Update: Market Chatter: Anglo American Plans Closure of Nickel Operations in Brazil if MMG Deal Fails

02:43 AM EDT, 10/08/2026 (MT Newswires) -- (Updates with Anglo American's statement) Anglo American (AAL.L, AGL.JO) will inform the European Union's antitrust regulators of its plan to close its nickel operations in Brazil if its deal with Hong Kong-listed mining and metals company MMG concerning the business fails, Reuters reported Wednesday, citing prepared executive remarks for the mining giant's meeting with the European Commission. Anglo American Brazil Chief Operating Officer Ruben Fernandes and Chief Financial Officer Cristina Morgan are expected to deliver the remarks, the report noted. Based on the prepared statements, the executives will attempt to convince the regulators that a practical solution is possible to allay concerns that the $500 million transaction will not harm stainless steel manufacturers in Europe, the report said, adding that Anglo American will also mention its exit from the nickel business to justify the potential closure. "Recognising that MMG is the only credible buyer that we identified, and given our commitment to exit our nickel business more than two years ago, we will have little option but to head towards 'care and maintenance' as the pathway to closure in the event that the Commission prohibits the sale to MMG," Anglo American Chief Operating Officer Ruben Fernandes said in a statement sent to MT Newswires. Fernandes added that the company has been in constructive engagement with the Commission and expressed his confidence that they can reach a "practical solution" to address the regulator and customers' concerns, and secure the "very best outcome" for its employees in Brazil. The European Commission and MMG did not immediately respond to requests for comment from MT Newswires. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)