Anglo American to sell its nickel business to China's MMG

London-listed miner Anglo American plc (Anglo American) has agreed to sell its nickel business in Brazil to MMG Singapore Resources Pte. Ltd, a wholly owned subsidiary of China's Hong Kong-listed MMG Limited (MMG), for up to $500 million in cash, according to the two parties' statement released on February 18. Though Melbourne headquartered, MMG's major shareholder is Beijing-based China Minmetals Corp, the state-owned metals and mineral giant, Mysteel Global notes.

The sale comprises Anglo's two ferronickel operations in Brazil (Nickel Brazil), "a world class and stable operation," MMG said in a statement, producing up to 40,000 tonnes/year of nickel in ferronickel across two operating assets, Barro Alto and Codemin (Niquelândia) in the Brazilian Midwest, and two high quality greenfield