Codemin nickel operation

Following the asset review initiated in 2023 and BHP's takeover bid, Anglo American announced plans for major structural changes to accelerate delivery of its strategic priorities. These changes included exploring options for care and maintenance and divestment of its nickel assets. Anglo American agreed to sell its nickel business to MMG in February 2025 for a cash consideration of up to US$500 million. The deal is expected to complete by Q3 2025. Wood Mackenzie’s asset reports are built from the bottom up, incorporating a number of granular data metrics to ultimately produce our industry standard cash operating costs. This report contains a detailed asset note giving you a holistic view of the asset, including an operational overview through to a timeline of events from inception to now. This qualitative analysis is supplemented by the associated Excel download which enables interrogation of a whole series of cost and production metrics over the life of the asset.