Business Strategies and Environmental Transparency in the Brazilian Mining Sector

ABSTRACT In recent years, Brazil has experienced severe accidents caused by mining companies. This study aims to analyze the socio‐environmental strategies and environmental transparency practices adopted by the largest Brazilian mining companies following the Mariana and Brumadinho disasters, in light of Legitimacy Theory. The strategies adopted by the 15 largest companies in the Brazilian mining sector in 2024 were analyzed using sustainability reports and institutional information as primary data sources. The results indicate that, following the Mariana and Brumadinho disasters, Brazil's largest mining companies strengthened their risk management, tailings dam safety, and corporate sustainability strategies. A broad adoption of measures was observed, including the decharacterization of upstream tailings dams, geotechnical monitoring, tailings disposal technologies, environmental restoration, circular economy practices, and decarbonization initiatives. Advances were also identified in biodiversity management, occupational health and safety, the implementation of social development programs, and community engagement. Nevertheless, significant differences were observed among the companies regarding the maturity of their ESG strategies and the level of transparency of the information disclosed. While some organizations reported consistent indicators and objective evidence of environmental and social performance, others remained focused on disclosing corporate policies and institutional commitments, providing limited detail on the outcomes achieved, thereby reflecting different levels of institutionalization of sustainability and governance practices.