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Rio Tinto warns Mongolia against interfering with Oyu Tolgoi contracts

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Rio Tinto warns Mongolia against interfering with Oyu Tolgoi contracts

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Rio Tinto warns Mongolia against interfering with Oyu Tolgoi contracts

Rio Tinto warned Mongolia against interfering in contracts related to the Oyu Tolgoi copper mine in the Gobi desert if the country wants to attract foreign investors, the Financial Times reported. Rio Tinto copper business head Arnaud Soirat said at the Mongolia Economic Forum that Mongolia may become a "successful resource nation," but only if it would honor tax and royalty agreements.

Eight dead after violent protest against Vedanta smelter in India

A protest against the Tuticorin copper smelter in Tamil Nadu, owned by a Vedanta Resources PLC subsidiary, saw police firing on protesters when the demonstration turned violent, leaving eight people dead, The Economic Times of India wrote. According to sources, several thousand people joined the protest against the planned expansion of the facility. The government said protestors had set police vehicles alight and threw stones at offices.

US steel stocks tumble amid delayed tariffs on Chinese goods

The U.S. government's move to delay the implementation of tariffs on imports of steel and aluminum from China weighed on U.S. steel stocks, particularly U.S. Steel Corp. and AK Steel Holding Corp., Bloomberg News wrote. "There's a lot of money in steel stocks on the back of the idea that the industry will have strong protectionism ... If there's any sign of that protectionism waning, you're going to have pressure on the stocks, which is what's driving the weakness today," Gordon Johnson, an analyst at the Vertical Group, told the newswire.

DIVERSIFIED

* BHP Billiton Group tapped Light Detection and Ranging technology, which is used in driverless cars, to automate its shiploading functions at Port Hedland in Western Australia, The West Australian wrote. The company is now planning to expand the project to cover each of its eight shiploaders in 2019, with a final decision expected soon.

* Australian Vanadium Ltd. recovered cobalt, nickel and copper in a sulfide concentrate at Gabanintha, adding another salable battery metal opportunity to its flagship vanadium project in Western Australia.

* Swiss commodities trader Glencore PLC is nearing a US$1 billion deal to buy Chevron Corp.'s southern African assets, Bloomberg News reported, citing sources. The assets include a 100,000-barrel-per-day refinery in Cape Town and over 800 gas stations in South Africa and neighboring Botswana.

BASE METALS

* Bloomberg New Energy Finance analysts said the mining sector needs major investments in mines, especially cobalt operations, as shortages of the metal could come sooner than expected, endangering projected electric vehicle sales over the next five to seven years. "The long lead time to bring on new mines and the concentration of cobalt reserves in the Democratic Republic of the Congo mean there is a real possibility of supply shocks in the early 2020s," the analysts said.

* Jiangxi Copper Co. Ltd. plans to set up copper, zinc and lead concentrates blending and scrap processing operations in Southeast Asian countries, Metal Bulletin reported.

* Weatherly International PLC-->'s shares fell more than 10% at market close in London on May 21 after the company announced

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