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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
Expert Comments and Analysis
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.
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
GlobalData Reports
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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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