On Friday, January 22, Brazilian iron ore giant Vale announced that the proposal of consolidation into Vale of its wholly-owned subsidiaries, Sociedade de Mineração Estrela de Apolo S.A. (Estrela de Apolo) and Mineração Vale Corumbá S.A. (Vale Corumbá), was approved earlier on the same day by an extraordinary general shareholders meeting.
With the consolidation, Vale unconditionally assumes all properties, rights and obligations of Estrela de Apolo and Vale Corumbá, under Brazilian laws.