Global Nickel Reserves Surge in 2023, Hitting a New Record High

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Cindy Mutia Annur 12/02/2024 12:03 WIB

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The United States Geological Survey (USGS) predicts that total global nickel reserves will reach 130 million tons in 2023, a 30% increase compared to 2022.

Global Nickel Reserve Volume (2000-2023)

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Global Nickel Reserve Volume (2000-2023)

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The United States Geological Survey (USGS) predicts that total global nickel reserves reached 130 million tons in 2023.

This represents an increase of approximately 30 million tons, or 30%, compared to 2022, setting a new record high in the last two decades.

The reserves figures recorded by the USGS represent the total nickel reserves that can be economically extracted or produced, even if the extraction facilities do not yet exist or are not yet operational.

According to the USGS, the majority of global nickel reserves in 2023 were located in Indonesia, with 55 million tons, followed by Australia with 24 million tons, and Brazil with 16 million tons.

Cumulatively, these three countries are estimated to control approximately 95 million tons, or 73%, of the total global nickel reserves last year.

This increase in global reserves coincided with a decrease in nickel prices.

The USGS notes that the average annual price of nickel on the London Metal Exchange (LME) in 2023 fell by about 15% compared to 2022.

According to the USGS, this price decrease was influenced by the increased nickel surplus from Indonesia in the form of intermediate matte and nickel-cobalt hydroxide, commonly used in battery production, as well as reduced demand for stainless steel.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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