Chinese state-owned mining giant MMG Limited, which owns Khoemacau Copper Mining, is expanding its portfolio with a new acquisition—Anglo American’s copper-nickel assets. In 2023, MMG acquired Khoemacau for $1.88 billion (P25.2 billion).
The company recently announced that it has entered into a Share Purchase Agreement with Anglo American plc to acquire its nickel business in Brazil (Nickel Brazil) for up to US$500 million. The deal includes an upfront cash payment of US$350 million, with an additional US$150 million contingent on certain conditions.
MMG described Nickel Brazil as a world-class and stable operation, producing approximately 40 ktpa of nickel in ferronickel across two operating assets. “The transaction aligns with MMG’s growth strategy to expand its earnings, geographical footprint, and base metal commodity exposure, marking our first investment in Brazil and the addition of an operating primary nickel mine to MMG’s portfolio,” the company said.
The company emphasised its commitment to sustainability, stating that its portfolio focuses on metals essential for a low-carbon future. “Most recently, MMG acquired Khoemacau, a high-quality operating mine located in the highly prospective Kalahari Copper Belt in Botswana,” it said. MMG also noted that its operations delivered strong production performance in 2024, achieving significant milestones.
“This acquisition is a great example of our growth strategy in action as we expand our geographical footprint and diversify MMG’s metals portfolio. Already a strong-performing business, Nickel Brazil has considerable upside given its stable operational track record,” said MMG Chairman Jiqing Xu.
MMG CEO Liang Cao expressed enthusiasm about the deal, calling it an important step in diversifying the company’s business and strengthening its presence in Latin America. “It’s a strong business with a talented team, growth potential, and demonstrated excellence in sustainability performance. We look forward to continuing this positive legacy,” he said.
Cao also highlighted MMG’s long-standing relationship with Anglo American, citing shared values and commitment to the International Council on Mining and Metals (ICMM) principles. “MMG and Anglo-American have a long track record of close collaboration, and we look forward to working together towards completion,” he added.
The company described Brazil as a Tier-1, mineral-rich, and mining-friendly jurisdiction with strong operational earnings and free cash flow, even at the low point of the nickel price cycle. It noted that the newly acquired nickel business has a low-cost position, a long remaining mine life, and represents the world’s third-largest nickel endowment, with 5.2 million tonnes of contained nickel in resources and significant growth potential.
