Anglo American’s Strategic Overhaul
For Anglo American, the deal is part of a broader restructuring plan to streamline its operations. The company, a heavyweight on the FTSE 100, is offloading non-core assets to sharpen its focus on copper and iron ore.
Monday’s update revealed that Anglo American expects to finalize the spin-off of its South African platinum business by June. CEO Duncan Wanblad called the nickel sale a “milestone towards simplifying our portfolio” and increasing shareholder value.
“Today’s agreement, together with those signed in November to sell our steelmaking coal business, is expected to generate a total of up to $5.3 billion in gross cash proceeds, reflecting the high quality of our steelmaking coal and nickel businesses,” Wanblad stated.
A Market in Flux
The sale follows Anglo American’s rejection of a £38.6 billion ($48.6 billion) takeover bid from BHP Group last May, a move that signaled the company’s determination to chart its own course.
With the global commodities market shifting, MMG’s bet on nickel could pay off in a big way—if demand continues to soar. The company did not immediately respond to requests for comment, and Anglo American declined to elaborate on the deal.
