Executive Summary
Indonesian nickel producers are emerging as key global players. According to the U.S. Geological Survey (USGS) for 2023, Indonesia accounted for 42% of global nickel reserves and 51% of global mine production. The Indonesian government banned the export of all unprocessed nickel ore in 2020, however the processing of nickel for use in electric vehicle (EV) batteries comes with a significant environmental and carbon footprint. This report examines the activities of four publicly traded nickel companies with significant operations in the country. These companies produced a total of 353,000 tonnes of contained nickel in 2023, which the Institute for Energy Economics and Financial Analysis (IEEFA) estimates accounted for 26% of Indonesia’s primary nickel production of 1.36 million tonnes (mt) in 2023. According to Standard & Poor rankings, Indonesia accounted for 40% of global primary nickel product output (such…
