Global Nickel Landscape: Where the World's Richest Deposits Are Located

The global nickel market remains critical to two major industries: steelmaking and electric vehicle battery production. Understanding which countries control the world’s richest nickel deposits has become increasingly important for investors tracking the EV revolution and the commodities sector. With over 130 million metric tons of confirmed reserves globally, nine nations dominate the supply landscape—and their positions reveal compelling investment opportunities.

The Two Pillars of Nickel Demand

Before diving into the specifics of which countries hold these deposits, it’s important to understand why this matters. China consumes approximately 65 percent of global nickel supply, primarily for stainless steel production where it leads as both the largest producer and consumer. Meanwhile, the EV battery sector is rapidly expanding its nickel appetite, creating a race among nations to secure reserves and build processing infrastructure.

Dominance and Challenges: A Regional Overview

The distribution of nickel reserves reveals an interesting dynamic: some of the world’s largest producers have equally massive deposits, ensuring long-term supply security. Others punch above their weight in production despite smaller reserve bases. Additionally, geopolitical events and supply disruptions have recently reshaped market realities.

Indonesia: Unmatched Reserves and Explosive Growth

Commanding 55 million metric tons—more than any other nation—Indonesia possesses the largest nickel deposits in the world. This reserve advantage coincides with the country’s remarkable production trajectory, which surged from 345,000 MT in 2017 to 1.8 million MT in 2023, breaking the 1-million-MT threshold in 2021 alone.

The Hengjaya nickel-iron-cobalt mine and Weda Bay facility drive this expansion, with Nickel Industries holding an 80 percent stake in Hengjaya and the Weda Bay operation representing a joint venture between European miner Eramet and Chinese company Tsingshan Holding Group. Indonesia’s aggressive capacity building aims to position the nation as a critical EV battery material supplier, though environmental concerns have surfaced regarding local communities.

Australia: Second Tier but Facing Headwinds

With 24 million metric tons of confirmed nickel deposits, Australia ranks second in reserve holdings. Yet its production reality tells a different story: at 160,000 MT annually, the nation ranks only sixth globally. Several major Australian nickel mines have entered care-and-maintenance mode as Indonesian supply gluts pressure prices. BHP’s Nickel West facility suspended operations by late 2024, while First Quantum Minerals’ Ravensthorpe mine shuttered amid market oversupply conditions.

Brazil: Steady Growth From Established Mines

Brazil’s 16 million metric tons of nickel reserves support a growing production base. Output climbed from 76,100 MT in 2021 to 89,000 MT in 2023, positioning Brazil as the world’s eighth-largest nickel producer. Vale operates the Onca Puma mine, one of the planet’s largest facilities, while Anglo American manages the Barro Alto ferronickel complex. Centaurus Metals is advancing the Jaguar sulfide project—containing 1.2 million MT of contained nickel across 138.2 million MT of ore—with a final investment decision targeted for Q2 2025.

Russia: Geopolitical Complications and Market Leverage

Despite holding 8.3 million metric tons of reserves, Russia faces production challenges, outputting 200,000 MT in 2023 versus 222,000 MT the prior year. Norilsk Nickel dominates Russian supply and holds outsized influence in global nickel markets due to its authorized access to London Metal Exchange trading mechanisms. Analysts remain cautious about potential supply disruptions stemming from ongoing geopolitical tensions.

New Caledonia: Reserves, Production, and Political Risk

The South Pacific French Territory houses 7.1 million metric tons of the world’s largest nickel deposits by regional measure and ranks third in global production at 230,000 MT annually. Historically protective of its smelting industry, New Caledonia has recently increased direct ore exports to China, which received 39.2 percent of exports in 2022. However, pro-independence riots in May 2024 halted mining operations and deepened economic challenges for the territory.

Philippines: Rising Production Trajectory

With 4.8 million metric tons of reserves, the Philippines doubled nickel output from 345,000 MT in 2021 to 400,000 MT in 2023. Nickel Asia operates the Cagdianao and Hinatuan mines while holding stakes in Rio Tuba and Taganito facilities. The Coral Bay hydrometallurgical processing plant, supported by Nickel Asia’s 10 percent equity stake, processes limonite ore for battery-grade materials.

China: Reserve Holder but Dominant Buyer

China claims 4.2 million metric tons of domestic nickel deposits while producing only 110,000 MT annually. Yet the nation’s influence extends far beyond these numbers—as the largest steel producer and consumer, China’s purchasing power shapes global nickel pricing and supply chains.

Canada and the United States: North American Supply

Canada holds 2.2 million metric tons and ranks fifth globally in production at 180,000 MT in 2023, supported by Vale’s Sudbury and Voisey’s Bay operations plus Glencore’s Raglan facility. The United States, by contrast, holds merely 340,000 metric tons and produces only 17,000 MT annually from Lundin Mining’s Eagle mine in Michigan’s Upper Peninsula, making it a marginal player in global nickel markets.

The Investment Takeaway

The geography of the world’s richest nickel deposits reveals both opportunity and risk. Nations with combined reserves and growing production capacity—particularly Indonesia and Brazil—offer long-term supply security for battery makers and industrial consumers. Meanwhile, established producers facing margin pressure present a different investment calculus. For those tracking the EV transition and commodity markets, monitoring deposit locations remains essential to anticipating supply dynamics in the decade ahead.