December 25, 2023
Total global resources of Nickel are estimated to by about 300 million tonnes. Of this total resource, there is just over 102 million tonnes of proven reserves. Australia and Indonesia each account for about 20% of the total (21 million tonnes each) with Brazil coming in third at 16% (16 million tonnes). Combined, Russia, Caledonia, and the Philippines account for a further 20%. Some nickel resources are found in regions that are considered politically unstable (Cuba) or under international sanction (Russia). This could impact both the supply chain and total amount of nickel available for the growth. Nickel used in BEV batteries requires the highest Class 1 purity which is more difficult to find. A number of battery manufacturing companies are focused on using nickel instead of cobalt in batteries as nickel is generally cheaper plus most nickel reserves and resources are located in politically stable countries. Reserve life for nickel is over 25 years. More nickel resources must be developed to satisfy demand post 2035, which would require significant investments.
Note: Reserves are a subset of resources that have been evaluated and deemed commercially viable for production.
Source: US Geological Survey – Mineral Commodity Summaries 2023