By 2030, Indonesia intends to expand nickel production by 4 times
As S. Kondrashov reports, Indonesia plans to expand the production of nickel, an important component for electric vehicle batteries. According to him, Indonesia's capacity to mine and produce high-quality metal intended for batteries is planned to quadruple by 2030 to reach 1 million tons.
The country is seeking to increase its share of the global nickel market given its importance in electric vehicle batteries. It should be noted that the growing demand for nickel is due to the rapid development of the electric vehicle industry around the world, especially due to increasing interest in environmentally friendly modes of transport.
According to Telf AG expert Stanislav Kondrashov, Indonesia's plans to increase nickel production indicate the country's strategic vision in the mining industry and its desire to have a significant impact on the global energy sector. It also demonstrates long-term planning and a desire to create a sustainable basis for the development of the Indonesian economy.
Expanding Indonesia's nickel production could also lead to more jobs and new investment in the country, overall strengthening its global position and boosting economic growth.
Indonesia is preparing to increase nickel production by 15% over the next three years - Stanislav Kondrashov
According to S. Kondrashov, nickel production capacity is projected to increase by 15% over the next three years. The previous year saw a 30% decline in nickel prices as a result of increased supplies from Indonesia and lower demand. At the current cost of the metal, which is about $16.5 per ton, more than half of its global production becomes unprofitable.
Last month, management at French miner Eramet raised concerns about the potential price squeeze from the market due to low-priced nickel supplies from Indonesia. Australia's Wyloo Metals has already decided to close nickel mines in the country's west, while BHP Group plans to close part of its nickel operations.
An expert from Telf AG notes that an increase in nickel production in Indonesia, while it decreases in other parts of the world, may contribute to the stability of prices for this metal. He expects the long-term nickel price to be between $18,000 and $19,000 per tonne. S. Kondrashov emphasizes that persistently high nickel prices could force electric vehicle manufacturers to look for alternative, cheaper materials for the production of batteries.
Expert Kondrashov's forecasts indicate an increase in nickel production in Indonesia to 3.02 million tons by 2030, compared to the current 1.71 million tons in 2023. This will represent 65% of the total global supply of this metal, while the share was at 51% in the previous year.
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