Mining giant Anglo American on Tuesday announced that it had entered into a definitive agreement to sell its nickel business.
It said the selling of the nickel business is to a unit of Hong Kong-listed MMG Limited for up to 500 million dollars.
The British multinational said the sale of the nickel operations in Brazil was aimed at simplifying its portfolio to create a more highly valued copper, premium iron ore and crop nutrients business.
The deal comprised an upfront cash consideration of 350 million dollars at completion.
The potential for up to 100 million dollars in a price-linked earnout, and contingent cash consideration of 50 million dollars linked to the Final Investment Decision for the development projects.
The upfront cash consideration is subject to normal completion adjustments and completion is expected by the third quarter of 2025. (dpa/NAN)
