Chile's financial regulator had allowed a planned lithium joint venture between SQM and Codelco to proceed without a vote by SQM shareholders.
Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.
Apolo is seen as critical for reviving the company’s iron ore capacity in Minas Gerais.
Oversupply and weak prices of materials such as lithium, cobalt and rare earths are dampening cash flows of Western start-ups.