Minerals | The European Commission issues a Statement of Objections regarding China Minmetals’ acquisition of Anglo American’s Brazilian nickel business

Focusing on Chinese enterprises’ global expansion, this report delivers cutting-edge, high-end, and trustworthy research insights. On 16 September 2026, the European Commission’s Directorate-General for Competition issued an official Statement of Objections concerning the proposed acquisition by MMG Limited—a company controlled by China Minmetals Corporation—of Anglo American’s Brazilian nickel business. — ༄ — The European Commission has informed MMG Limited (hereinafter “MMG”) of its preliminary view that MMG’s proposed acquisition of Anglo American’s nickel business (hereinafter “the target assets”) may restrict competition in the market for low-carbon ferronickel in the European Economic Area (EEA). Low-carbon ferronickel is a critical alloying material for stainless steel production. The Commission is concerned that, following completion of the transaction, MMG might divert supplies of low-carbon ferronickel away from the European market, thereby increasing production costs for European stainless steel manufacturers. MMG is a multinational mining and metals enterprise engaged globally in the exploration, development, and production of base metals—primarily copper and zinc. The target assets are located in Brazil and comprise two operational nickel-iron production facilities, as well as two greenfield development projects (i.e., undeveloped new projects). ▍01 Statement of Objections On 4 November 2025, the European Commission launched an in-depth investigation (Phase II investigation) to assess whether MMG’s proposed acquisition of Anglo American’s nickel business could reduce the supply of low-carbon ferronickel available to stainless steel producers in the EEA. The Commission conducted an extensive investigation to define the affected markets and assess the transaction’s potential effects. This included reviewing internal documents submitted by both parties, as well as collecting market data and industry analyses from competitors and customers. Preliminarily, the Commission concluded that the low-carbon ferronickel market is highly concentrated: (i) the target assets hold significant market power; and (ii) alternative supply sources accessible to European customers are limited. Based on the findings of the in-depth investigation, the Commission expressed concern that, post-transaction, MMG might prioritize supplying low-carbon ferronickel produced by the target assets to affiliated stainless steel producers under the supervision of China’s State-owned Assets Supervision and Administration Commission (SASAC), thereby reducing supply to European producers. Such a supply diversion—coupled with scarce alternative sources—could negatively impact low-carbon ferronickel prices in the EEA, undermine supply-chain resilience for European stainless steel producers, and ultimately raise prices for European stainless steel products. A Statement of Objections is a formal procedural step in the Commission’s investigation, whereby the Commission sets out its objections to the parties in writing. Issuing a Statement of Objections does not pre-judge the final outcome of the investigation. MMG now has the right to respond to the objections, consult the Commission’s case file, and request an oral hearing.

A spokesperson for China’s Ministry of Foreign Affairs called on the EU to uphold its openness commitment during its review of Anglo American Group’s sale of its nickel business to China Minmetals, and to provide all enterprises with a fair, 【transparent】, and non-discriminatory business environment.

On 5 November 2025, Foreign Ministry Spokesperson Mao Ning responded to a question from Agence France-Presse (AFP) journalists regarding the European Commission’s further review of Anglo American Group’s proposed sale of its nickel business to China Minmetals. Media outlets including The Paper subsequently reported on the exchange: At the regular press briefing on 5 November, AFP asked: “The EU announced yesterday that it will launch an investigation into the UK-based mining giant Anglo American’s proposed sale of its nickel business to China Minmetals. What is China’s comment on this?” …Spokesperson Mao Ning stated: “As a general principle, China consistently supports Chinese enterprises in pursuing pragmatic cooperation across various fields based on the principle of mutual benefit and win-win outcomes.” She added: “We hope relevant parties will honor their commitments to openness, respect the principles of market economy and fair competition, avoid politicizing or over-securitizing economic and trade issues, and provide all enterprises with a fair, transparent, and non-discriminatory business environment.” thepaper.cn/newsDetail_... According to media reports, the transaction agreement was signed in February 2025. On 18 February 2025, MMG Limited announced that it had entered into an equity acquisition agreement with Anglo American, under which MMG would acquire 100% of the shares of Brazil Nickel (hereinafter “Brazil Nickel”)—Anglo American’s Brazilian nickel business—for a total consideration of up to USD 500 million, comprising USD 350 million in cash and USD 150 million in contingent consideration. … In 2024, the nickel-iron smelters in Barro Alto and Niquelândia jointly produced 39,400 tonnes of nickel. The Jacaré project holds an estimated nickel resource potential of approximately 300 million tonnes, while the Morro Sem Boné project holds an estimated nickel resource potential of 65 million tonnes. Completion of the transaction remains subject to approvals from regulatory and antitrust authorities. The initial payment amount will be adjusted according to standard terms at the anticipated closing date in the third quarter of this year. cn.solarbe.com/news/202... Searching the State Administration for Market Regulation’s (SAMR) Public Information System for Concentration of Undertakings using the keywords “Minmetals” and “Anglo American” yields records of previously declared and approved concentration cases involving each party—but not the aforementioned transaction. This deal may have been filed as a non-simplified case and has not yet received approval; thus, basic information and review progress remain unavailable on SAMR’s official website. However, the European Commission’s official website published basic information about this case as early as 24 September 2025. (Screenshot taken from eur-lex.europa.eu/eli/C...) On 4 November 2025, the European Commission’s official website disclosed again its decision to launch a further investigation into the case. (Screenshot taken from ec.europa.eu/commission...)

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