Global Nickel Reserves Reshaping in 2024: Nine Nations Hold 130+ Million MT

The nickel market is undergoing a significant transformation in 2024, with global reserves exceeding 130 million metric tons concentrated in just nine key nations. Understanding where these resources are located has become crucial for market participants tracking supply security and investment opportunities in battery technology and steel production.

The Supply Geography Shift

Today’s nickel landscape reveals an intriguing paradox: several leading producers hold modest reserves, while certain nations possess substantial untapped potential. Steel manufacturing remains the dominant consumer of nickel, absorbing roughly 65 percent of global demand, with China commanding more than two-thirds of this consumption. However, the electric vehicle battery sector is rapidly emerging as a transformative force, fundamentally altering demand patterns and production strategies across major resource-holding nations.

Indonesia’s Dominant Position

Indonesia commands the world’s largest nickel reserves at 55 million metric tons, reinforcing its status as the top producer with 1.8 million MT extracted annually. This Southeast Asian powerhouse has experienced extraordinary production growth—output surged from 345,000 MT in 2017 to surpass the 1 million MT threshold by 2021, with further expansion to current levels. The nation’s aggressive push to capture EV battery supply chains, particularly serving Chinese manufacturers, continues driving exploration and mine development. Two flagship operations—Hengjaya and Weda Bay—exemplify this expansion, with Hengjaya owned 80 percent by Nickel Industries and Weda Bay representing a collaboration between Eramet Group and Tsingshan Holding Group.

Australia and Brazil: Reserve Powerhouses with Production Challenges

Australia ranks second in reserve holdings with 24 million metric tons, yet produces only 160,000 MT annually, ranking sixth globally. Supply pressures from Indonesian competition have forced major operators like BHP to place assets into care and maintenance mode by late 2024. Meanwhile, Brazil’s 16 million metric tons of reserves position it third, with production climbing from 76,100 MT in 2021 to 89,000 MT in 2023—still placing it eighth in global output rankings.

Eastern Strategic Reserves

Russia maintains the fourth-largest reserve base at 8.3 million metric tons while producing 200,000 MT annually as the world’s fourth-largest producer. Norilsk Nickel’s dominant market position creates outsized influence over global supply dynamics. New Caledonia holds fifth position with 7.1 million metric tons and produces 230,000 MT, the third-highest globally, though recent political instability has disrupted mining operations.

Asian Production Expansion

The Philippines possesses 4.8 million metric tons of reserves with production accelerating from 345,000 MT in 2021 to 400,000 MT in 2023. China, despite hosting only 4.2 million metric tons in reserves, exerts disproportionate market influence through its role as the world’s dominant steel manufacturer and primary nickel consumer. This asymmetry between reserve size and market power underscores China’s strategic positioning within global supply chains.

North American and Emerging Developments

Canada maintains 2.2 million metric tons of reserves and ranks fifth in global production with 180,000 MT in 2023, hosting major operations from Vale, Glencore, and emerging projects like KGHM’s Victoria mine. The United States, possessing only 340,000 metric tons in reserves, represents the smallest reserve base among major nations, with its sole primary operation—Lundin Mining’s Eagle mine in Michigan—producing just 17,000 MT annually.

Market Implications

The concentration of reserves in Indonesia, Australia, and Brazil suggests these nations will retain long-term supply dominance even as production dynamics shift. Conversely, countries like the United States face structural limitations as reserve depletion looms absent significant new discoveries. The divergence between reserve size and current production underscores how technological advancement, geopolitical factors, and battery market growth are reshaping which nations emerge as critical players in the next decade’s nickel economy.