The Finnish mining industry’s 2024 sustainability reports have now been published. These reports include companies’ self-assessments based on the Towards Sustainable Mining (TSM) standard, offering transparent insights into the sector’s sustainability efforts and progress. The reports also include a corporate social responsibility section that provides key information about mining companies’ operations for stakeholders.

The Finnish mining sector develops sustainability collaboratively and based on key industry standards. The common standard used is Towards Sustainable Mining, an internationally recognized voluntary tool for improving sustainability practices. The guiding principle of TSM is continuous improvement. Through the standard, mining companies continuously enhance their operations to be more sustainable and manage and minimize key risks.

“The mining sector’s own voluntary standard remains an excellent tool for developing sustainability, even though in Europe companies are also driven by broader sustainability regulations and reporting standards. TSM primarily functions as a development tool, and its use has helped larger mining companies prepare for the requirements of the EU Corporate Sustainability Reporting Directive (CSRD),” says Pekka Suomela, Managing Director of the Finnish Mining Association (FinnMin).

Mining companies voluntarily report annually on their sustainability actions using the TSM standard, covering both environmental and social responsibility. The standard is comprised of nine self-assessment tools. Results related to the ninth tool (equitable, diverse, and inclusive workplaces) will be published for the first time in 2026, based on 2025 data. Results are verified by independent experts every three years. FinnMin coordinates the Finnish TSM reports, which have been compiled since 2014 and are published on the dedicated Kaivosvastuu.fi website.

“By publishing the results openly, we aim to strengthen transparency and promote continuous improvement across the industry. It’s great to see that this year Dragon Mining has joined and verified its results for the first time. This shows that more mining companies are committing to developing their operations in line with the TSM standard,” Suomela adds.

Explore the company reports:
Mines >>
Exploration companies >>
Projects >>

FinnMin’s rules require member companies to develop their sustainability using the TSM Finland standard or commit to an equivalent tool of similar level.

More information:
Linda Smids, Sustainability and Communications Specialist, FinnMin
linda.smids@teknologiateollisuus.fi

What is TSM Finland?

TSM Finland promotes the sustainability of the Finnish mining industry by applying the internationally recognized TSM standard. TSM is a voluntary development tool that helps companies assess and improve their operations from a sustainability perspective. Companies publish an annual TSM report summarizing the state and progress of their sustainability efforts. Results are verified by independent experts every three years.

In Finland, TSM activities are coordinated by FinnMin, and the reports are published openly on Kaivosvastuu.fi. These reports allow stakeholders to transparently monitor the sustainability performance of mining companies.

The TSM Finland standard includes nine assessment areas, evaluated through self-assessment tools:

(1) Stakeholder Co-Operation, (2) Biodiversity Management, (3) Tailings Management, (4) Water Management, (5) Climate Change Management, (6) Occupational Health and Safety, (7) Crisis Management, (8) Mine Closure and (9) Equitable, Diverse, and Inclusive Workplaces.

Performance is rated across five levels (C, B, A, AA, AAA), with C-level representing compliance with Finnish legislation. All areas are assessed using these five levels, except Crisis Management, which is rated as either accepted or unaccepted.