The looming trade war between the U.S. and China has contributed to the decline of metal prices.
The best mines are found in British Columbia, and these have quite the impact on the industry on a global scale.
The nickel exploration will take place in South Voisey's Bay mine in central Labrador, Canada.
In the rise of the popularity of electric vehicles, the need for raw minerals such as lithium for batteries has also picked up.
Apple reportedly eyes to directly buy cobalt from miners. However, due to a shortage of cobalt production, it could be a risk.
The Ministry of Steel clarified that it simply wants a say and not direct control in dealing with raw material concerns.
A weaker dollar and the upcoming Chinese New Year continue to influence the prices of base metals.
Zinc supply is expected to be tight during the first quarter of this year, prompting differences in price and annual concentrate treatment charges.
Although copper production may drop down this year, growth is still expected from a major copper producer, Peru.
The world's supply of zinc has been dropping due to the reduced number of zinc mines.