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“The sale of our nickel business after a highly competitive process marks a further important milestone towards simplifying our portfolio to create a more highly valued copper, premium iron ore, and crop nutrients business,”
Duncan Wanblad,
Chief Executive Officer,
Anglo American.
Anglo American is making bold moves to reshape its portfolio, and its latest step is a major one that is offloading its nickel business for up to $500 million. The global mining giant has struck a deal with MMG Singapore Resources, a subsidiary of MMG Limited, marking yet another milestone in its strategy to streamline operations and prioritize high-value commodities.
This sale is not just about numbers but it is about vision. The transaction includes two operational ferronickel assets in Brazil (Barro Alto) and Codemin along with two promising greenfield projects, Jacaré and Morro Sem Boné.
Duncan Wanblad, CEO of Anglo American, made it clear that this was not a rushed decision but the result of a highly competitive process. The deal brings in an upfront cash payment of $350 million, with the possibility of an additional $100 million tied to nickel prices and another $50 million contingent on final investment decisions for the development projects.
“The sale of our nickel business after a highly competitive process marks a further important milestone towards simplifying our portfolio to create a more highly valued copper, premium iron ore, and crop nutrients business,” said Wanblad.
Moreso, this move aligns with Anglo American’s broader vision of sharpening its focus on key commodities. Coupled with the sale of its steelmaking coal business last year, the company expects total proceeds of up to $5.3 billion – an impressive testament to the quality of its assets.
One of the biggest questions in any acquisition is the impact on employees and local stakeholders. Wanblad reassured that Anglo American is confident in MMG as a responsible operator.
“MMG is well-respected as a safe and responsible operator, and we believe our agreement represents a strong outcome not only for our shareholders, but also for our employees and Brazilian stakeholders. We will work together to ensure a successful transition,” he said.
Beyond immediate financial gains, this sale is part of Anglo American’s drive to create a more agile and transparent business model. “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,” Wanblad added.
Furthermore, for MMG, this acquisition is a strategic move into a commodity that plays a crucial role in both stainless steel production and the booming battery industry.
Cao Liang, CEO of MMG, expressed enthusiasm about integrating these assets into MMG’s global portfolio. “We are excited by our acquisition of Anglo American’s nickel business, which provides important diversification for our business and strengthens our presence in Latin America,” Liang stated.
More than just a business deal, MMG sees this acquisition as a continuation of a longstanding partnership with Anglo American.
“This is a strong business with a talented team, growth potential, and demonstrated excellence in sustainability performance, and we look forward to continuing this positive legacy. MMG and Anglo American have a long track record of close collaboration and shared values demonstrated through our commitment to ICMM principles,” said Liang.
Anglo American’s nickel business is not just valuable but it is a leader in responsible mining. The Barro Alto mine, one of the assets included in the sale, is the only nickel mine in the world certified by the Initiative for Responsible Mining Assurance (IRMA), achieving the IRMA 75 level in 2024.
With the demand for nickel surging due to the rise of electric vehicles and renewable energy storage, MMG is poised to leverage these assets for future growth.
The transaction is still subject to regulatory approvals, and if all goes as planned, the deal should be finalized by Q3 2025. Meanwhile, Anglo American is staying true to its long-term strategy that is doubling down on copper, iron ore, and crop nutrients while stepping away from assets that do not align with its refined focus.
In the end, this sale is more than just a shift in ownership as it is a strategic play by two mining giants positioning themselves for the future. For Anglo American, it is a step towards a leaner, high-value portfolio. For MMG, it is a strategic expansion into a critical commodity. Either way, both companies seem set to win.