World May Depend on Australia, Papua New Guinea for Nickel Supply
Released August 26, 2014 | PERTH, AUSTRALIA Researched by Industrial Info Resources Australia (Perth, Australia)--Indonesia's ban on nickel ore exports earlier this year helped to drive the price of the steelmaking raw material up at least 33%. With traders panicking at the prospect of dwindling global supplies, and the possibility of further sanctions placed upon Russia for its involvement in Ukraine (one of the affected companies was Norilsk Nickel Limited (MCX:GMKN) (Moscow), a global nickel heavyweight), the Oceania region could become the world's next major nickel supplier. More than 24% of known global reserves are located in the region. Australia is the world's fourth-largest producer of nickel, behind Russia, Indonesia and the Philippines. Western Australia, most notably Kalgoorlie, has the largest share of known nickel reserves in the country. Less significant resources can be found in New South Wales and Tasmania. The country looks to be a strong candidate