Global law firm White & Case LLP has successfully advised MMG Limited on its definitive agreement to acquire Anglo American’s nickel business in Brazil for a cash consideration of up to US$500 million.
This marks MMG’s first investment in Brazil and represents a significant expansion of its portfolio, particularly in the base metal commodity sector.
The acquired nickel business includes two ferronickel operations — Barro Alto and Codemin — alongside two greenfield growth projects, Jacaré and Morro Sem Boné, and Anglo American’s Nickel Sales Function.
These assets position MMG as a key player in the global nickel market, with access to one of the world’s largest and lowest-cost ferronickel producers.
The acquisition aligns with MMG’s strategic goals to diversify geographically and increase exposure to Class 1 nickel, which is critical for battery production.
John Tivey, White & Case partner leading the deal team, emphasised the importance of this transaction, stating: “This is MMG’s first investment in Brazil and a significant expansion of its base metal commodity exposure in nickel.”
Stephen Carlton, another White & Case partner involved, highlighted the firm’s global collaboration across teams in Australia, Brazil, London, Hong Kong, Singapore, and Brussels to navigate this complex transaction.
The competitive sale reflects Anglo American’s broader restructuring strategy to simplify its portfolio and focus on high-value copper, premium iron ore, and crop nutrients businesses.
Duncan Wanblad, CEO of Anglo American, noted that the transaction ensures a strong outcome for shareholders while supporting Brazilian stakeholders through a smooth transition.
The White & Case team advising MMG included professionals from multiple jurisdictions, showcasing the firm’s cross-border expertise.
The transaction is expected to close by Q3 2025.
