This article presents stability analysis for a tailings pond (TP), the height (H) of which is planned to be raised from 51 to 75 m (in four stages) to enhance its storage capacity. Transient fully coupled stress-pore pressure analysis is performed in finite element-based program RS2, to investigate the hydro-mechanical behaviour of TP during its staged construction. While doing so, the effect of embankment raising rate (ERR, expressed as height raised in m per year) on the evolution of excess pore water pressure (EPWP), and therefore on the overall stability of TP, is investigated. Furthermore, an attempt has been made to study the influence of beach widths (L) on the location of the phreatic surface within the TP. Results from the analysis are interpreted in terms of EPWP and strength reduction factor (SRF) observed during various construction phases. Results show the development of high EPWP beneath the embankments during each phase of raising resulting in the reduced critical SRF values. However, an overall increase in critical SRF (due to the increase in effective stresses) is observed during the consolidation phases, which happens due to the dissipation of EPWP during the consolidation of mine tailings. Moreover, the critical SRF at the end of final construction is observed to increase with an increase in L/H ratio. Finally, based on the stability analysis, an ERR of 6 m/year with L/H = 2 is recommended to ensure the overall stability of TP during various phases of construction.