Nickel demand rising globally

Nickel, a key component in stainless steel and battery technologies, is seeing growing global interest due to expected increases in demand, especially from the expanding battery industry.

Lifezone Metals seeks investment for Tanzanian project

On Friday, October 23, Lifezone Metals announced it is in advanced talks with Orion Critical Minerals regarding an investment in its Kabanga nickel project in Tanzania, signaling international interest in African nickel resources.

Indonesia dominates global nickel production

According to the U.S. Geological Survey, Indonesia produced 2.6 million tons of nickel in 2025, accounting for 66 percent of the global total, far outpacing other countries like the Philippines and Russia.

Africa's role in global nickel supply

While no African country appears in the top nickel producers, the continent contributes about 3 percent of global production, primarily from Madagascar, South Africa, and Côte d'Ivoire, and holds around 5 percent of the world's nickel reserves.

New projects emerging across Africa

Lifezone Metals plans to invest USD 942 million in its Tanzanian Kabanga project, while other African countries like Botswana, Burundi, and Côte d'Ivoire are also advancing various nickel projects, some with substantial resource estimates.

Restarting mines due to price recovery

The recent recovery in nickel prices has encouraged the restart of previously halted projects, such as the Nkomati mine in South Africa, which was paused due to weak prices in 2021.

Battery industry drives future demand

The International Energy Agency predicts that by 2035, the battery industry will account for 30 percent of total nickel consumption, with China, Japan, and South Korea expected to be major demand centers.

Market challenges persist despite growing demand

Despite rising demand, the nickel market faces an oversupply, which has kept prices under pressure. As of October 27, the price was around USD 15,600 per ton, down 4 percent from a month earlier.

Africa's nickel projects face hurdles

For Africa, developing new nickel projects requires overcoming market challenges such as low prices, high development costs, and financing constraints, as highlighted by the International Energy Agency.