Nickel Industry Shifts: Canada Expands Production While Australian Companies Adjust to Price Changes

Canada remained a major nickel producer in 2023, outputting over 130,000 metric tons and ranking sixth worldwide. Projects across Ontario, Manitoba, Quebec, Newfoundland and Labrador, and British Columbia are moving from exploration to development, with an emphasis on sustainable mining practices and downstream processing for sectors such as agriculture, forestry and battery technology.

In the broader market, Australian-listed miners are responding to a volatile price environment. The London Metal Exchange saw nickel prices climb to a two‑year high of US$19,675 per tonne in mid‑2025, buoyed by Indonesia’s reduced RKAB quota, before slipping to US$16,220 in early July. Companies including BHP and IGO have placed some operations on care and maintenance or halted production, while reviewing asset strategies and potential divestments. The price swing reflects Indonesia’s quota adjustments and ongoing supply overhangs, influencing the strategic decisions of major ASX nickel producers.