MMG Offers Supply Guarantee as EU Reviews Anglo American Nickel Deal

MMG Limited said it offered to maintain existing levels of ferronickel supply in Europe as the European Commission reviews its planned purchase of Anglo American’s Brazilian nickel business, a deal that has raised preliminary competition concerns.

MMG Executive General Manager of Corporate Relations Troy Hey said the offer was a legally enforceable guarantee under U.K. law. He said it could be independently monitored.

The Commission issued a Statement of Objections on Sept. 16, 2026. It outlined a preliminary concern that MMG could redirect low-carbon ferronickel from European producers to stainless steel producers affiliated with the company, potentially affecting prices and the resilience of Europe’s steel industry. Ferronickel is used to make stainless steel.

MMG announced the proposed purchase in February 2025 for cash consideration of up to $500 million: $350 million upfront and up to $150 million in contingent payments. The Brazilian business includes the Barro Alto and Codemin operations, along with the Jacaré and Morro Sem Boné development projects. When it announced the deal, MMG said the operating assets produced about 40,000 metric tons of nickel contained in ferronickel per year.

The Commission’s review remains ongoing.