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Global Nickel Market Trends

Following a 4.2% decline in 2020 due to COVID-19, nickel production is witnessing a rebound driven by demand from stainless steel and electric vehicle (EV) battery markets.

Mining Technology monitors the world nickel market by analysing nickel price trends and country-wise nickel production, consumption, export and import data. We also track the performance of nickel mining companies and major nickel mines around the globe.

The global nickel mine output is forecast to exceed 2.7Mt by 2025, according to GlobalData.

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GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.

Nickel Price Trend: Trailing 12 Months

Mining Technology presents price charts showing monthly nickel prices and the global nickel price trend over the last 12 months.

Linked to sluggish demand amid growing supply, the monthly average high-grade LME nickel prices continued to decline averaging $25,837/t in June 2022.

Top Nickel Producing Companies by Production

Mining Technology ranks the top nickel producing companies in the world by comparing the annual production volumes of major nickel mining companies in different regions.

MMC Norilsk Nickel was the world’s biggest nickel miner in 2021, followed by Vale and Glencore.

The ten biggest nickel miners in the world together accounted for 32% of the global total nickel output in 2021.

Current Rank Rank 2020 Company Name Headquarters
1 1 MMC Norilsk Nickel Russia
2 2 Vale SA Brazil
3 3 Glencore plc Switzerland
4 4 BHP Australia
5 5 Sumitomo Metal Mining Co Ltd Japan
6 6 Eramet SA France
7 7 Anglo American plc United Kingdom
8 8 South32 Ltd Australia
9 9 PT ANTAM (Persero) Tbk Indonesia
10 10 Lundin Mining Corp Canada
Source: GlobalData

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Largest Nickel Producing Countries

Mining Technology has identified the world’s leading nickel producing countries from a comprehensive database that is regularly updated with the nickel output of each producing country.

Indonesia, the Philippines and New Caledonia were the biggest sources of nickel in 2021.

The world’s top ten nickel producing countries together accounted for 93% of the global nickel output in 2021.

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Biggest Nickel Mines in the World

Mining Technology keeps track of the production of major nickel mining projects to find out the world’s biggest nickel mines.

With an output of 145.8 thousand tonnes, Kola MMC Mine in Russia was the world’s biggest nickel mine by production in 2021.

The ten biggest nickel mining operations in the world together contributed 24% of the global nickel output in 2021.

Mine Name Country State Owner Mine Type & Method Production 2021 (Thousand tonnes)
Kola MMC Mine Russia Murmansk Oblast MMC Norilsk Nickel(100%) Surface and Underground & Open Pit/Room and Pillar 145.82
Sorowako Mine Indonesia South Sulawesi Vale SA(44.3%), Undisclosed(20.7%), PT Indonesia Asahan Aluminium(20%), Sumitomo Metal Mining Co Ltd(15%) Surface & Open Cast 79.02
Taganito Mine Philippines Surigao del Norte Nickel Asia Corp(65%), Pacific Metals Co Ltd(33.5%), Sojitz Corp(1.5%) Surface & Open Pit 73.89
Rio Tuba Mine Philippines Palawan Nickel Asia Corp(60%), Pacific Metals Co Ltd(36%), Sojitz Corp(4%) Surface & Open Pit 46.78
Cerro Matoso Mine Colombia Cordoba South32 Ltd(99.94%), Undisclosed(0.059%) Surface & Open Cut 42.84
Weda Bay Project Indonesia Maluku Tsingshan Holding Group Co Ltd(51.3%), Eramet SA(38.7%), PT Aneka Tambang Persero Tbk(10%) Surface & Open Cast 40
Voisey's Bay Mine Canada Newfoundland and Labrador Vale SA(100%) Surface and Underground & Open Pit 39.4
Mount Keith Mine Australia Western Australia BHP(100%) Surface & Open Pit 38.56
Raglan Mines Canada Quebec Glencore Plc(100%) Underground & Room and Pillar 38.19
Ambatovy Project Madagascar Atsinanana Sumitomo Corp(54.17%), Korea Resources Corp(45.83%) Surface & Open Pit 38
Source: GlobalData

Major Upcoming Nickel Mines

Mining Technology lists the major upcoming nickel mines in the world by comparing annual production capacities of upcoming nickel mining projects.

The Kingash Project in Russia is the biggest upcoming nickel mine with an annual production capacity of 0.072Mt.

The Bahodopi Project in Indonesia and the Sulawesi Project in Indonesia are amongst the other major upcoming nickel mines with capacities of 0.070Mt and 0.046Mt, respectively.

Mine Name Country State Owner Mine Type & Method Annual Production Capacity (Thousand tonnes)
Kingash Project Russia Krasnoyarsk Krai Intergeo MMC Ltd(100%) Surface & Open Pit 72.1
Bahodopi Project Indonesia Central Sulawesi Vale SA(59.28%), Undisclosed(20.49%), Sumitomo Metal Mining Co Ltd(20.09%), Sumitomo Corp(0.14%) Surface & Open Cut 70
Sulawesi Project Indonesia South Sulawesi PT Sulawesi Cahaya Mineral(100%) Surface & Open Pit 46
Baptiste Nickel Project Canada British Columbia FPX Nickel Corp(100%) Surface & Open Pit 45.08
Honeymoon Well Project Australia Western Australia BHP(100%) Surface & Open Pit 45
Wingellina Project Australia Western Australia NICO REOSURCES ltd(100%) Surface & Open Pit 40
Enterprise Nickel Project Zambia North-Western First Quantum Minerals Ltd(100%) Surface & Open Pit 38
Mayaniquel Project Guatemala Izabal International Nickel Supply SA(100%) Surface & Open Pit 36.5
Brolga Project-Stage 2 Australia Queensland Queensland Nickel Pty Ltd(100%) Surface & Open Cut 36
Kabanga Project Tanzania Kagera Kabanga Nickel Ltd(84%), Government of Tanzania(16%) Underground & To be confirmed 35
Source: GlobalData Top Global Projects


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