Anglo American to sell nickel business for up to $500 million (updated)

MMG

18/02/2025 07:29

(Adds details of cash consideration in paragraph 2, details of
nickel business in paragraphs 3 and 4)
       Feb 18 (Reuters) - Anglo American  AAL.L  said on
Tuesday it will sell its nickel business to a unit of Hong
Kong-listed MMG Ltd  1208.HK  for up to $500 million, as part of
a broader restructuring aimed at refocusing its operations on
copper and iron ore mining.
    The deal comprises an upfront cash consideration of $350
million at completion, the potential for up to $100 million in a
price-linked earnout and a contingent cash consideration of $50
million linked to an investment decision for development
projects related to the nickel business, Anglo American said.
    In September, Anglo American said it had hired financial
advisers to sell two nickel mines in Brazil.
    The assets together produce about 38,000 tons of nickel per
year.
    London-listed Anglo American in May rebuffed a $49 billion
hostile bid from the world's biggest miner BHP  BHP.AX , which
was focused on Anglo's copper assets.
    

 (Reporting by Chandini Monnappa in Bengaluru; Editing by Savio
D'Souza and Sonia Cheema)
 ((Chandini.M@thomsonreuters.com; +918061822697;))