Finance
Anglo American to sell nickel business for up to $500 million
Published by Global Banking and Finance Review
Posted on February 18, 2025
2 min readLast updated: January 26, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on February 18, 2025
2 min readLast updated: January 26, 2026
Anglo American sells its nickel business to MMG Ltd for up to $500 million as part of a restructuring strategy to focus on copper and iron ore mining.
LONDON (Reuters) -Anglo American said on Tuesday it will sell its nickel business to a unit of Hong Kong-listed MMG Ltd for up to $500 million, as a broader restructuring aimed at refocusing its operations on copper and iron ore mining is well under way.
The nickel business includes two ferronickel and two greenfield projects in Brazil.
Anglo will get $350 million at completion, up to $100 million in a price-linked earnout and a contingent $50 million in cash for the potential development of the projects, it said in a statement.
The assets together produce about 38,000 metric tons of nickel per year. The metal's price reached a four-year low in January, as supply soared in top producer Indonesia.
London-listed Anglo American in May rebuffed a $49 billion hostile bid from the world's biggest miner BHP, which was focused on Anglo's copper assets.
"We are unlocking the inherent value of all of Anglo American as we create a much simpler, more resilient and agile business that will enable full value transparency in the market," CEO Duncan Wanblad said.
Ahead of its financial results on February 20, Anglo this week also said the spin-off of its platinum unit in South Africa will be completed by June.
As part of its restructuring, Anglo sold its coal assets for about $4.9 billion and plans to divest its De Beers diamond unit.
(Reporting by Clara Denina, Chandini Monnappa; Editing by Savio D'Souza and Sonia Cheema, Kirsten Donovan)
Anglo American is selling its nickel business to a unit of Hong Kong-listed MMG Ltd.
The sale could be worth up to $500 million, including $350 million at completion and additional earnouts.
The nickel business includes two ferronickel and two greenfield projects located in Brazil.
Anglo American recently sold its coal assets for about $4.9 billion and plans to divest its De Beers diamond unit.
The spin-off of Anglo American's platinum unit in South Africa is expected to be completed by June.
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