15. Subsidiaries

The significant consolidated entities in each business segment are as follows:


							% Noncontrolling
	Location	Main activity /Business	% Ownership		% Voting capital		interest
Direct and indirect subsidiaries
Companhia Portuária da Baía de Sepetiba	Brazil	Iron ore	100.0	%	100.0	%	0.0	%
Ferrous Resource Limited	Isle of Man	Iron Ore	100.0	%	100.0	%	0.0	%
Mineração Corumbaense Reunida S.A.	Brazil	Iron ore and manganese	100.0	%	100.0	%	0.0	%
Minerações Brasileiras Reunidas S.A. (“MBR”)	Brazil	Iron ore	98.3	%	98.3	%	1.7	%
New Steel Global	Netherlands	Iron ore	100.0	%	100.0	%	0.0	%
Salobo Metais S.A.	Brazil	Copper	100.0	%	100.0	%	0.0	%
PT Vale Indonesia	Indonesia	Nickel	59.2	%	59.2	%	40.8	%
Vale Holdings B.V (i)	Netherlands	Holding and research	100.0	%	100.0	%	0.0	%
Vale Canada Limited	Canada	Nickel	100.0	%	100.0	%	0.0	%
Vale International S.A.	Switzerland	Trading and holding	100.0	%	100.0	%	0.0	%
Vale Malaysia Minerals Sdn. Bhd.	Malaysia	Iron ore	100.0	%	100.0	%	0.0	%
Vale Manganês S.A.	Brazil	Manganese and ferroalloys	100.0	%	100.0	%	0.0	%
Vale Moçambique S.A.	Mozambique	Coal	80.7	%	80.7	%	19.3	%
Vale Nouvelle Caledonie S.A.S.	New Caledonia	Nickel	95.0	%	95.0	%	5.0	%
Vale Newfoundland & Labrador Ltd	Canada	Nickel	100.0	%	100.0	%	0.0	%
Vale Oman Distribution Center LLC	Oman	Iron ore and pelletizing	100.0	%	100.0	%	0.0	%
Vale Oman Pelletizing Company LLC	Oman	Pelletizing	70.0	%	70.0	%	30.0	%
Vale Shipping Holding Pte. Ltd.	Singapore	Iron ore	100.0	%	100.0	%	0.0	%

(i) Vale International Holdings GmbH was merged into Vale Holdings B.V on November 01, 2019.

As explained in note 14, the Fertilizer Segment is presented as discontinued operations, which includes the following subsidiaries:


							% Noncontrolling
	Location	Main activity/Business	% Ownership		% Voting capital		interest
Direct and indirect subsidiaries
Compañia Minera Miski Mayo S.A.C.	Peru	Fertilizers	40.0	%	51.0	%	60.0	%
Vale Fertilizantes S.A.	Brazil	Fertilizers	100.0	%	100.0	%	0.0	%
Vale Cubatão Fertilizantes Ltda.	Brazil	Fertilizers	100.0	%	100.0	%	0.0	%

Accounting policy

Consolidation and investments in associates and joint ventures - The financial statements reflect the assets, liabilities and transactions of the Parent Company and its direct and indirect controlled entities (“subsidiaries”). The subsidiaries are consolidated when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to direct the significant activities of the investee. Intercompany balances and transactions, which include unrealized profits, are eliminated.

The entities over which the Company has joint control (“joint ventures”) or significant influence, but not control (“associates”) are presented in note 16. Those investments are accounted for using the equity method. For interests in joint arrangements not classified as joint ventures (“joint operations”), the Company recognizes its share of assets, liabilities and net income.

Unrealized gains on downstream or upstream transactions between the Company and its associates and joint ventures are eliminated proportionately to the Company’s interest.

Investments held by other investors in Vale’s subsidiaries are classified as noncontrolling interests (“NCI”). The Company treats transactions with noncontrolling interests as transactions with equity owners of the Company as described in note 17.

For purchases or disposals from noncontrolling interests, the difference between the consideration paid and the proportion acquired of the carrying value of net assets of the subsidiary is directly recorded in stockholders’ equity in “Results from operation with noncontrolling interest”.

Translation from the functional currency to the presentation currency - The income statement and statement of financial position of the subsidiaries for which the functional currency is different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and stockholders’ equity, except for the components described in item (iii) are translated at the closing rate at the statement of financial position date; (ii) income and expenses are translated at the average exchange rates, except for specific significant transactions that, are translated at the rate at the transaction date and; (iii) capital, capital reserves and treasury stock are translated at the rate at each transaction date. All resulting exchange differences are recognized directly in the comprehensive income as “translation adjustments”. When a foreign operation is disposed of or sold, foreign exchanges differences that were recognized in equity are recognized in the income of statement.