The Economics of Nickel

Table of Contents

1. Summary 1

2. History, properties, occurrence and resources of nickel 6

• 2.1History6
• 2.2Properties6
  • 2.2.1Health and environmental issues7
• 2.3Occurrence8
  • 2.3.1Sulphide ores9
  • 2.3.2Lateritic ores11
• 2.4Resources12
  • 2.4.1Ocean floor resources15

3. Mining, processing and refining of nickel 16

• 3.1Mining16
  • 3.1.1Mining of sulphide ores18
  • 3.1.2Mining of laterite ores18
• 3.2Processing19
  • 3.2.1Processing of sulphide concentrates20
    • 3.2.1.1Pyrometallurgical processing of sulphide concentrates21
    • 3.2.1.2Hydrometallurgical processing of sulphide concentrates21
  • 3.2.2Processing of laterite ores22
    • 3.2.2.1Pyrometallurgical processing of laterite ores23
    • 3.2.2.2Hydrometallurgical processing of laterite ores23
  • 3.2.3Matte refining25
    • 3.2.3.1Pyrometallurgical matte refining26
    • 3.2.3.2Hydrometallurgical matte refining26
  • 3.2.4Nickel products27
• 3.3Production costs30

4. World nickel production and supply data 31

• 4.1Mine production31
  • 4.1.1Nickel mining companies35
• 4.2Production of intermediate nickel products37
• 4.3Production of primary nickel37
  • 4.3.1Nickel refining companies43
  • 4.3.2New refinery developments44
• 4.4Supply and demand balance and stocks45

5. Exploration, mining and refining of nickel by country 46

• 5.1Albania46
• 5.2Argentina46
• 5.3Australia47
  • 5.3.1Resources of nickel in Australia48
  • 5.3.2Producers of nickel in Australia50
    • 5.3.2.1Western Mining Corporation Ltd (WMC)51
    • 5.3.2.2QNI Ltd56
    • 5.3.2.3Minara Resources Limited (formerly Anaconda Nickel Ltd)59
    • 5.3.2.4LionOre Australia61
    • 5.3.2.5MPI Mines Ltd62
    • 5.3.2.6Jubilee Mines NL63
    • 5.3.2.7Mincor Resources NL64
    • 5.3.2.8OMG Cawse Pty Ltd66
    • 5.3.2.9Sally Malay Mining Ltd67
    • 5.3.2.10Consolidated Nickel Pty Ltd69
    • 5.3.2.11Fox Resources Ltd70
    • 5.3.2.12Tectonic Resources NL71
  • 5.3.3Potential nickel producers in Australia72
    • 5.3.3.1Browns72
    • 5.3.3.2Forrestania/Flying Fox74
    • 5.3.3.3Kalgoorlie Nickel Project74
    • 5.3.3.4Marlborough74
    • 5.3.3.5NORNICO75
    • 5.3.3.6Syerston75
    • 5.3.3.7Young76
  • 5.3.4Past producers of nickel in Australia76
    • 5.3.4.1Preston Resources76
• 5.4Austria77
• 5.5Belgium77
• 5.6Botswana78
  • 5.6.1Producers of Nickel in Botswana78
    • 5.6.1.1BCL Ltd78
    • 5.6.1.2Tati Nickel Mining Company80
  • 5.6.2Potential nickel-producing projects in Botswana81
• 5.7Brazil82
  • 5.7.1Resources of nickel in Brazil82
  • 5.7.2Producers of nickel in Brazil83
    • 5.7.2.1Votorantim Group83
    • 5.7.2.2Cia de Desenvolvimento de Recursos Minerais - Codemin SA85
  • 5.7.3Potential nickel-producing projects in Brazil85
• 5.8Burkina Faso86
• 5.9Burundi87
• 5.10Canada88
  • 5.10.1Producers of nickel in Canada91
    • 5.10.1.1Inco Ltd91
    • 5.10.1.2Falconbridge Limited97
    • 5.10.1.3Sherritt International Corporation100
    • 5.10.1.4North American Palladium Ltd101
    • 5.10.1.5Exploration projects for nickel in Canada102
  • 5.10.2Past producers of nickel in Canada104
• 5.11China104
  • 5.11.1Producers of nickel in China106
    • 5.11.1.1Jinchuan Non-Ferrous Metals Corp (JNMC)106
    • 5.11.1.2Other nickel producers in China108
• 5.12Colombia109
  • 5.12.1Producers of nickel in Colombia110
    • 5.12.1.1Cerro Matoso SA (CMSA)110
• 5.13Cuba111
  • 5.13.1Producers of nickel in Cuba112
    • 5.13.1.1Cubaniquel112
    • 5.13.1.2Moa Bay SA113
  • 5.13.2Potential nickel-producing projects in Cuba114
• 5.14Dominican Republic115
• 5.15Finland116
  • 5.15.1Producers of nickel in Finland117
    • 5.15.1.1Boliden Harjavalta (formerly part of Outokumpu Oy)117
    • 5.15.1.2OMG Harjavalta Nickel Oy117
  • 5.15.2Potential nickel production in Finland118
• 5.16France118
  • 5.16.1Producers of nickel in France119
    • 5.16.1.1Eramet119
• 5.17Germany119
• 5.18Greece120
• 5.19Greenland121
• 5.20Guatemala121
• 5.21India122
• 5.22Indonesia123
  • 5.22.1Producers of nickel in Indonesia124
    • 5.22.1.1P.T. Aneka Tambang124
    • 5.22.1.2P.T. International Nickel Indonesia126
  • 5.22.2New nickel mining developments in Indonesia127
    • 5.22.2.1Weda Bay127
    • 5.22.2.2Gag Island128
• 5.23Ivory Coast128
• 5.24Japan128
  • 5.24.1Producers of nickel in Japan130
    • 5.24.1.1Inco TNC Ltd130
    • 5.24.1.2Pacific Metals Company Ltd (Taiheiyo Kinzoku KK)131
    • 5.24.1.3Sumitomo Metal Mining Company Ltd (Sumitomo Kinzoku Kozan KK)131
    • 5.24.1.4Hyuga Smelting Co Ltd131
    • 5.24.1.5Nippon Yakin Kogyo Co Ltd132
    • 5.24.1.6Other nickel producers in Japan132
• 5.25Kazakhstan132
• 5.26Korea, South133
• 5.27Kosovo133
• 5.28Madagascar133
• 5.29New Caledonia134
  • 5.29.1Producers of nickel in New Caledonia136
    • 5.29.1.1Societe Le Nickel - SLN136
    • 5.29.1.2Independent nickel producers in New Caledonia137
  • 5.29.2Potential nickel projects in New Caledonia137
    • 5.29.2.1Goro138
    • 5.29.2.2Nakety/Bogota138
    • 5.29.2.3Koniambo139
    • 5.29.2.4Prony and other projects139
• 5.30Norway139
  • 5.30.1Mining of nickel in Norway140
  • 5.30.2Producers of nickel in Norway140
    • 5.30.2.1Falconbridge Nikkelverk140
  • 5.30.3Potential nickel mining projects in Norway141
    • 5.30.3.1Espedalen141
    • 5.30.3.2Vakkerlien141
• 5.31Papua New Guinea141
• 5.32Philippines142
  • 5.32.1Producers of nickel in the Philippines143
    • 5.32.1.1Rio Tuba Nickel Mining Corporation143
    • 5.32.1.2Taganito Mining Corp143
    • 5.32.1.3Cagdinao Mining Corp143
    • 5.32.1.4Hinatuan Mining Corp144
    • 5.32.1.5Coral Bay Nickel Corp144
  • 5.32.2Potential nickel mining projects in the Philippines144
    • 5.32.2.1Nonoc144
    • 5.32.2.2Mindoro145
    • 5.32.2.3Other nickel projects145
• 5.33Russia145
  • 5.33.1Resources of nickel in Russia147
  • 5.33.2Producers of nickel in Russia148
    • 5.33.2.1MMC Norilsk Nickel148
    • 5.33.2.2Ufaleinickel151
    • 5.33.2.3Yuzhuralnickel152
    • 5.33.2.4Rezh Nickel152
• 5.34Serbia and Montenegro152
• 5.35South Africa153
  • 5.35.1Resources of nickel in South Africa153
  • 5.35.2Producers of nickel in South Africa154
    • 5.35.2.1Anglo Platinum155
    • 5.35.2.2Impala Platinum Ltd156
    • 5.35.2.3Lonmin Platinum157
    • 5.35.2.4Nkomati joint venture158
    • 5.35.2.5Northam Platinum Limited158
    • 5.35.2.6Palabora Mining Co158
    • 5.35.2.7Aquarius Platinum South Africa159
  • 5.35.3Prospective nickel producers in South Africa159
• 5.36Spain160
• 5.37Taiwan160
• 5.38Tanzania160
• 5.39Turkey161
  • 5.39.1Producers of nickel in Turkey161
    • 5.39.1.1European Nickel Plc161
• 5.40UK161
  • 5.40.1Producers of nickel in the UK162
    • 5.40.1.1Inco Europe162
    • 5.40.1.2BHP Billiton163
    • 5.40.1.3Other nickel producers in the UK163
• 5.41Ukraine163
• 5.42USA163
  • 5.42.1Primary production of nickel in the USA164
  • 5.42.2Secondary production of nickel in the USA165
• 5.43Venezuela165
• 5.44Vietnam165
• 5.45Zambia166
• 5.46Zimbabwe166
  • 5.46.1Producers of nickel in Zimbabwe167
    • 5.46.1.1Bindura Nickel Corporation Ltd167
    • 5.46.1.2Rio Tinto Zimbabwe Ltd168
  • 5.46.2Production as a by-product of platinum mining in Zimbabwe168
    • 5.46.2.1Zimplats Holding Ltd168
    • 5.46.2.2Mimosa Platinum Project169
    • 5.46.2.3Unki170

6. Consumption of nickel 171

• 6.1Consumption of nickel by end-use177
• 6.2Outlook for nickel180

7. End-uses for nickel 182

• 7.1Use of nickel in stainless and heat resisting steels182
  • 7.1.1Classification, compositions, characteristics and applications of stainless steel182
    • 7.1.1.1Austenitic and super-austenitic stainless steels183
    • 7.1.1.2Martensitic stainless steels186
    • 7.1.1.3Ferritic and super-ferritic stainless steels186
    • 7.1.1.4Duplex and super-duplex stainless steels187
    • 7.1.1.5Stainless casting steels188
    • 7.1.1.6Heat resisting steels189
    • 7.1.1.7Powder metallurgy stainless steels189
    • 7.1.1.8Precipitation hardening stainless steels190
  • 7.1.2Forms of nickel used in stainless steel190
  • 7.1.3Production of stainless steel194
  • 7.1.4Consumption of stainless steel199
  • 7.1.5Markets for stainless steel202
    • 7.1.5.1Kitchenware and catering203
    • 7.1.5.2Chemical and petrochemical203
    • 7.1.5.3Transport204
    • 7.1.5.4Tubes and pipes206
    • 7.1.5.5Construction206
    • 7.1.5.6Other markets207
  • 7.1.6Consumption of nickel in stainless steel and outlook207
    • 7.1.6.1Growth in the stainless steel industry208
    • 7.1.6.2Product mix of stainless steel production209
    • 7.1.6.3Scrap consumption211
    • 7.1.6.4Future demand for nickel in stainless steel212
• 7.2Use of nickel in nickel alloys214
  • 7.2.1Use of nickel in high performance alloys/superalloys216
    • 7.2.1.1Nickel-base high performance alloys218
    • 7.2.1.2Cobalt-base high performance alloys220
    • 7.2.1.3Iron-base high performance alloys221
    • 7.2.1.4High performance alloy processing technology222
    • 7.2.1.5Recycling of HPA scrap225
    • 7.2.1.6Consumption and markets for high performance alloys225
  • 7.2.2Use of nickel in special performance alloys234
    • 7.2.2.1Thermal expansion alloys234
    • 7.2.2.2Electrical resistance alloys236
    • 7.2.2.3Magnetic alloys236
  • 7.2.3Use of nickel in general technical alloys239
    • 7.2.3.1Nickel-copper alloys/cupro-nickel alloys239
    • 7.2.3.2Coinage alloys241
    • 7.2.3.3Copper-nickel-manganese (Constantan)242
    • 7.2.3.4Nickel-copper-zinc242
    • 7.2.3.5Aluminium-nickel243
    • 7.2.3.6Aluminium bronzes243
    • 7.2.3.7Phosnic bronzes243
    • 7.2.3.8Bronze and brass casting alloys243
    • 7.2.3.9Shape-memory-effect (SME) alloys244
    • 7.2.3.10Nickel-chromium alloys245
    • 7.2.3.11Nickel quaternary alloys245
    • 7.2.3.12Ultra-high nickel alloys and nickel metal246
    • 7.2.3.13Nickel alloy coatings and castings246
  • 7.2.4Outlook for nickel in nickel alloys247
• 7.3Use of nickel in plating249
  • 7.3.1Types of plating250
    • 7.3.1.1Electroplating250
    • 7.3.1.2Electroless (autocatalytic) plating251
    • 7.3.1.3Selective plating251
    • 7.3.1.4Immersion coating252
    • 7.3.1.5Electroforming252
  • 7.3.2Applications of industrial nickel plating and coating252
  • 7.3.3Outlook for nickel in plating253
• 7.4Use of nickel in other alloy steels254
  • 7.4.1Full alloy steels257
    • 7.4.1.1Structural or alloy engineering steels257
    • 7.4.1.2Maraging steels257
    • 7.4.1.3Carbide strengthened steels258
  • 7.4.2Tool steels258
  • 7.4.3Lean steels259
  • 7.4.4Bearing steels259
  • 7.4.5Other full alloy steels259
  • 7.4.6Outlook for nickel in other alloy steels260
• 7.5Use of nickel in batteries261
  • 7.5.1Types of nickel-containing batteries261
    • 7.5.1.1Nickel-cadmium batteries261
    • 7.5.1.2Nickel-metal hydride batteries263
    • 7.5.1.3Nickel-zinc cells264
    • 7.5.1.4Nickel-iron cells265
  • 7.5.2Production and markets for secondary batteries266
  • 7.5.3Electric vehicles271
  • 7.5.4Outlook for nickel in batteries273
• 7.6Use of nickel in catalysts275
  • 7.6.1Markets for nickel in catalysts276
• 7.7Use of nickel in chemical uses277
  • 7.7.1Ceramics and glass277
  • 7.7.2Dyes and pigments277
• 7.8Use of nickel in cast iron277
  • 7.8.1Grey cast iron278
  • 7.8.2Ductile cast iron279
  • 7.8.3Austenitic cast iron279
  • 7.8.4Martensitic white cast iron279
• 7.9Use of nickel in hydrogen storage280
• 7.10Use of nickel in in-situ composites281

8. International trade in nickel 282

• 8.1Trade in nickel ore and concentrates283
  • 8.1.1Exports of nickel ore and concentrates283
  • 8.1.2Imports of nickel ore and concentrates285
• 8.2Trade in nickel matte288
  • 8.2.1Exports of nickel matte288
  • 8.2.2Imports of nickel matte291
• 8.3Trade in ferro-nickel293
  • 8.3.1Exports of ferro-nickel293
  • 8.3.2Imports of ferro-nickel296
• 8.4Trade in nickel sinter300
  • 8.4.1Exports of nickel sinter301
  • 8.4.2Imports of nickel sinter303
• 8.5Trade in unwrought nickel metal305
  • 8.5.1Exports of unwrought nickel metal305
  • 8.5.2Imports of unwrought nickel metal310
• 8.6Trade in nickel powder and flake314
  • 8.6.1Exports of nickel powder and flake314
  • 8.6.2Imports of nickel powder and flake317

9. Marketing and prices of nickel 320

• 9.1London Metal Exchange320
  • 9.1.1Historical movements in LME nickel price322
  • 9.1.2Recent movements in LME nickel price324
    • 9.1.2.1Stainless steel output and nickel price movement326
    • 9.1.2.2Stocks to consumption ratio and nickel price movement326
    • 9.1.2.3Nickel supply and nickel price movement327
    • 9.1.2.4Speculative fund activity and nickel price movement327
• 9.2New York dealer nickel price328
• 9.3Market outlook for nickel prices329
  • 9.3.1Forecast nickel demand329
  • 9.3.2Forecast nickel supply330
  • 9.3.3Published forecasts for nickel prices330
  • 9.3.4Roskill nickel price forecast331

List of Tables

• Table 1: Selected properties of nickel7
• Table 2: Nickel-containing minerals9
• Table 3: World: Reserves and reserve base of nickel, 200513
• Table 4: World: Nickel mines by country, location, type and reserves16
• Table 5: Nickel smelter feed composition at selected smelters 20
• Table 6: World: Nickel smelters and refineries by location and product28
• Table 7: World: Mine production of nickel by country, 1995 to 2004 32
• Table 8: World: Nickel mine production by principal country, 1995 to 200434
• Table 9: Nickel mine production by principal company and operation,36
• Table 10: World: Production by country of nickel intermediate products processed in other countries, 1999 to 2004 37
• Table 11: World: Production of primary nickel by country, 1995 to 2004 38
• Table 12: World: Production of primary nickel by principal country, 1995 to 200440
• Table 13: Primary nickel production by principal company and operation, 2002 to 2004 43
• Table 14: New nickel refinery developments44
• Table 15: World: Supply and demand balance of primary nickel, 1995 to 200445
• Table 16: Producer, LME and US stockpiles of nickel, 1995 to 200445
• Table 17: Australia: Supply and disposal of nickel, 1999 to 2004 48
• Table 18: Australia: Main nickel resources by property and company, 200449
• Table 19: Australia: Nickel mine production by company, 2001 to 2004 50
• Table 20: Australia: Production of primary nickel by company, 1999 to 2004 51
• Table 21: Australia: WMC: Nickel reserves and resources, 31st December 200452
• Table 22: Australia: WMC: Nickel division production, 1999 to 200454
• Table 23: Australia: QNI: Production and sales of nickel and cobalt, 1998 to 2004 58
• Table 24: Australia: Minara Resources: Production of nickel and cobalt, 2000 to 2004 60
• Table 25: Australia: Minara Resources: Mineable ore reserves, 2002 and 200361
• Table 26: Australia: MPI: Black Swan reserves and resources, 200163
• Table 27: Australia: Jubilee Mines: Mine production of nickel, 2001 to 200564
• Table 28: Australia: Mincor: Nickel production summary, 1st quarter 200565
• Table 29: Australia: Centaur Mining: Production of nickel and cobalt, 1998 to 200167
• Table 30: Australia: Fox Resources: Quarterly production summary, 2004 and 200571
• Table 31: Australia: Fox Resources: Resources at Radio Hill and Mt. Sholl deposits, 200571
• Table 32: Australia: Tectonic Resources: Production statistics for the RAV 8 project, 200572
• Table 33: Botswana: BCL: Nickel reserves and resources, December 200079
• Table 34: Botswana: BCL: Production of ore, concentrates and metal, 1997 to 200479
• Table 35: Botswana: Tati Nickel: Production statistics, 2000 to 200481
• Table 36: Brazil: Supply and disposal of nickel, 1999 to 200482
• Table 37: Brazil: Nickel resources, 200083
• Table 38: Brazil: Cia Niquel Tocantins: Production of nickel and cobalt, 1998 to 200484
• Table 39: Burundi: Buhinda deposit resources87
• Table 40: Canada: Supply and disposal of nickel, 1998 to 2004 90
• Table 41: Canada: Inco: Ontario Division mines, 200494
• Table 42: Canada: Falconbridge: Nickel production by mine, 1996 to 200498
• Table 43: Canada: Sherritt International: Production of nickel and cobalt, 1990 to 2004101
• Table 44: Canada: North American Palladium: Operating results, 1999 to 2004102
• Table 45: China: Supply and disposal of nickel, 1999 to 2004 105
• Table 46: China: Nickel mining operations, 2004106
• Table 47: China: Nickel smelting and refining operations, 2004106
• Table 48: China: JNMC: Pproduction of nickel and copper, 2001 to 2004 107
• Table 49: Colombia: Production and exports of nickel, 1999 to 2004 110
• Table 50: Cuba: Production and exports of nickel, 1999 to 2004 112
• Table 51: Dominican Republic: Supply and disposal of nickel, 1999 to 2004 115
• Table 52: Finland: Supply and disposal of nickel, 1999 to 2004 116
• Table 53: France: Supply and disposal of nickel, 1999 to 2004 118
• Table 54: Germany: Supply and disposal of nickel, 1999 to 2004 120
• Table 55: Greece: Production and exports of nickel, 1999 to 2004 120
• Table 56: Indonesia: Production and exports of nickel, 1999 to 2004 123
• Table 57: Indonesia: Antam: Nickel production, 1999 to 2004125
• Table 58: Indonesia: Antam: High-grade ore reserves and resources, 2003125
• Table 59: Japan: Supply and disposal of nickel, 1999 to 2004 129
• Table 60: Japan: Producers of refined nickel130
• Table 61: South Korea: Imports and consumption of nickel, 1999 to 2004 133
• Table 62: New Caledonia: Production and exports of nickel, 1999 to 2004 134
• Table 63: New Caledonia: Principal nickel mining companies136
• Table 64: Norway: Supply and disposal of nickel, 1999 to 2004 140
• Table 65: Philippines: Production and exports of nickel, 1999 to 2004 142
• Table 66: Russia: Supply and disposal of nickel, 1999 to 2004 146
• Table 67: Russia: production of nickel, 2004148
• Table 68: MMC Norilsk nickel production, 2004149
• Table 69: Division of Norilsk nickel sales, 2004149
• Table 70: South Africa: Supply and disposal of nickel, 1999 to 2004 153
• Table 71: South Africa: Anglo Platinum: Nickel production by section, 1999 to 2004155
• Table 72: Impala Platinum refined nickel output, 2000 to 2004 157
• Table 73: Taiwan: Imports of nickel, 1999 to 2004160
• Table 74: UK: Supply and disposal of nickel, 1999 to 2004162
• Table 75: USA: Supply and disposal of nickel, 1999 to 2004 164
• Table 76: Zimbabwe: Production and exports of nickel, 1999 to 2004 167
• Table 77: Zimbabwe: Zimplats Nickel matte production, 2003 to 2005 169
• Table 78: World: Consumption of primary nickel, 1995 to 2004 172
• Table 79: World: Nickel consumption by principal countries, 1995 to 2004 174
• Table 80: Main uses for major commercial forms of primary nickel177
• Table 81: Selected countries: Consumption of primary nickel by end-use, 1995 to 2004 178
• Table 82: Selected countries: Estimated division of world primary nickelconsumption by end-use, 1995 to 2004179
• Table 83: USA: Reported consumption of secondary nickel by use, 2001 to 2004 180
• Table 84: World: Forecast demand for primary nickel by major use, 2010181
• Table 85: Austenitic stainless steel: Composition, characteristics and applications184
• Table 86: AISI grades of nickel-bearing martensitic stainless steels186
• Table 87: AISI grades of nickel-bearing ferritic stainless steels187
• Table 88: Composition of selected super-ferritic stainless steels187
• Table 89: Selected nickel-bearing duplex stainless steels188
• Table 90: Composition of selected stainless steel castings189
• Table 91: World (excl. Russia and China): Nickel content of stainless steel produced by region, 1992 to 2000194
• Table 92: World: Production of stainless steel by region, 2001 to 2006 195
• Table 93: World: Production of crude stainless steel by country, 1995 to 2004197
• Table 94: World: Leading producers of stainless steel, 2002, 2003 and 2005198
• Table 95: World: Consumption of stainless steel by country, 1995 to 2004200
• Table 96: Western world: Nickel consumption in stainless steel, 2003 to 2005208
• Table 97: Selected countries: Share of stainless steel production held by austenitic grades, 1999 to 2005 210
• Table 98: World: Stainless steel usage and scrap availability by region, 2003 211
• Table 99: World: Stainless steel scrap availability by source, 1997 to 2003 211
• Table 100: USA: Consumption of primary nickel in nickel alloys, 1994 to 2004215
• Table 101: Japan: Shipments of nickel alloys and superalloys by type, 1996 to 2003 216
• Table 102: Elements and their function in superalloys217
• Table 103: Leading producers of high performance alloys218
• Table 104: Composition of selected nickel-base HPA219
• Table 105: Composition of selected nickel-bearing cobalt-base high performance alloys221
• Table 106: Composition of nickel-iron high performance alloys222
• Table 107: Composition of typical single crystal nickel-base superalloys 223
• Table 108: End-uses for high performance alloys produced by Special Metals Inc. and Cabot Corp.227
• Table 109: Leading manufacturers of aircraft engines230
• Table 110: Manufacturers of engines for major aircraft and their products, 2004230
• Table 111: Composition of nickel-base thermal expansion alloys 235
• Table 112: Selected thermal expansion alloys: Properties and end-uses235
• Table 113: Composition and properties of Permalloy soft magnet alloys237
• Table 114: Composition and properties of some nickel-bearing hard magnet alloys238
• Table 115: Composition of Monel alloys 240
• Table 116: Composition of nickel-containing copper casting alloys 244
• Table 117: Chemical composition of Ni-Cr dental alloys245
• Table 118: USA: Reported sales of nickel by form to platers, 1992 to 2004 250
• Table 119: World: Production of bearing and other alloy steels by area, 2000 and 2002 254
• Table 120: World: Production of alloyed tool and high-speed steels by area, 2000 and 2002 255
• Table 121: USA: Reported consumption of nickel in other alloy steels, 1992 to 2004 256
• Table 122: Comparison of lean steel composition with other 11-12%Cr steels 259
• Table 123: Nickel-based alkaline cells261
• Table 124: Major advantages and disadvantages of sealed NiCd batteries263
• Table 125: Major advantages and disadvantages of sealed NiMH batteries264
• Table 126: Characteristics of nickel-iron (Ni-Fe) and nickel-zinc (Ni-Zn) battery systems266
• Table 127: Japan: Production of secondary batteries, by type, 1994 to 2005270
• Table 128: Nominal energy density of energy sources271
• Table 129: World: Forecast production of secondary batteries, 1999 to 2010274
• Table 130: Japan: Consumption of nickel in catalysts, 1992 to 2004275
• Table 131: Principal processes using nickel catalysts276
• Table 132: USA: Reported consumption of nickel in cast iron by form, 1992 to 2003 278
• Table 133: World: Summary of trade data for nickel by primary form, 2002 to 2004282
• Table 134: Reporting countries: Exports of nickel ore and concentrates by country of destination, 2002 284
• Table 135: Reporting countries: Exports of nickel ore and concentrates by country of destination, 2003 285
• Table 136: Reporting countries: Exports of nickel ore and concentrates by country of destination, 2004 285
• Table 137: Reporting countries: Imports of nickel ore and concentrates by country of origin, 2002 287
• Table 138: Reporting countries: Imports of nickel ore and concentrates by country of origin, 2003 287
• Table 139: Reporting countries: Imports of nickel ore and concentrates by country of origin, 2004 288
• Table 140: Reporting countries: Exports of nickel matte by country of destination, 2002 290
• Table 141: Reporting countries: Exports of nickel matte by country of destination, 2003 290
• Table 142: Reporting countries: Exports of nickel matte by country of destination, 2004 290
• Table 143: Reporting countries: Imports of nickel matte by country of origin, 2002292
• Table 144: Reporting countries: Imports of nickel matte by country of origin, 2003292
• Table 145: Reporting countries: Imports of nickel matte by country of origin, 2004293
• Table 146: Reporting countries: Exports of ferro-nickel by country of destination, 2002 295
• Table 147: Reporting countries: Exports of ferro-nickel by country of destination, 2003 295
• Table 148: Reporting countries: Exports of ferro-nickel by country of destination, 2004 296
• Table 149: Reporting countries: Imports of ferro-nickel by country of origin, 2002298
• Table 150: Reporting countries: Imports of ferro-nickel by country of origin, 2003299
• Table 151: Reporting countries: Imports of ferro-nickel by country of origin, 2004300
• Table 152: Reporting countries: Exports of nickel sinter by country of destination, 2002 302
• Table 153: Reporting countries: Exports of nickel sinter by country of destination, 2003 302
• Table 154: Reporting countries: Exports of nickel sinter by country of destination, 2004 302
• Table 155: Reporting countries: Imports of nickel sinter by country of origin, 2002304
• Table 156: Reporting countries: Imports of nickel sinter by country of origin, 2003304
• Table 157: Reporting countries: Imports of nickel sinter by country of origin, 2004305
• Table 158: Reporting countries: Exports of unwrought nickel metal by country of destination, 2002 307
• Table 159: Reporting countries: Exports of unwrought nickel metal by country of destination, 2003 308
• Table 160: Reporting countries: Exports of unwrought nickel metal by country of destination, 2004 309
• Table 161: Reporting countries: Imports of unwrought nickel metal by country of origin, 2002 311
• Table 162: Reporting countries: Imports of unwrought nickel metal by country of origin, 2003 312
• Table 163: Reporting countries: Imports of unwrought nickel metal by country of origin, 2004 313
• Table 164: Reporting countries: Exports of nickel powder and flake by country of destination, 2002 315
• Table 165: Reporting countries: Exports of nickel powder and flake by country of destination, 2003 316
• Table 166: Reporting countries: Exports of nickel powder and flake by country of destination, 2004 316
• Table 167: Reporting countries: Imports of nickel powder and flake by country of origin, 2002 318
• Table 168: Reporting countries: Imports of nickel powder and flake by country of origin, 2003 318
• Table 169: Reporting countries: Imports of nickel powder and flake by country of origin, 2004 319
• Table 170: Monthly average LME cash price for nickel, 1985 to 2005323
• Table 171: Comparison of cash and 3-month annual average nickel prices, 1985 to 2004325
• Table 172: Comparison of New York dealer and LME cash monthly average prices for nickel, 1999 to 2005328
• Table 173: Forecast expansion in nickel supply, 2006 to 2010330
• Table 174: World: Forecast nickel supply and demand, steel production and LME nickel price, 2006 to 2010333

List of Figures

• Figure 1: World: Nickel production, consumption and prices, 1992 to 20041
• Figure 2: World: Nickel production and consumption, 1992 to 2004 2
• Figure 3: Average grades of nickel sulphide ores by country 10
• Figure 4: Average grades of laterite reserves by country 12
• Figure 5: World: Division of USGS nickel reserve base by principal country, 200514
• Figure 6: World: Division of nickel mine production by region, 200433
• Figure 7: World: Nickel mine production by region, 1995 to 2004 33
• Figure 8: World: Nickel mine production by principal country, 1995 to 2004 35
• Figure 9: World: Division of primary nickel production by region, 200439
• Figure 10: World: Primary nickel production by region, 1995 to 2004 39
• Figure 11: Division of primary nickel production by principal country, 200441
• Figure 12: Australia: Mine and primary nickel production, 1968 to 2004 47
• Figure 13: WMC: Diagram of operations53
• Figure 14: Australia: Forecast production of nickel by Sally Malay, 2004/05 to 2006/0768
• Figure 15: Botswana: Mine and intermediate production of nickel, 1992 to 2004 78
• Figure 16: Canada: Mine and primary nickel production, 1980 to 200489
• Figure 17: Canada: Inco Ltd: Production of nickel, 1979 to 2004 92
• Figure 18: New Caledonia: Production and exports of nickel, 1989 to 2004 135
• Figure 19: Russia: Production and exports of nickel, 1989 to 2004 147
• Figure 20: World primary nickel consumption by region, 1995 to 2004171
• Figure 21: Division of world primary nickel consumption by region, 2004172
• Figure 22: Comparison of world primary nickel production and consumption by region, 2004 174
• Figure 23: World nickel consumption by principal countries, 1995 to 2004176
• Figure 24: World: Consumption of primary nickel and production of stainless steel, 1995 to 2004176
• Figure 25: World: Approximate division of primary nickel consumption by end-use, 2004 178
• Figure 26: World (excl. Russia and China): Comparison of nickel content of stainless steel produced by region, 1992 and 2000 193
• Figure 27: World: Stainless steel production by region, 1995, 1999 and 2004 196
• Figure 28: World: Division of stainless steel production by principal country, 1994 and 2004 198
• Figure 29: World: Average growth rates in stainless steel consumption, 1998 to 2004201
• Figure 30: World: Consumption of stainless steel by principal country, 2004 201
• Figure 31: World, China and India: Consumption of stainless steel by end-use 202
• Figure 32: World: Production of stainless steel and consumption of primary nickel, 1993 to 2010213
• Figure 33: China: Production of stainless steel and consumption of primary nickel, 1993 to 2010213
• Figure 34: World: Division of high performance alloy market by industry, 2004 226
• Figure 35: USA: Aerospace industry sales by product group, 1988 to 2005 229
• Figure 36: Boeing and Airbus: Aircraft deliveries, 1990 to 2004231
• Figure 37: World: Civil aircraft engine deliveries, 1984 to 2023248
• Figure 38: World: Production of bearing and other alloy steels by area, 2002 255
• Figure 39: World: Production of alloyed tool and high-speed steels by area, 2002 256
• Figure 40: World: Sales of rechargeable batteries, by type, 1985 to 2003 267
• Figure 41: World: Production of rechargeable batteries, by country, 2000 to 2004 268
• Figure 42: Japan: Output of secondary batteries by type of cell, 1993 and 2004 269
• Figure 43: Division of world trade in nickel by primary form, 2004282
• Figure 44: Exports of nickel ore and concentrates by principal country, 2002 to 2004 283
• Figure 45: Division of exports of nickel ore and concentrates by principal country, 2004284
• Figure 46: Imports of nickel ore and concentrates by principal country, 2002 to 2004 286
• Figure 47: Division of imports of nickel ore and concentrates by principal country, 2004286
• Figure 48: Exports of nickel matte by principal country, 2002 to 2004 289
• Figure 49: Division of exports of nickel matte by principal country, 2004289
• Figure 50: Imports of nickel matte by principal country, 2002 to 2004 291
• Figure 51: Division of imports of nickel matte by principal country, 2004291
• Figure 52: Exports of ferro-nickel by principal country, 2002 to 2004 294
• Figure 53: Division of exports of ferro-nickel by principal country, 2004294
• Figure 54: Imports of ferro-nickel by principal country, 2002 to 2004 297
• Figure 55: Division of imports of ferro-nickel by principal country, 2004297
• Figure 56: Exports of nickel sinter by principal country, 2002 to 2004301
• Figure 57: Division of exports of nickel sinter by principal country, 2004301
• Figure 58: Imports of nickel sinter by principal country, 2002 to 2004303
• Figure 59: Division of imports of sinter by principal country, 2004303
• Figure 60: Exports of unwrought nickel metal by principal country, 2002 to 2004 306
• Figure 61: Division of exports of unwrought nickel metal by principal country, 2004306
• Figure 62: Imports of unwrought nickel metal by principal country, 2002 to 2004 310
• Figure 63: Division of imports of nickel metal by principal country, 2004311
• Figure 64: Exports of nickel powder and flake by principal country, 2002 to 2004 314
• Figure 65: Division of exports of nickel powder and flake by principal country, 2004315
• Figure 66: Imports of nickel powder and flake by principal country, 2002 to 2004 317
• Figure 67: Division of imports of nickel powder and flake by principal country, 2004317
• Figure 68: Nickel price and LME stocks, 1985 to 2005321
• Figure 69: Annual average nickel prices, 1951 to 2004322
• Figure 70: Annual average cash and forward nickel prices, 1985 to 2004325
• Figure 71: LME nickel stocks and price movement, 2003 to 2005327
• Figure 72: World: Forecast of nickel demand and supply, 1997 to 2010 331
• Figure 73: World: Nickel demand, steel production and LME nickel price, 1998 to 2004332
• Figure 74: World: Forecast nickel supply and demand, steel production and LME nickel price, 2000 to 2010333