Anglo, led by South Africa’s Duncan Wanblad, hits Brazil probe over $500 million nickel sale

Anglo American, the mining group led by South African executive Duncan Wanblad, is facing fresh scrutiny after Brazil’s competition authority opened an investigation into its planned $500 million nickel sale. The probe follows a February agreement to sell Anglo’s nickel business to MMG Singapore Resources, part of China-backed MMG Limited.

Cade reviews Anglo’s $500 million nickel deal

Brazil’s regulator, known as Cade, said it had launched a review into the deal, but emphasized that the process does not automatically signal it will be blocked. Still, the inquiry marks another hurdle in Anglo’s effort to reshape its portfolio.

The complaint came from CoreX Holding, a competitor founded by Turkish billionaire Robert Yildirim, which has been expanding in Latin America’s nickel sector. For Anglo, the review is the latest in a string of setbacks, coming after the company fended off a £39 billion ($52.4 billion) takeover bid from BHP Group last year.

Some of its planned asset sales have already run into trouble. A $3.8 billion deal to sell its coal division to Peabody Energy fell through in August after an explosion at one mine prompted Peabody to withdraw. Anglo said it would pursue arbitration, arguing the termination was unjustified. The group is also considering a sale or possible IPO of its De Beers diamond unit, though talks have slowed as Botswana pushes for a larger stake in the venture.

Anglo faces setbacks in nickel deal

Founded in 1917, Anglo remains a major player in copper, platinum, iron ore, diamonds, and nickel. Since taking charge in 2022, Wanblad has sought to streamline the company and improve returns, but regulatory reviews and stalled sales continue to weigh on those efforts. On Tuesday, Anglo’s shares slipped 1.4 percent to £22.36 ($30) in London trading.

The group reported first-half 2025 revenue of $8.95 billion, down 7 percent from a year earlier, with underlying EBITDA falling 20 percent. The nickel sale to MMG has also stirred geopolitical concerns. In August, the American Iron and Steel Institute urged the White House to step in, warning that the deal could strengthen China’s control over critical mineral supply chains.

The approval, it said, would give Beijing direct influence over a large share of Brazil’s nickel reserves, adding to its already strong position in Indonesia. Nickel is essential for stainless steel and electric vehicle batteries, making it a strategic material for western economies trying to diversify supply.