Top 9 Countries by Nickel Reserves (Updated 2024)

Which countries have the largest nickel reserves in the world? Indonesia, Australia and Brazil are at the top of the list of nickel reserves by country.

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Investors interested in nickel stocks are often curious about which countries produce significant amounts of the metal. After all, major producers are often home to many miners and explorers.

But investors should also be aware of which countries hold significant nickel reserves. Why? Many countries that produce large amounts of nickel have big nickel reserves, which shows they have the potential to continue being players in the space long term. On the other hand, some countries produce little nickel, but have high reserves of the metal.

Much of global demand for nickel comes from the steel making industry, particularly in China. The Asian nation is the largest consumer of nickel in the world, accounting for around 65 percent of total consumption, with the majority of it making its way into steel products. The electric vehicle (EV) battery market is emerging as another key market for nickel.

It’s possible that in the future countries with vast nickel reserves could become major players in the space, so exploration companies that already have boots on the ground could be worth watching.

With that in mind, here’s an overview of the nine countries with the largest nickel reserves. Total world nickel reserves are greater than 130 million metric tons (MT), with nickel reserves in countries outside these top nine nations making up just 9.1 million metric tons. All nickel reserves by country data is based on the US Geological Survey’s most recent report, and mine data is sourced from mining database MDO.

1. Indonesia

Nickel reserves: 55 million metric tons

Indonesia has the highest nickel reserves in the world, coming in at 55 million metric tons, and it also takes the top spot for nickel production, with 1.8 million MT of the metal produced last year.

Indonesia’s nickel production has grown exponentially from 2017’s output of 345,000 MT. In fact, it only broke the 1 million MT mark in 2021, meaning it increased by 800,000 MT in just two years. The massive increase is part of the country’s work to build out its EV battery industry in the hopes of being a major supplier to China.

While the electrification push is meant to help save the planet from the catastrophic environmental damage of climate change, in an ironic twist, the massive push for increased EV battery-grade nickel mining in Indonesia is threatening the existence of one of the world's last uncontacted hunter gatherer tribes, as per the BBC.

Two of the countries biggest nickel producing mines are the Hengjaya nickel-iron-cobalt mine and the Weda Bay nickel mine. Nickel Industries (ASX:NIC) owns an 80 percent stake in the Hengjaya nine, which is comprised of a large tonnage, high grade nickel laterite deposit with a mine life expected to extend to 2035. The Weda Bay mine, considered the largest nickel in the world, is operated by PT Weda Bay Nickel, a joint venture (43/57) between Eramet Group (EPA:ERA) and Chinese private company Tsingshan Holding Group.

2. Australia

Nickel reserves: 24 million metric tons

Australia has the second highest nickel reserves in the world, at 24 million metric tons. However, it should be noted that Australia's JORC-compliant proven and probable reserves stand at 865 million MT. In terms of nickel output, Australia only ranks sixth among the world's largest nickel producers, with 160,000 MT produced in 2023.

Australia might see its production levels drop next year as some of the top-producing nickel mines in Australia are mothballed due to oversupply from Indonesia.

BHP's (NYSE:BHP,ASX:BHP,LSE:BHP) Nickel West assets saw 85 percent of its nickel production sold to global battery materials suppliers. However, market conditions have led to the company to make a decision to place Nickel West on care and maintenance by the end of 2024. This follows First Quantum Minerals' (TSX:FM,LSE:FQM) decision to shutter the Ravensthorpe mine, in which South Korean steelmaker POSCO (NYSE:PKX,KRX:005490) has a 30 percent equity stake.

3. Brazil

Nickel reserves: 16 million metric tons

The third largest nickel reserves belong to Brazil, which has a total of 16 million metric tons. The country has seen a rise in nickel production the past few years, with output expanding from 76,100 MT in 2021 to 89,000 MT in 2023. Even so, it still came in as the eighth largest nickel producer in the world.

Brazilian mining company Vale (NYSE:VALE) is a major nickel producer in the country. It owns a 90 percent stake in the the Onca Puma mine, one of the world's largest global producers of the metal.

Other companies mining and exploring for the base metal in the country include Anglo American (LSE:AAL,OTCQX:AAUKF), which owns the world-class Barro Alto ferronickel mine and processing complex, and Centaurus Metals (ASX:CTM,OTCQX:CTTZF), which is developing the Jaguar nickel sulfide project. Jaguar has a defined global mineral resource estimate totaling 138.2 million MT at 0.87 percent nickel for 1.2 million MT of contained nickel. Centaurus is aiming to make a final investment decision by the second quarter of 2025.

4. Russia

Nickel reserves: 8.3 million metric tons

Russia, the world’s fourth largest nickel producer in 2023, holds a vast amount of nickel reserves at 8.3 million metric tons. The country experienced a production slump last year, putting out 200,000 MT compared to 222,000 MT in 2022.

Norilsk Nickel (MCX:GMKN), one of the world’s largest nickel and palladium producers, operates in Russia.

Analysts are concerned about the impact of the Russia-Ukraine war on global nickel supply. For the most part, the country’s nickel production feeds into the steelmaking sector rather than the battery market. “Russia plays an outsize role in nickel markets," the New York Times notes in an article. “Norilsk is among a limited number of companies authorized to sell a specialized form of nickel on the London Metal Exchange, which handles all nickel trading.”

5. New Caledonia

Nickel reserves:7.1 million metric tons

New Caledonia hosts the world's fifth largest nickel reserves at 7.1 million metric tons, and the South Pacific French Territory is also the third largest nickel producer, with output of 230,000 MT in 2023. Its nickel industry is the centerpiece of New Caledonia's economy.

Historically, New Caledonia had resisted selling nickel ore directly to large nickel-consuming countries such as China in order to preserve its domestic smelting and refining industry, which is one of its key sources of revenue. However, in recent years, New Caledonia has begun exporting to China, with 39.2 percent of its nickel exports in 2022 going to the Asian country.

Goro and the Societe Le Nickel are two of the major nickel mines in New Caledonia. Operated by Prony Resources New Caledonia, in which Trafigura has a 19 percent stake, Goro produces a chemical form of nickel and cobalt known as mixed hydroxide precipitate that can be used in EV batteries. The Societe Le Nickel mine is a joint venture between Eramet Group (56 percent), the New Caledonia provincial government (34 percent) and Nisshin Steel (10 percent).

New Caledonia became a hot bed of political unrest with pro-independence rioting in May 2024. This has further damaged its beleaguered economy, and halted nickel mining operations.

6. Philippines

Nickel reserves: 4.8 million metric tons

Next on this nickel reserves list is the Philippines, coming in at 4.8 million MT. The country’s nickel production grew significantly last year, rising from 345,000 MT in 2021 to 400,000 MT in 2023.

Nickel Asia is one of the country's leading nickel producers. It's wholly owned nickel operations include the Cagdianao and Hinatuan mines. The company also has a significant stake in the Rio Tuba (60 percent) and Taganito (65 percent) nickel mines.

Nickel Asia supplies limonite ore from its Rio Tuba mine to the Philippines' first hydrometallurgical nickel processing plant. The Coral Bay plant is owned by Coral Bay Nickel, in which Nickel Asia has a 10 percent equity interest.

7. China

Nickel reserves: 4.2 million metric tons

China hosts the seventh largest nickel reserves in the world, coming in at 4.2 million metric tons. The country’s nickel production in 2023 was nearly on par with the previous year, totaling 110,000 MT compared to 114,000 MT in 2022.

Although China is seventh in terms of both nickel reserves and production, the Asian nation plays a significant role in nickel pricing due to the commodity’s role in stainless steel production. China is both the largest steel-producing country and the largest consumer of the alloy metal.

8. Canada

Nickel reserves: 2.2 million metric tons

Next up on this list of largest nickel reserves is Canada with 2.2 million metric tons of nickel. The country also ranks as the fifth largest nickel producer, increasing its output from 143,000 MT in 2022 to 180,000 MT in 2023.

Canada’s key nickel mines include Vale’s Sudbury, Thompson and Voisey’s Bay operations, as well as Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Raglan mine in Quebec and Sudbury Integrated Nickel Operations in Ontario. Also in the Sudbury, Ontario region. Global miner KGHM Polska Miedz (WSE:KGH) is constructing the Victoria underground copper-nickel mine.

9. United States

Nickel reserves: 340,000 metric tons

Last on this largest nickel reserves list is the US, which hosts nickel reserves of 340,000 metric tons. With much less nickel in its back pocket than the other nations here, the US is also at the bottom when it comes to the world’s largest nickel producers. In 2023, the country’s nickel output came in at 17,000 MT, a slight decrease of 500 MT from the year before.

The US has only one primary nickel operation: Lundin Mining’s (TSX:LUN,OTC Pink:LUNMF) Eagle mine, located on the Yellow Dog Plains in the Upper Peninsula of Michigan.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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Melissa Pistilli

Educational Content Specialist

Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.

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