Anglo American said on Tuesday it will sell its nickel business to a unit of Hong Kong-listed MMG (1208) for up to US$500 million (HK3.9 billion), as a broader restructuring aimed at refocusing its operations on copper and iron ore mining is well under way.

The nickel business includes two ferronickel and two greenfield projects in Brazil.

Anglo will get US$350 million at completion, up to US$100 million in a price-linked earnout and a contingent US$50 million in cash for the potential development of the projects, it said in a statement.

The assets together produce about 38,000 metric tons of nickel per year. The metal's price reached a four-year low in January, as supply soared in top producer Indonesia.