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.
Zinc has so many uses and applications in various industries including food, construction, metals, roofing, and buildings.
The demand for zinc is expected to increase in the next few years due to the higher interest in electric cars.