Anglo American has agreed to sell its nickel business to MMG Singapore Resources for up to $500 million (approximately R7.5 billion). The sale includes two ferronickel operations in Brazil and two greenfield growth projects.
The move is part of Anglo’s restructuring plan, which aims to simplify the company’s portfolio and focus on copper, iron ore, and fertiliser businesses. Anglo CEO Duncan Wanblad said the sale marks an important milestone in the company’s transformation.
The sale price includes an upfront payment of $350 million, with the potential for an additional $100 million based on future nickel prices. MMG Singapore Resources will also pay $50 million if it decides to develop the growth projects.
Wanblad said the sale is expected to generate up to $5.3 billion in cash proceeds, along with the sale of Anglo’s steelmaking coal business. The transaction is subject to regulatory approvals and is expected to be completed by the third quarter of 2025.
The sale of Anglo’s nickel business has raised attention to the company’s plans for its diamond miner De Beers. Analysts expect that the group’s 85% stake in De Beers will be challenging to sell due to the weak diamond market.