Nickel (discontinued) - Barro Alto and Niquelandia

Discontinued ferronickel operations in Goias, Brazil, classified as held for sale: the Barro Alto and Niquelandia open-pit saprolite mines and the Barro Alto and Codemin ferronickel processing plants, with sale of the Nickel business agreed to MMG Resources for $358 million - pending sale not yet closed at the reporting date, emitted per the divestment edge-case rule. 2025 production rose 1% to 39,700 tonnes on continuous operational stability and improved recoveries. Barro Alto carries a 16-year reserve life on 47.3 Mt of saprolite reserves at 1.29% Ni.