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Nickel use forecasts on our base case nickel in battery

forecasts

Nickel growth by application

1,600
1,467 ➔Batteries will be the

1,400 largest growth driver
1,307
over the decade in
1,200
volume terms
1,030
1,000
'000t Ni 800 822 ➔Total needed growth

620 1.5mt from 2019-30F,
an 11-year period,
600
compared with 1.3mt
400
from 2000-19, a 19-
200 138 139
year period.
24
0
Stainless Batteries Other Total
2000-19 2019-30F

Source: CRU, INSG, Macquarie Commodities Strategy, October 2020 PAGE 23