Global Nickel Supply: Which Countries Dominate the World's Reserves?

The global nickel market is undergoing significant transformation. With electric vehicle battery demand surging and traditional steel production remaining robust, understanding where the world’s nickel deposits are concentrated has become critical for market participants. Here’s a breakdown of the top nine nations holding substantial nickel reserves.

The Big Picture: 130 Million Metric Tons and Counting

Total world nickel reserves exceed 130 million metric tons (MT), with the top nine countries controlling over 90 percent of this supply. The remaining nations account for just 9.1 million MT. This concentration means that geopolitical stability in these nine regions directly impacts global nickel pricing and availability.

1. Indonesia: The Production Powerhouse

Reserves: 55 million metric tons

Indonesia stands alone at the top, holding 55 million MT of nickel—representing the single largest reserve globally. The country’s production growth is nothing short of remarkable. From just 345,000 MT in 2017, output exploded to 1.8 million MT last year. The country crossed the 1 million MT milestone only in 2021, then nearly doubled its output in the following two years.

This surge reflects Indonesia’s strategic push to build an EV battery supply chain. The Hengjaya and Weda Bay operations represent the backbone of this expansion, with Weda Bay being recognized as the world’s largest nickel mining complex. However, rapid mining expansion has raised environmental concerns, with reports linking intensive nickel extraction to threats against indigenous communities.

2. Australia: Second Place, Facing Challenges

Reserves: 24 million metric tons

Australia ranks second with 24 million MT in reserves, yet paradoxically sits sixth globally in production output (160,000 MT in 2023). The gap reflects a strategic pivot: major mining companies have begun placing facilities into maintenance mode due to oversupply from Indonesian competitors. Several top producers reduced or halted operations in 2024, signaling market pressure on traditional producers.

3. Brazil: The Steady Climber

Reserves: 16 million metric tons

Brazil holds 16 million MT of nickel reserves and has been gradually increasing production from 76,100 MT (2021) to 89,000 MT (2023). Major mining companies operating in the country are expanding capacity, with new projects targeting 1.2 million MT of contained nickel potential. Brazil represents a more stable production base compared to Indonesia’s volatile growth trajectory.

4. Russia: Strategic Producer with Supply Constraints

Reserves: 8.3 million metric tons

Russia commands 8.3 million MT of nickel reserves and ranks fourth globally in production, though output slipped to 200,000 MT last year from 222,000 MT in 2022. The country hosts one of the world’s largest nickel operations, which specializes in a form of nickel crucial for global commodity trading. Geopolitical tensions have raised questions about supply chain reliability from this region.

5. New Caledonia: Regional Powerhouse

Reserves: 7.1 million metric tons

This South Pacific territory holds 7.1 million MT and ranks third in global production with 230,000 MT output in 2023. Nickel forms the economic backbone of the region. Recent political instability and mining halts have created supply concerns, demonstrating how political events can disrupt commodity markets.

6. Philippines: Rising Output

Reserves: 4.8 million metric tons

The Philippines maintains 4.8 million MT in reserves with production nearly doubling from 345,000 MT (2021) to 400,000 MT (2023). Local mining companies have developed integrated operations from ore extraction to processing, positioning the country as a growing participant in the battery supply chain.

7. China: Consumer and Producer

Reserves: 4.2 million metric tons

China holds 4.2 million MT despite being the world’s largest nickel consumer. The country processed 110,000 MT last year while consuming roughly 65 percent of global supply—most destined for stainless steel production. This dynamic makes China a price-setter despite moderate reserve holdings.

8. Canada: Quality Over Quantity

Reserves: 2.2 million metric tons

Canada’s 2.2 million MT of reserves support the fifth-largest production output globally, hitting 180,000 MT in 2023. Multiple major mining operations maintain consistent production standards, with new underground projects in development.

9. United States: Minor Player

Reserves: 340,000 metric tons

The US holds just 340,000 MT of nickel reserves and produced only 17,000 MT in 2023, operating a single primary mine. The country remains largely dependent on imports for its nickel needs.

The Supply Chain Picture

Understanding nickel reserves by country reveals critical market dynamics. While Indonesia dominates production capacity, other nations offer more stable supply chains. The EV battery revolution has intensified competition for reserve-rich regions, reshaping traditional mining economics and geopolitical relationships in the commodities space.