Materiality assessment
Vale addresses impact management and accountability in its Annual Report through a set of material topics relevant to its activities. These topics constitute Vale’s materiality and are defined through a process that assesses and prioritizes the impacts of its operations—both internally and externally—on society and the environment, as well as the identification of risks and opportunities associated with its business model.
Since 2007, Vale has periodically reviewed its material topics, continuously enhancing stakeholder engagement processes, the assessment of impact relevance, and the incorporation of emerging trends and forward-looking perspectives.
Materiality assessment
Vale’s Materiality
(GRI 2-12, 2-14, 2-25, 3-1, 3-2)
Conducted annually, Vale’s materiality review is a key process to strengthen transparency and the quality of the company’s accountability practices, including in its Annual Report. The process contributes to a better understanding of market trends and challenges, as well as stakeholder expectations, while ensuring alignment with leading sustainability reporting practices.
The 2025 materiality review cycle was structured around two main streams: documentary review and stakeholder engagement. These inputs were consolidated and prioritized to define the material topics presented in the results below.
Photo: Vale's Archive
Step-by-Step Process
- To consolidate the list of topics and respective Impacts, Risks, and Opportunities (IROs) for the stakeholder engagement phase;
- To score the topics and respective IROs for the consolidation and prioritization stage;
Sustainability reporting standards - Vale analyzed the GRI 14 Mining Sector Standard (2024) and the SASB Metals & Mining Standard (version 2023-12). These references list topics relevant to the mining industry from an impact perspective (25 topics identified as potentially material by GRI) and from a risks and opportunities perspective (12 topics identified as material by SASB).
Sector studies - Four market publications were selected, providing comprehensive views on trends and challenges affecting the global economy and the mining and metals sector in particular:
- The Global Risks Report 2025 - World Economic Forum (WEF)
- Tracking the Trends 2025 - Deloitte (17th edition)
- 2024 Global Metals and Mining Outlook - KPMG
- Top 10 Business Risks and Opportunities for Mining and Metals in 2025- EY
Market peers - Vale reviewed sustainability reports from eight companies in the sector to map material impacts, risks, and opportunities: Anglo American, BHP, CSN Mineração, Fortescue, Freeport-McMoRan, Glencore, Rio Tinto, and Teck.
Internal and institutional documents - 'dThese include Vale's public disclosures and internal reports from ongoing stakeholder engagement and consultation channels, such as the Stakeholders, Demands and Issues System (SDI), the RepRisk controversy monitoring tool, and ESG rating questionnaires in which Vale participates.
Representatives from Vale’s key stakeholder groups were consulted, including employees, community members, suppliers, investors, customers, non-governmental organizations, and government authorities.
The online survey covered 15 ESG topics and was designed in a modular format, allowing respondents to select the topics on which they wished to contribute. For each selected topic, participants assessed the associated impacts, risks, and opportunities on a scale from 1 to 5.
A total of 950 responses were received, of which 389 were considered valid (responses in which at least one topic was fully assessed). On average, each topic received 153 responses. Environmental, human rights, and diversity, equity, and inclusion topics attracted the highest levels of interest.
Qualitative engagement aimed to gain deeper insights into the expectations and assessments of executives, Board members, and external experts through individual engagement sessions. A total of 23 sessions were held: 10 with executives and Board members and 13 with external specialists. External experts represented Brazilian and international organizations and institutions, including IUCN, ICMM, IBRAM, CEBDS, IBGC, as well as Vale partners and suppliers.
Vale’s 2025 materiality matrix comprises 11 topics, of which 9 are classified as material. The results show minor changes compared to the previous cycle, mainly related to the regrouping of topics and revisions to nomenclature, reflecting the current context and the interconnection among covered aspects.
The topic “Safe Operations and Tailings Dams” encompasses the safety of people, operations, and surrounding communities.The topic “Communities and Territories” incorporates Indigenous Peoples and traditional communities, social impacts related to mine closure and post-mining land use, and the effects of pollution on local communities.A new topic, “Circular Mining,” was identified, covering tailings and waste reuse, by-product commercialization, and the development of new applications for mineral residues.
The consolidated results were based primarily on an impact materiality perspective, with a preliminary incorporation of risks and opportunities associated with the material topics.
X-axis - Impact materiality: Represents the significance of Vale's impacts on the economy, the environment, and people. It incorporates stakeholder scores from the quantitative survey, inputs from Vale's technical team, qualitative perceptions of executives and experts, documentary evidence, and potentially material topics listed in the GRI 14 Mining Sector Standard (2024).
Y-axis - Financial materiality for the company: Represents the significance of sustainability-related risks and opportunities for Vale. It is composed of risk and opportunity scores from stakeholders and Vale's technical team, qualitative insights from executives and experts, documentary evidence, and topics listed in the SASB Metals & Mining Standard (version 2023-12).
Z-axis - Stakeholder influence: Represents the level of stakeholder interest and concern, based on the number of responses per topic and the average scores attributed to impacts, risks, and opportunities.
Vale’s 2025 materiality matrix comprises 11 topics, of which 9 are classified as material. The results show minor changes compared to the previous cycle, mainly related to the regrouping of topics and revisions to nomenclature, reflecting the current context and the interconnection among covered aspects.
The topic “Safe Operations and Tailings Dams” encompasses the safety of people, operations, and surrounding communities.The topic “Communities and Territories” incorporates Indigenous Peoples and traditional communities, social impacts related to mine closure and post-mining land use, and the effects of pollution on local communities. A new topic, “Circular Mining,” was identified, covering tailings and waste reuse, by-product commercialization, and the development of new applications for mineral residues.
The consolidated results were based primarily on an impact materiality perspective, with a preliminary incorporation of risks and opportunities associated with the material topics.
Vale 2025 Materiality Matrix
GRI 2-12, 2-14, 2-25, 3-1, 3-2
Governance and Assurance
It is worth noting that the materiality assessment process undergoes limited assurance, conducted by PwC, in the context of Vale's Annual Report, as presented in the Limited Assurance Report, which states that the contents included in the assurance scope are presented in the Assumptions Basis of the 2025 Annual Report.
Furthermore, we inform that it is the responsibility of Vale's Board of Directors to define the guidelines for preparing the Annual Report, in line with market best practices, and that this document, together with the results of the materiality assessment, is evaluated and reviewed by members of the company's senior leadership. The Board of Directors acknowledges its responsibility for ensuring the integrity of the annual report and acted, through the advisory role of the Sustainability Committee (CSUS), in defining guidelines for the preparation and presentation of the report, while the CSUS participated in the interviews for the materiality review.
Details of Each Material Topic
Explore Vale's material topics and understand how the company addresses the most relevant social and environmental challenges in the mining sector.
Prioritized GRI Standard 14 Topics
- 14.6. Tailings
- 14.15. Process safety incident management
- 14.16. Occupational health and safety
Associated SASB Metals & Mining Standard topics
- Waste and hazardous materials management
- Workforce health and safety
- Management of tailings storage facilities
12;15
*This topic does not have any prioritized GRI Standard 14 topics or associated SASB Standard topics.
In addition to relationship and dialogue practices, the topic covers the management of negative impacts and complaint mechanisms, effects on population resettlement and access to natural resources, direct and indirect economic impacts, and private social investment initiatives. The topic also incorporates sensitivity to these issues in relations with Indigenous Peoples, traditional communities, and other vulnerable groups.
Prioritized GRI Standard 14 topics
- 14.9. Economic impacts
- 14.10. Local communities
- 14.11. Rights of indigenous peoples
- 14.12. Rights to land and natural resources
- 14.13. Artisanal and Small-Scale Mining (ASM)
Related SASB Metals & Mining Standard topics
- Community relations Safety, human rights, and indigenous peoples’ rights
Prioritized GRI Standard 14 topics
- 14.1. GHG emissions
- 14.2. Climate adaptation and resilience
Related SASB Metals & Mining Standard topics
- Greenhouse gas emissions
- Energy management
Prioritized GRI Standard 14 topics
- 14.4. Biodiversity
Related SASB Metals & Mining Standard topics
- Impacts on biodiversity
Prioritized GRI Standard 14 topics
- 14.3. Air emissions
- 14.7. Water and effluents
Related SASB Metals & Mining Standard topics
- Air quality
- Water management
Prioritized GRI Standard 14 Topics
- 14.14. Safety practices
- 14.18. Child labor
- 14.19. Forced labor and modern slavery
*There is no SASB Standard topic associated with this material topic.
Prioritized GRI Standard 14 topics
- 14.22. Anti-corruption
- 14.23. Payments to governments
- 14.24. Public policy
Associated SASB Metals & Mining Standard topics
- Business ethics and transparency
Prioritized GRI Standard 14 topics
- 14.17. Employment practices
- 14.20. Freedom of association and collective bargaining
- 14.21. Non-discrimination and equal opportunity
Related SASB Metals & Mining Standard topics
- Labor practices
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