TSM was developed by the Mining Association of Canada (MAC) in 2004 and has been implemented worldwide among key mining nations.
Adopting TSM will support companies in demonstrating site-level safety, sustainability and environmental, social and governance performance through better measurement and accountability.
TSM will also show how operations engage with traditional owners while supporting social and economic aspirations and heritage protection.
MCA CEO Tania Constable said the phased introduction of TSM as an expectation of MCA membership will give industry stakeholders, including traditional owners, local communities, investors and customers, additional assurance and visibility on the sector's site-level sustainability performance across a range of important practical measures.
TSM builds on existing commitments to Enduring Value - the Australian minerals industry's corporate-level sustainable development framework - by providing a consistent and independently verified approach to assess and communicate site level performance, supporting trust and enhancing confidence in the industry's sustainability credentials.
"Australian mining is a global leader in sustainability performance, and it's time to take another step forward to enhance community, investor and customer trust and confidence in the industry," Constable said.
The system includes guiding principles and standardised protocols to be adapted for Australian implementation, including communities and people, environmental stewardship and climate change.
All MCA members will be expected to participate in TSM and publicly report performance in line with standardised protocols and indicators.
There will be ongoing consultation with a national Community of Interest Advisory Panel, an independent multi-stakeholder group, to oversee and shape the program for continual advancement.
"TSM has led to better outcomes for mining communities in Canada and around the world, and it's great that Australia has chosen TSM as the vehicle to demonstrate environmental and social performance in its mining sector," MAC CEO Pierre Gratton said.
"We are very proud of TSM's increasingly global reach and power to improve sustainability through measuring site-level performance."
The Queensland Resources Council welcomed the adoption of TSM.
Anglo American said it strongly supported the use of TSM, "which will help Australia's metallurgical coal and iron ore industries meet future demands for the responsible production of steel for use in consumer products."