Anglo American is preparing to warn European Union regulators that its Brazilian nickel operations could ultimately close if authorities prevent their proposed $500 million sale to MMG Ltd., raising the stakes in an antitrust review increasingly shaped by concerns over Europe’s access to critical raw materials.
Executives from the British miner are expected to make the case at a closed hearing Thursday before the European Commission, according to prepared remarks obtained by Reuters. The company plans to argue that Hong Kong-listed MMG is the only viable purchaser identified for the assets and that rejecting the transaction could leave Anglo with few alternatives beyond winding down the business.
Ruben Fernandes, Anglo American’s chief operating officer in Brazil, is expected to tell regulators that the lengthy review has already created significant uncertainty around the operation, Reuters reported. If Brussels prohibits the transaction, the company would probably move the assets into care and maintenance — a step that could eventually lead to closure — according to the prepared comments.
The warning intensifies a dispute over whether MMG’s acquisition would threaten supplies to European stainless-steel producers. The European Commission, the EU’s competition authority, raised objections last month over the possibility that MMG could redirect ferronickel away from European customers after taking control of the Brazilian business, according to Reuters.
MMG has challenged that assessment. In September, the company said the Commission’s preliminary objections did not reflect the commercial realities of the ferronickel market. MMG said it has offered measures intended to preserve European supply and argued that blocking the acquisition could instead reduce investment in Brazil and remove production from the market.
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The transaction is part of Anglo American’s broader effort to simplify its portfolio and concentrate on copper and iron ore. Anglo agreed in 2025 to sell its Brazilian nickel business to MMG for cash consideration of as much as $500 million. The assets include the Barro Alto and Codemin operations, which produce ferronickel primarily for stainless and heat-resistant steel production.
Related: EU Raises Antitrust Objections to MMG’s Anglo American Nickel Deal
Cristina Morgan, Anglo American’s chief financial officer in Brazil, is also expected to address EU officials Thursday. According to Reuters, Morgan will argue that Anglo evaluated potential purchasers on factors including operational expertise, financial capacity, employee plans and their ability to develop the assets. She is expected to point to MMG’s membership alongside Anglo in the International Council on Mining and Metals as evidence of the buyer’s industry credentials.
MMG corporate-relations executive Troy Hey is also due to participate in the hearing and advocate for approval of the acquisition, Reuters reported.
The regulatory fight comes as governments increasingly scrutinize mining transactions through the lens of supply security as well as traditional competition policy. Europe has sought to reduce vulnerabilities in critical-material supply chains, particularly those involving China.
Anglo Chief Executive Officer Duncan Wanblad said Wednesday that the nickel transaction and the miner’s planned $54 billion combination with Teck Resources Ltd. illustrate how geopolitical considerations are complicating global mining deals. China remains the only operating jurisdiction yet to approve the Teck transaction and has sought commitments regarding supplies of copper concentrate, Reuters reported.
The MMG transaction faces a mirror-image concern in Brussels: European officials are examining whether ownership by a company whose largest shareholder is China Minmetals Corp. could weaken Europe’s access to Brazilian ferronickel. MMG says China Minmetals owns 63% of its outstanding shares and maintains that the company sells its production internationally according to commercial demand.
For Anglo, the argument to regulators is that preventing the sale may produce the supply disruption the EU is seeking to avoid. According to Reuters’ account of the prepared testimony, company officials intend to tell the Commission that a practical compromise remains possible — but that without approval of the MMG transaction, keeping the Brazilian nickel operation running may no longer be a viable option.
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