5 Countries with the Largest Nickel Reserves in the World

2. Australia

Nickel reserves as of 2021: 21 million metric tonnes

According to the U.S. Geological Survey of Mineral Commodity Summaries 2022, Australia also has 21 million metric tonnes of nickel in reserve. However, its production levels in 2021 were visibly below that of Indonesia’s at 160,000 metric tonnes. Accounting for more than 20% of the world’s nickel reserves, nickel exports boosted the Australian economy by $4.4 billion in 2021

Earnings from nickel export are expected to grow by 17% to $5.1 billion between 2022 to 2023 but they will dip by 11% between 2023 to 2024. Meanwhile, the Australian export of nickel is forecasted to rise to 188,000 tonnes from 2023 to 2024, up from the figures of 157,000 tonnes in 2021-2022. The increase in the export would come from Mallee Resources Limited (ASX:MYL)’s Avebury mine at 8,100 tonnes and Mincor Resources NL (ASX:MCR)’s nickel mining project in Kambalda at 12,600 tonnes.