards of safety as we work together,
as an industry, to build greater levels of trust with all our
stakeholders," said Mark Cutifani, Anglo American's chief
executive.
Mr. Cutifani said the company is working on a number of
technologies to reduce the volume of waste material produced
through its activities.
Write to Maitane Sardon at maitane.sardon@dowjones.com
(END) Dow Jones Newswires
June 07, 2019 05:20 ET (09:20 GMT)
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