Nickel Sulfate Mining Companies, Plus Copper and Cobalt

Nickel sulfate mining companies do not dig nickel sulfate out of the ground. They mine nickel ore, turn it into an intermediate product, and a refinery then crystallises the sulfate that battery makers buy. The groups closest to that whole chain are Huayou Cobalt, GEM and Ningbo Lygend with their Indonesian partners, plus Terrafame in Finland, Sumitomo Metal Mining in Japan and Nornickel at its Finnish refinery. This page lists them with dated figures, then does the same for the largest copper and cobalt miners.

Nickel sulfate is a salt, usually sold as blue-green crystals of nickel sulfate hexahydrate. It is about 22% nickel by weight, so tonnages can mislead: a plant quoting 170,000 tonnes of sulfate makes roughly 38,000 tonnes of contained nickel. Always ask which basis a number uses. The tables below say so on each row.

Nickel sulfate mining companies compared

No open league table of sulfate output by company exists in the public sources we opened, so this table is not a ranking. It lists groups with a documented link between nickel ore or intermediates and battery-grade sulfate, with the basis and date of each figure. Some rows are mines, some are intermediates, and some are refineries.

How we chose these companies

We included a company only if a filing, a company statement or a trade publication we opened ties it to nickel sulfate or to the intermediates that become sulfate. We did not rank by share price, market value or reputation. Plants that sell only stainless-steel feed, such as nickel pig iron, are left out, however large they are. That is why some of the biggest nickel tonnage producers do not appear in the table above.

• Pros of this list: every row has a basis and a date, and it separates mining from refining.
• Limits: nameplate capacity is what a plant was designed to make, not what it made. Several figures are older than the current year and are labelled as such.

How nickel ore becomes battery-grade nickel sulfate

There are two main ore families. USGS Mineral Commodity Summaries 2026 says identified nickel resources are 54% laterite and 35% magmatic sulfide. Laterite is weathered, clay-like tropical ore near the surface. Sulfide ore is hard rock, often mined underground, and usually carries copper and cobalt too.

Infographic

From ore to battery chemical in 4 steps

1. 1MineLaterite or sulfide ore is mined.
2. 2IntermediateHPAL gives MHP; sulfide gives matte or sulfide.
3. 3RefineDissolve, purify and crystallise as sulfate.
4. 4CathodeSulfates become battery precursor.

Chart

Nickel mine output in selected countries, 2024 and 2025

Thousand tonnes of nickel; selected countries; Indonesia (2,310 in 2024, 2,600 in 2025) omitted for scale

1. Laterite route. High-pressure acid leaching (HPAL) dissolves the nickel and cobalt from low-grade limonite ore in hot acid under pressure. The output is mixed hydroxide precipitate (MHP), a damp green intermediate.
2. Sulfide route. Ore is concentrated, then smelted to matte or pressure-leached. Terrafame leaches its own sulfide product at Sotkamo.
3. Refining. The intermediate is dissolved and purified with solvent extraction, then crystallised as sulfate or kept as a solution.
4. Cathode making. Cathode producers combine nickel, cobalt and manganese sulfates into precursor for lithium-ion cells.

Argus estimated Indonesian MHP output at 482,000 tonnes of contained nickel in 2025, almost 50% above 2024. It counted about 10 operating projects with some 440,000 t/yr of designed capacity. It also noted that most Western MHP plants halted in late 2023, which is why this list leans so heavily on Indonesia.

Why sulfate supply and nickel demand are not the same

The International Nickel Study Group forecast in October 2025 a 2026 surplus of 261,000 tonnes, with output of 4.08 million tonnes against use of 3.82 million tonnes. It also expected Indonesia to reach about 68% of mine output. The IISD nickel profile records steady growth in nickel sulfate used in batteries from 2015 to 2024, though stainless steel remains the larger market. One more risk comes from chemistry: batteries using lithium iron phosphate contain neither nickel nor cobalt, and ICCT put their share at nearly 30% of the 2022 market.

Profiles of the main nickel sulfate producers

Huayou Cobalt

Huayou describes a chain from nickel resources through smelting to cathode materials. Its own release says the Huafei project in Weda Bay runs at full capacity and that Huafei and Huayue raise its self-sufficiency in MHP. Argus reported in 2023 a Pomalaa venture with PT Vale Indonesia and Ford, and the Huali venture due in early 2027. Check current start dates before relying on those.

Harita Nickel and Ningbo Lygend

Harita Nickel is the trading name of PT Trimegah Bangun Persada, listed in Jakarta as NCKL. Its two HPAL plants on Obi Island, PT Halmahera Persada Lygend and PT Obi Nickel Cobalt, have 120,000 tonnes a year of contained nickel in MHP capacity, and the company said in August 2025 that they ran at full capacity. That report also describes MHP as the feed for nickel and cobalt sulfate.

CNGR, GEM and Jinchuan in China

A 2022 review in Strategic Study of CAE says CNGR became China’s largest sulfate producer in 2021, mostly by dissolving nickel metal. It adds that GEM grew quickly using recycled battery metal and that Jinchuan Group, with China’s richest nickel resources, had steady output. Those positions are dated 2021, and CNGR’s route shows that a large sulfate maker need not be a miner.

Terrafame

Terrafame, in Sotkamo, is the clearest case of a miner making its own sulfate on site. Its plant was designed for 170,000 t/yr of nickel sulfate and 7,400 t/yr of cobalt sulfate.

Sumitomo Metal Mining

Wood Mackenzie describes the Niihama plant in Ehime, Japan, as producing sulfate from the company’s integrated HPAL operations, with 7,000 tonnes of contained-nickel capacity in 2021. It also lists Harima and Isoura as Sumitomo sulfate refineries.

Nornickel at Harjavalta

Nornickel is a very large nickel miner, with 199,000 tonnes of nickel in 2025, down 3%. Its Finnish refinery made 10,000 tonnes of nickel as sulfate solution when it announced its expansion in 2021, and the plan was at least 40,000 tonnes by 2026. Interfax later reported that the wider Harjavalta expansion was on hold, so do not assume that plan was met. Buyers should also take sanctions and compliance advice before dealing with any Russian-owned group.

BHP Nickel West: a suspended supplier

BHP built Australia’s first nickel sulfate plant at Kwinana, then suspended Western Australia Nickel from October 2024 and said it would review that by February 2027. Mining.com reported that battery customers including Tesla, Panasonic and Toyota were affected. Many older lists still show it as active.

Largest nickel mining companies by reported output

If you want tonnage rather than sulfate, three large groups publish clear figures. Nornickel reported 199,000 tonnes for 2025, Vale reported 177,000 tonnes and Glencore 71,900 tonnes from its own sources. Chinese-backed Indonesian groups are large but do not publish comparable company totals, so this is not a full ranking. Indonesia produced an estimated 2.6 million of the world’s 3.9 million tonnes in 2025, according to USGS.

Chart

Nickel output reported by three large groups, 2025

Thousand tonnes, each on the company’s own reporting basis; not a full ranking, since many Indonesian groups publish no comparable total

In the United States, USGS names the underground Eagle Mine in Michigan, at about 10,000 tonnes in 2025. Canadian readers can compare local producers in our guide to nickel companies in Canada and see listed names on the Canadian nickel and copper stocks page.

Largest copper mining companies

Copper has the clearest company data of the three metals. These are the eight largest from our full ranking of copper producers, using company reports on each firm’s own reporting basis. Many of these numbers include shares of joint ventures, so one mine can count for two companies.

Chart

Reported copper output of the eight largest miners

Thousand tonnes; BHP year to June 2026, others calendar 2025

The old idea that copper, cobalt and nickel come from separate companies does not hold. Glencore mines all three, and CMOC is both a top copper and the top cobalt producer. For the DR Congo side of this story, see our page on copper mining in the DRC.

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Largest cobalt mining companies

Cobalt is nearly always a by-product of copper or nickel mining. USGS estimates Congo (Kinshasa) mined 230,000 of the world’s 310,000 tonnes in 2025, about 73% by its own estimate. The Cobalt Institute report for 2025 names three main DRC players: CMOC, Glencore and Eurasian Resources Group.

Chart

Cobalt mine output by country, 2025 estimate

Thousand tonnes of cobalt; selected countries

• CMOC. 117,500 tonnes of cobalt in 2025 from Tenke Fungurume and Kisanfu, which the Cobalt Institute puts at 39.5% of the world market. See our notes on the Tenke Fungurume expansion. The company also mines molybdenum, covered in the China Molybdenum trends article.
• Glencore. 36,100 tonnes from its own sources in 2025, of which 33,500 tonnes in DRC hydroxide according to the Cobalt Institute, an 11.3% share. Glencore said it chose to prioritise copper over cobalt because of the export limits.
• Eurasian Resources Group. Operates in the DRC, including its Metalkol tailings plant.
• Sherritt. Its Moa venture in Cuba mines nickel and cobalt, but Sherritt said in February 2026 it expected to pause mining and put the plant on standby for lack of fuel. In May 2026 it dropped a plan to dissolve the venture, while keeping its direct part in the venture’s activities suspended.

Older lists miss the biggest recent change. The DRC stopped exports in 2025, then moved to quotas. The Cobalt Institute reports a 2026 quota of 87,000 tonnes plus a 9,600-tonne strategic quota, not counting 18,125 tonnes carried over from 2025. That is far below what the country mines, which matters as much as mine output when judging supply. For wider country data see our world cobalt production page.

Who supplies responsibly sourced cobalt and nickel

Buyers often ask which suppliers offer an audited chain of custody. No company can be called responsible just because it says so. Use these checks instead:

1. Look up the refiner. The Responsible Minerals Initiative publishes a list of conformant cobalt refiners assessed under its assurance process, along with active refiners still going through it. Check the live list on the day you buy.
2. Ask for the audit itself. Request the assessor’s name, date, scope and which sites it covered. A group-level policy does not cover every plant.
3. For recycled material, ask for mass balance. Ask what share of the batch is recycled, how it is measured, and whether a third party checked it. A 2022 review notes GEM uses battery recycling as a raw material, but ask each seller for batch records.
4. Trace artisanal exposure. Cobalt from the DRC can pass through hand-dug supply. Ask how the supplier separates it.
5. Ask about tailings and waste. Ask how each plant stores its leach residue.

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Prices that drive these companies

On 5 November 2026, SP Angel’s market note listed LME nickel at US$16,115 per tonne, copper at US$14,025 per tonne and three-month LME cobalt at US$33,525 per tonne. For comparison, USGS put the 2025 LME nickel average at about US$15,000. Sulfate trades at its own price. ICCT reported a 10-year high of US$7,398 per tonne of sulfate in March 2022 and US$4,161 by October 2023; these are old values, so ask a price agency for today’s.

Which company offers the strongest case in nickel

We do not name one. This page gives facts, not investment advice. An analyst comparing nickel producers would normally look at five things: cost position against Indonesian supply, whether output is Class 1 metal, sulfate or stainless feed, by-product credits from cobalt and copper, country and sanction exposure, and how much of the stated capacity is actually running.

What consultants should check on a producer’s claim

• Basis. Sulfate tonnes, contained nickel, or ore tonnes? They differ by large multiples.
• Share. Is the output attributable or 100% of a joint venture?
• Status. Mine lists age fast. Nickel West and Moa both changed status recently.
• Stage. A refiner is not a miner. Ask where the feed comes from.
• Resource versus reserve. Use only figures from a formal report, and never add the two.

The same checks apply to smaller operations, even outside battery metals, as local guides such as gold mining in Georgia show. For early exploration, satellite-based mineral detection can help rank ground for follow-up before drilling; it produces exploration targets, not resource estimates.

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Frequently asked questions

Which companies mine nickel for nickel sulfate?

Harita Nickel, PT Vale Indonesia (with Huayou) and Terrafame are clear examples of ore linked to sulfate. Huayou, GEM and Lygend lead the Indonesian HPAL projects with local partners, according to Argus.

Is nickel sulfate mined directly?

Not commercially. It is made from mined ore, intermediates, nickel metal or recycled batteries, then purified and crystallised.

Who is the largest nickel producer in the world?

Among companies that publish clear totals, Nornickel reported 199,000 tonnes and Vale 177,000 tonnes for 2025. Indonesia is the largest country, at an estimated 2.6 million tonnes (USGS, 2026).

What is the difference between MHP and nickel sulfate?

MHP is an intermediate that holds nickel and cobalt. Argus notes it typically contains 2-5% cobalt. Refineries dissolve and purify it to make sulfate.

What are the top copper mining companies?

BHP, Freeport-McMoRan and Codelco lead on the latest company reports, with 1,953, 1,534 and 1,334 thousand tonnes on their own reporting bases.

Which company produces the most cobalt?

CMOC, with 117,500 tonnes in 2025, about 39.5% of the market according to the Cobalt Institute.

Why are copper and cobalt found together?

The world’s largest cobalt resources sit in sediment-hosted copper deposits in the DRC and Zambia, according to USGS. Cobalt comes out as a by-product of the copper.

Which suppliers provide audited chain of custody for recycled cobalt and nickel?

There is no single list for recycled nickel and cobalt in the sources we opened. Start with the RMI refiner lists, then ask each seller for batch records and third-party audit reports.

Is BHP still producing nickel in Australia?

BHP suspended Western Australia Nickel from October 2024 and said it would review that by February 2027.

How do I contact Farmonaut about a nickel or copper project?

Send your project boundary through the mining query form or the contact page.