(Bloomberg) — Anglo American Plc said it’s agreed to sell its nickel business in Brazil to MMG Ltd. for as much as $500 million.

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The deal is part of a wider restructuring used to fend off an unsolicited $49 billion takeover proposal by BHP Group Ltd. Anglo plans to focus on copper while keeping iron ore and fertilizer assets in its portfolio. The company is exiting diamond, platinum, nickel and coal mining.

“The sale of our nickel business after a highly competitive process marks a further important milestone towards simplifying our portfolio to create a more highly valued copper, premium iron ore, and crop nutrients business,” Anglo Chief Executive Officer Duncan Wanblad said in a statement on Tuesday.

The transaction involves an upfront cash payment of $350 million at completion, plus the potential for up to $100 million in a price-linked earnout and a further $50 million depending on future investment projects.

MMG is Hong Kong-listed but its controlling shareholder is state-owned mining-to-trading giant China Minmetals Corp. The acquisition of the Anglo business reinforces the strong grip of Chinese companies over global nickel supply.

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