1
COMPETITION TRIBUNAL
REPUBLIC OF SOUTH AFRICA
Case No.: LM002Apr25
In the matter between:
MMG Singapore Resources Pte. Ltd Primary Acquiring Firm
and
Anglo American Níquel Brasil Ltda and the
ferronickel marketing and sales function of Anglo
American Marketing Ltd
Primary Target Firm
Approval
[1] On 05 May 2025, the Competition Tribunal (“Tribunal”) unconditionally approved
the large merger in terms of which MMG Singapore Resources Pte. Ltd (“MMG
Singapore”) intends to acquire the entire issued share capital of Anglo American
Níquel Brasil Ltda (“Anglo Nickel Brazil”) and the ferronickel marketing and sales
function of Anglo American Marketing Ltd (“Nickel Sales Function”) from Anglo
American Marketing Ltd (“AAML”) and Ambras Holdings Ltd (“Ambras”).
[2] The primary acquiring firm is MMG Singapore, a private company registered
under the law of Singapore and is wholly owned by MMG Ltd (“MMG”). MMG is
a public company registered under the laws of Hong Kong, controlled by China
Minmetals H.K (Holdings) as to 67.68% of its issued capital and it is ultimately
controlled by China Minmetals Corporation (“CMC”). CMC is ultimately majority
owned by the Chinese Central State -owned Asset Supervision and
Administration Commission (“SASAC”).
[3] MMG Singapore, its controlling firms, and its subsidiaries (the “Acquiring Group”)
specialise in the explora tion, extraction, production, and trading of metals and
minerals.
[4] The Target Firms are Anglo Nickel Brazil and Nickel Sales Function , private
companies incorporated in Brazil and England, respectively. The Target Firms
REASONS FOR DECISION
competition tribunal
SOUTH AFRICA
are controlled by Anglo Ame rican Pie (a public compa ny incorporated in
England) and do not control any firms in South Africa.
[5] Anglo Nickel Brazil extracts and produces ferronickel ("FeNi"), through two nickel
m ines, nam ely Barro Alto and Codemin/N iquelandia, and neither conducts any
activities nor has any employees in South Africa. In South Africa, the Target
Firms have no physical presence and operate exclusively through FeNi sales
(by A nglo Ame rican M arketing, through the N ickel Sales Function) into the
country. FeNi is an input to the manufacture of stainless steel.
[6] In assessing the transaction, the Co m petition Co m mission ("Comm ission")
considered the activities of the me rging parties and found that the transaction
raises neither horizontal nor vertical overlaps between them. The Acquiring
Group does not compete w ith the Target Firms in respect of the production
and/or trading of FeN i in South Africa. Through SASAC , the Acquiring Group's
activities include the m ining and trading of chrome ore and ferrochrome. The
proposed transaction, therefore, does not substantially prevent or lessen
competition in South Africa.
[7] The Commiss ion considered the effect of the me rger on the stainless steel
industry in South Africa and confirmed that there are alternative suppliers for
FeNi into South Africa.
[8] The me rging parties confirmed that the proposed transaction will not have any
adverse impact on em ployment. In particular, there w ill be no retrenchments or
job losses that w ill arise from the proposed transaction.1
[9] N either of the merging parties have any ow nership by Historically D isadvantaged
Persons ("H D Ps"). The proposed transaction is of an international nature. The
Co mm ission confirm ed that the me rger occurs at a global level w ith only a minor
connection to South Africa through the N ickel Sales Function.
[10] Given the above, the proposed transaction does not raise any public interest
issues.
[10] Given the above, the proposed transaction does not raise any public interest
issues.
[11] In the circums tances, we unconditionally approved the proposed transaction.
12 May 2025
Mr Andreas Wessels
Ms Andiswa Ndoni and Adv Geoff Budlender SC concurring.
Tribunal Case M anager: Theresho Galane and Bobedi Seleke
1 See paragraph 11.1, page 7 4, of the Record.
Date
2
3
For the Merger Parties:
For the Commission
Lizel Blignaut and Fayyaadh Khan of ENS
Africa
Alistair Dey-Van Heerden and Wiri Gumbie