Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) told investors that it has committed to implementing the global industry standard on tailings management (GISTM) at its operations in Gedabek, Azerbaijan.
These standards, which were established by the UN Environment Programme, the International Council on Mining and Metals and the Principles of Responsible Investment, aim to achieve zero harm to people and the environment.
Under GISTM, operators take responsibility and prioritise the safety of tailings facilities, through all phases of a facility's lifecycle, including closure and post-closure, as well as disclosing relevant information to support public accountability.
The gold, copper and silver producer said it already complies with all local tailings dam regulations, and the aim is to reach full GISTM compliance by the end of 2026.
After enlisting three international environmental and engineering consultancies to carry out audits of its tailings facility, it was found to be operated to international standards, Anglo Asian said.
The AIM-listed company has also pledged to the Church of England Pensions Board, representative of the Principles for Responsible Investment, that it will work towards full compliance with GISTM and support the formation of a planned independent institute to oversee the implementation of the standards.
Gedabek's tailings management facility and dam, situated seven kilometres away and at a lower level from the processing plant, was designed 12 years ago under the best practices at the time, with four construction phases since, with one more required for the facility to reach its final design capacity.