By Michael Susin
Anglo American agreed to sell its nickel business to a subsidiary of China's mining company MMG for up to $500 million in cash as part of its efforts to simplify operations, following a failed takeover bid from rival BHP last year.
The London-listed miner said Tuesday that the deal comprises an upfront cash payment of $350 million at completion, with the remaining consideration subject to certain milestones and investment decisions.
Anglo's nickel business comprises two ferronickel operations and two growth projects in Brazil.
"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," Chief Executive Duncan Wanblad said.
Anglo American has also decided to spin off its platinum business, planned for the summer of 2025. The company plans to keep a 19.9% stake but won't hold any representation on the Anglo American Platinum's board after the split.
The miner, which already disposed of its steelmaking coal business, its trying to also sell its De Beers diamond business. The segment is proving hard to dispose of and is expected to book an impairment at Anglo American's full-year results due on Thursday.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
February 18, 2025 02:44 ET (07:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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