5 Countries with the Largest Nickel Reserves in the World

4. Russia

Nickel reserves as of 2021: 7.5 million metric tonnes

Russia is the home of OJSC MMC Norilsk Nickel (LSE:MNOD) company which is one of the world’s largest nickel mining companies. The country’s five biggest mines are Oktyabrsky Mine, Komsomolsky Mine, Taimyrsky Mine, Skalisty Mine, and Kola MMC Mine and all of them are owned by MMC Norilsk Nickel. In 2021, Russia produced 250 kilotonnes of nickel, down from its decade-high of 283 kilotonnes in 2020.

In 2021, Russia exported around $2 billion worth of nickel. The country’s nickel exports reached their peak in 2007 when it exported nickel worth approximately $9 billion which is mostly attributed to the high price of nickel in that year. Germany has been the biggest importer of Russian nickel with 39% of the country’s supply going to Germany.

Despite sanctions being imposed on Russia due to the Ukraine invasion, the Russian industrial metal sector saw little to no impact. The European Union and the United States’ aluminum and nickel imports from Russia went up by 70% between March and June quarter. The total exports from Russia amounted to $1.98 billion. The Russian nickel market is expected to produce a surplus of 75,000 tonnes by the end of 2022 and it is expected to widen to 150,000 tonnes in 2023.