Anglo American Discloses Waste-Storage Details on Investor Pressure

   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 [e-mail]

(END) Dow Jones Newswires

June 07, 2019 05:20 ET (09:20 GMT)

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