MMG–Anglo nickel deal: EU antitrust warning and supply risks for project teams
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
EU regulators are preparing a formal statement of objections to MMG’s planned acquisition of Anglo American’s Brazilian nickel business, which includes two ferronickel operations and two greenfield projects, amid concerns MMG could divert ferronickel away from European stainless steel producers. The Hong Kong-listed miner, controlled by China Minmetals, has already triggered a separate investigation by Brazil’s competition authority after a complaint from regional competitor CoreX Holding. Any EU charge sheet would force MMG to propose remedies or risk the deal being blocked, testing Europe’s stance on Chinese control of critical minerals.
Technical Brief
- European Commission preparing a formal statement of objections, effectively a detailed antitrust charge sheet.
- MMG’s deal, agreed February 2025, covers two operating ferronickel plants plus two greenfield Brazilian projects.
- Hong Kong–listed MMG is ultimately controlled by state-owned China Minmetals, sharpening “state influence” scrutiny.
- Brazil’s competition authority opened a separate probe after a complaint from regional competitor CoreX Holding.
- Anglo argues expanding global ferronickel supply and customer switching options should satisfy competition concerns.
- Anglo also cites existing EU limits on Chinese steel imports to downplay competitive threat from Chinese stainless.
Our Take
MMG’s attempted acquisition of Anglo American’s Codemin ferronickel asset would diversify a portfolio in our database that is otherwise dominated by copper plays such as Las Bambas and Khoemacau, signalling a deliberate move into nickel and broader critical minerals exposure.
EU antitrust scrutiny of a China-linked buyer like MMG/China Minmetals over a Brazilian nickel asset fits with our Policy coverage showing the European Union increasingly treating critical minerals – including nickel and rare earths – as strategic inputs rather than just bulk commodities.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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