Hello Kaunis,
I agree with the first method you propose. Modelling the elementary flows to soil will give a good approximation of the impacts from reburying the tailings. It should be considered that not all elements will go directly into eco-systems, or impact human health, but it is a valid approximation, and if anything overestimates the impacts, which is a more valid method than underestimation.
The process you have found does not include any environmental impacts, other than land use and land transformation. I would investigate some other final disposal processes for tailings, that includes leachate as well as land occupation. Even though it might not be a precise chemical composition, it will better estimate real impact.
The system comparison would then be between the direct elementary flows to soil (green leaf) and the waste treatment flow (red trashcan)
Using a product flow would not be relevant here, i do not think.
Hope this answers your questions, good luck.