Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Tuesday it agreed to sell its nickel business in Brazil to Hong Kong-listed MMG Ltd. for as much as $500M, the latest step in the company's broader restructuring aimed at refocusing its operations on copper and iron ore mining.

Anglo American agreed to sell its nickel business to a subsidiary of China’s mining company MMG for up to $500 million in cash as part of its efforts to simplify operations, following a failed takeover bid from rival BHP last year.

Anglo American Platinum is to pay its parent a $600mn dividend ahead of its planned demerger in June, the company announced on Monday. Amplats, as the world’s largest platinum company is known, is to pay out $900mn from its retained cash to shareholders in total with most going to Anglo American, which has a 67 per cent stake.