Anglo American is targeting the sale of its Brazil nickel mines, Barro Alto and Niquelandia, by the first half (H1) of 2025.
This move is part of a restructuring following an unsolicited $49bn takeover bid from BHP Group.
The sale process has reportedly attracted interest from various international bidders, according to Anglo’s Brazil CEO, Ana Sanches, reported Bloomberg.
Negotiations are being conducted in London, with Standard Chartered as the financial adviser and KPMG also involved.
“We already have a number of companies closer to the final stages of negotiation. We’re expecting a conclusion in the next few months,” said Sanches.
The company has not disclosed plans for the assets if the sale does not proceed.
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By GlobalData
A report by Berenberg equity research in November last year estimated the mines’ net asset value at $331m.
Analysts noted: “Getting a good price will be difficult, we think, given a weak nickel price.”
According to the report, Anglo American plans to focus on copper while retaining iron ore and fertiliser assets, exiting diamond, platinum, nickel, and coal mining sectors.
Anglo will continue investing in the Minas-Rio project in Brazil, which produced 24.5 million tonnes (mt) of iron ore in 2024. This production accounts for over 90% of its current capacity.
Despite falling prices, Sanches expects the same production pace in 2025 highlighting the “promising future” of Minas-Rio within Anglo’s streamlined portfolio, focusing on commodities linked to energy transition.
The project includes a mine, processing plant, slurry pipeline, and port, acquired from Eike Batista for $14bn, surpassing initial budgets.
Rival Vale acquired 15% of Minas-Rio in December last year, with an option to purchase another 15% if capacity expands. From 1 April 2025, Vale will receive its proportional share of production.
The new partners aim to double high-quality ore capacity, potentially adding 25mt to 30mt annually, pending feasibility studies.
Anglo has revealed plans to invest $2bn in Minas-Rio from 2024 to 2028.
