As The World's Largest Nickel Producer, How Much Is Indonesia's Nickel Reserve?

Illustration of nickel ore. (Antara)

YOGYAKARTA – The Indonesian government's policy to stop nickel ore exports in November 2019 was rejected by European countries. They sued Indonesia at the WTO because the nickel export ban had paralyzed the stainless steel industry in Europe due to a shortage of raw material supplies.

Not only European countries but the policy of stopping nickel exports was also rejected by the International Monetary Fund (IMF). They urged Indonesia to remove the policy to open up global market access.

It is known that Indonesia has an important role in supplying nickel in the world. In 2022, Indonesia will contribute up to 48.48 percent of total global nickel production. So, how much is Indonesia's nickel reserves?

How much is Indonesia's Nickel Reserves?

Based on a report by the United States Geological Survey (USGS), Indonesia is estimated to have nickel reserves of 21 million metric tons in 2022. This number is equivalent to Australia's nickel reserves in that period.

The USGS report states that Indonesia's nickel reserves account for 21 percent of the world's total nickel reserves, which are estimated to be more than 100 million metric tons in 2022.

Apart from being a country with the largest nickel reserves, Indonesia is also superior in terms of nickel production.

In 2022, the country's nickel production will reach 1.6 million metric tons. Under Indonesia, there are the Philippines and Russia, which respectively produce 330 thousand and 220 thousand tons of nickel.

The following is a list of countries with the world's largest nickel reserves in 2022 according to the USGS:

• Australia: 21 million metric tons
• Indonesia: 21 million metric tons
• Brazil: 16 million metric tons
• Russia: 7.5 million metric tons
• New Caledonia: 7.1 million metric tons
• Philippines: 4.8 million metric tons
• Canada: 2.2 million metric tons
• China: 2.1 million metric tonnes
• United States: 370 thousand metric tons
• Other Countries: 20 million metric tons

The abundant nickel ore mining commodity in Indonesia can be used as an opportunity to boost the economy. This is because nickel is an important raw material for making batteries in the electric vehicle (EV) industry, which is growing exponentially globally.

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