AFP reported that South Korean multinational Samsung Corporation is in talks with Australian resource group Metals X to fund and develop a huge nickel deposit.

Metals X believes the Wingellina project in the Western Australian desert could produce 40,000 tonnes of nickel and 3,000 tonnes of cobalt metal annually for an estimated 39 years.

Samsung Corporation said that "Metals X confirms that we have held discussions with many international entities including the Samsung C&T Corporation. All discussions are at a preliminary stage and we have not received any formal proposals."

Nickel is used in everything from magnets to rechargeable batteries and electric guitar strings while cobalt is found in paints and varnishes, among other things.

(Sourced from AFP)