Many active and influential players in the global mining industry have already adopted the global standards captioned as “Toward Sustainable Mining” (TSM) program. Recently, mining companies in the Philippines collectively announced that in line with the country’s stricter enforcement of environmental regulations, as well as the need to attract investors to improve their social performance, they vow to adopt the TSM global standards.
The promise to do so follows suit to the actions already taken by other leading countries active in the field of mining like Argentina, Spain, Finland, Brazil, and Botswana.
Why is TSM Significant in the Philippine Mining Industry?
Gerard H. Brimo, Chairman of the Chamber of the Mines Philippines (COMP) and Executive Director of Nickel Corp, stated that there is a continuous increase of investors and financial institutions that look to TSM adoption as a trustworthy standard as a basis for deciding on a mining investment. As it is, investors regard TSM adoption vital in assessing the social and environmental performance of a country’s mining firms, particularly those seeking investments as additional funding.
Mr. Brimo cited the Mining Association of Canada (MAC) as an example, as it established policies aimed at imposing corrective actions on MAC members who fail to meet their goals. He explained that TSM follows the same rule, of becoming a process of weeding out troublesome members that do not follow the standards even when forced to comply. Brimo added that with COMP implementing TSM, they can attain their goal of exceeding the country’s expectations of the Philippine mining industry in terms of sustainability.
According to the COMP CEO, TSM implementation in the Philippines will transpire gradually; starting from 2021 until the program attains full completion in 2024. Next year, COMP members will be conducting a gap analysis toward the accomplishment, and submission of their respective self-assessment reports in 2022.
After which, all mining company members will undergo verification by an external party in the middle of 2023 and 2024. The said self assessed but externally verified reports will be transparent and to be shown and made available to the public.