Turkey set to finalize agreement for adopting Canadian mining regulations
Canada's Alamos Gold has exited Turkey's mining sector, selling three gold mines to Nurol for $470 million. This move paves the way for a significant change in the Turkish mining industry, as the Towards Sustainable Mining (TSM) program is set to be introduced.
The TSM program, a performance-based management system, has been applied in Canada and other countries for over 15 years. It emphasises effective risk management, constructive relations with local communities, and transparent reporting. Companies that meet the TSM standards will become eligible for certification.
On Monday, the Turkish Miners Association (TMD) is set to sign a cooperation protocol with the Mining Association of Canada (MAC) in Ankara. This collaboration is described as a milestone for the Turkish mining sector. TMD Chairman Mehmet Yilmaz expects the protocol to ensure international standards are applied in Turkey.
Yilmaz mentioned that successful completion of the TSM process will result in certification for participating companies. Participating companies will be evaluated annually through independent audits covering areas such as environmental protection, occupational health and safety, crisis management, water and waste management, biodiversity conservation, and climate change mitigation.
The TSM program includes performance ratings ranging from "C" to "AAA." Yilmaz stated that Turkey will benefit from Canada's long experience with the TSM program. The cooperation aims to bring international sustainability standards into Turkey's mining sector.
The TSM program is anticipated to enhance the credibility of Turkey's mining sector with the public. It is also expected to attract new investment to the sector and help Turkish mining companies gain access to international financing. The program's implementation is expected to be a positive step towards sustainable mining practices in Turkey.
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