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Brazil has huge potential to develop nickel projects and benefit from the energy transition, but it also must solve significant problems. National nickel reserves are estimated at 16Mt, putting Brazil in third place globally, after Indonesia (55Mt) and Australia (24Mt).
Output, however, is still modest, totaling 89,000t in 2023, for a global market share of 2.47%, which makes Brazil the ninth producer, according to US Geological Survey data. But Brazil is the only Latin American country which is a top 10 global nickel player.
Nickel projects have struggled as prices remain depressed, largely due to Indonesia’s booming production, underwritten by massive Chinese investments. As China accounts for two-thirds of global demand, major Asian players seek to invest in the segment. In the wake of falling prices, London-listed exploration company Horizonte Minerals, owner of the US$1bn Araguaia nickel project in Brazil, requested bankruptcy protection last year as it failed to raise fresh funds for Araguaia, spooking other investors.
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