Anglo American has entered a definitive agreement with MMG Singapore Resources, a wholly owned subsidiary of MMG, to divest its Nickel Brazil business for a cash consideration of up to $500m. Nickel Brazil operates two ferronickel operations in the country,

Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Tuesday it agreed to sell its nickel business in Brazil to Hong Kong-listed MMG Ltd. for as much as $500M, the latest step in the company's broader restructuring aimed at refocusing its operations on copper and iron ore mining.

Anglo American Plc said it’s agreed to sell its nickel business in Brazil to MMG Ltd. for as much as $500 million.

The sale, to a subsidiary of China’s mining company MMG, is part of its effort to simplify operations, following a failed takeover bid from BHP last year.

Anglo American has sold its nickel business for up to $500mn in cash as it works to radically restructure itself after rebuffing rival BHP’s £39bn takeover attempt last year. Anglo said on Tuesday that it had agreed to sell its nickel assets,

MMG Singapore Resources will become the new owner of Anglo American’s nickel business in a $500 million deal. Anglo’s nickel business includes two ferronickel operations – Barro Alto and Codemin – and two greenfield growth operations – Jacaré and Morro Sem Boné – in Brazil.

The nickel assets include the Barro Alto mine, Niquelândia mine and the Barro Alto and Codemin ferronickel processing plants.

MMG (01208.HK) announced that MMG Singapore Resources Pte. Ltd., its wholly-owned subsidiary, has entered into an agreement to acquire the Anglo American nickel business in Brazil. Upon closing, this business will be wholly-owned by MMG,

MMG Singapore Resources, a subsidiary of Melbourne-based mining firm MMG, has agreed to buy the FTSE 100 group's nickel operations for $350million upfront.