Rio Tinto shares have gained 1% to 5,922p in early morning trade on Tuesday after completing the acquisition of the Rincon lithium project.

The Argentinian Rincon lithium project was acquired for $825m by Rio Tinto once the Australian mining group received approval from Australia’s Foreign Investment Review Board (FIRB).

Rincon is located in the Salta Province of Argentina and is an undeveloped lithium brine project. The project has scalable capabilities for battery-grade lithium carbonate, earning the region a reputation as an ’emerging hub for greenfield projects’.

When compared to solar evaporation ponds, the direct lithium extraction technology proposed for the project has the potential to substantially improve lithium recoveries.

Currently, a pilot plant is operating on the site, and future development will concentrate on further refining the method and recovery rates.

Rincon Mining, owned by Sentient Equity Partners, entered into a binding agreement with Rio Tinto in December 2021 for the acquisition of their Rincon lithium project.

Jakob Stausholm, Chief Executive Officer, Rio Tinto, said “Rincon strengthens our battery materials business and positions Rio Tinto to meet the double-digit growth in demand for lithium over the next decade, at a time when supply is constrained.” 

“We will be working with local communities, the Province of Salta and the Government of Argentina as we develop this project to the highest ESG standards.”

The second half of the next decade is expected to see a supply-demand deficit due to the expected demand increase of 25-35% for battery-grade lithium carbonate.

Recruitment agent RTC group saw a drop in revenues from £81.4m to £77.7m in 2021 due to employees on furlough as a consequence of Covid-19 and Nato troops’ withdrawal from Afghanistan.

RTC Group shares plummeted 18.5% to 28.5p after the company reported disappointing revenues and no final dividend.

The UK recruitment division saw revenues increase from £64.5m to £66.8m in 2021 as the rail division entered into a contract with Network Rail to provide frontline labour services from October 2021 to at least 2026.

The group’s UK revenues in 2020 also included a one-off contract performance obligation settlement of £590k which was not repeated in 2021.

The energy division’s revenue was positively impacted by the Government’s smart meter roll-out programme.

The international recruitment division saw a drop in revenues to £9.6m from £16.1m in 2021 due to NATO troops withdrawing from Afghanistan in Q2.

RTC Group recorded operation profits of £0.3m, £0.8m lower than 2020 due to the reduction in Government support from £2.5m to £0.3m in 2021, higher administrative costs caused by the mobilisation of the new Network Rail contract and inflation in wages.

RTG group noted a net cash outflow from operating activities of £2.4m compared to an inflow of £5.1m in 2020 due to an increase in working capital tangled with debtors.

The group also paid off £1.5m VAT deferrals the Government allowed as a form of financial support during the pandemic.

Earnings per share reduced from 4.66p to 0.04p in 2021 and no final dividend has been proposed by the group.

Andy Pendlebury, CEO said, “RTC Group, like many other companies, had an extremely challenging year in 2021.”

“The COVID pandemic continued to significantly impact client demand across many markets and where requirements for contract labour remained strong this was accompanied by higher operational costs to ensure the safety and wellbeing of our workforce; candidate reluctance to change employers or careers given these turbulent times and workers self-isolating increased both direct and indirect costs as programme and project continuity was heavily disrupted.” 

“In addition, the sudden and immediate demobilisation from Afghanistan due to the complete withdrawal in August of all American, United Kingdom and NATO troops curtailed a large contribution of revenue from our international business.”

“However, despite the untimely combination and cumulative effect of all these events, the majority of which were outside of the control of the Group, we still managed to trade, albeit marginally, in positive territory.”

“Although for many reasons we are all naturally very disappointed with the way the year played out for us, and also mindful of the fact that there are still many geo-political events and micro-economic challenges threatening the domestic and international landscape, we believe our positioning across a broad range of markets, sectors and industries, give us every reason to be optimistic about our ability to deliver long term sustainable value to all our stakeholders.”

Aptamer Group, a developer of innovative Optimer binders, acknowledges DeepVerge’s announcement today that Optimer-enabled Microtox PD systems for pathogen detection in wastewater were installed at 6 sites across the UK as part of the Environmental Monitoring for Health Protection (EMHP) programme, with more installations expected in the UK over the next few months.

Aptamer Group uses its unique Optimer platform to create custom affinity binders that enable new medicinal, diagnostic, and research options.

Using its patented Optimer platform, the company aims to create disruptive products that satisfy the needs of biomedical researchers and developers.

MicrotoxPD, a DeepVerge product, detects and monitors pathogens in wastewater and drinking water in real-time.

The information gathered by the MircotoxPD units as part of the programme will allow public health officials to provide targeted containment in the event of a disease outbreak, as well as identification of the SARS-CoV-2 variants of concern, which Aptamer’s SARS-CoV-2 binder can detect.

Following a performance test of the SARS-CoV-2 Optimers in comparison to ligands from several suppliers, Aptamer Group was chosen as the recommended ‘ligand provider’ for MicrotoxPD.

Optimer binders are oligonucleotide affinity ligands that can be used instead of antibodies. The global antibody market is presently valued at over $145b.

The Joint Biosecurity Centre (part of NHS Test & Trace), DEFRA, researchers, and water companies are leading the EMHP wastewater monitoring programme.

DeepVerge shares soared 12.5% to 13.5p as the company announced launching wastewater monitoring initiatives across the UK, and will launch more later this year.

Arron Tolley, Chief Executive Officer, Aptamer Group, commented, “We are really pleased to see the deployment of multiple Optimer-enabled MicrotoxPD units under the Environmental Monitoring for Health Protection programme.”

“This will allow remote, real-time monitoring of water pathogens, particularly SARS-CoV-2, for the country to prepare for the next winter period.”

“This Optimer-based detection offers increased national and international water safety through routine installations and monitoring, and we look forward to supporting our partners at DeepVerge through the supply of highly specific Optimer binders that enable specific and sensitive pathogen detection on their platform.”

Aptamer Group has successfully completed projects for large pharma firms, diagnostic development agencies, and research institutes with the goal of acquiring royalty-bearing licences across a wide range of targets and functions.

Scientists and collaborators can make faster, more informed decisions that assist discovery and development in biomedicine thanks to the unique Optimer technology and processes.

Aptamer’s shares have gained 2% to 123p with the news of DeepVerge launching wastewater monitoring systems using Aptamer’s Optimer binders.

The Ince Group has unveiled its new InceDemurrage advisory service for demurrage claims, in collaboration with the Demurrage Desk.

The company announced the venture as a “one-stop demurrage solution” for clients in the maritime sector.

InceDemurrage is reportedly an integrated expert demurrage and laytime advice and insights service.

The venture marks the third combined law, consultancy and technology service launched by Ince tailored for the maritime sector.

The company said the service aimed to capitalise on Demurrage Desk’s state-of-the-art technology for completely digitalised demurrage, laytime tracking and calculation, alongside Ince’s expertise in demurrage legal issues.

Ince said the service is currently working towards the development of advanced integrated solutions and involving market-leading Blockchain technology in the streamlining of the demurrage process.

The service will be aimed at ship owners, vessel operators, charterers, traders, P&I Clubs and alternative entities which work in laytime and demurrage.

“The service represents a new benchmark in the way that laytime calculations and demurrage claims are tracked, processed, and disputed, and elevates demurrage processes to a higher standard in line with industry best practice,” said Ince Global Senior Partner Julian Clark.

“Against the continued digitalisation of the maritime sector, shipping companies can no longer afford to track and process demurrage and laytime without the necessary levels of structure, accuracy, and sophistication.”

“InceDemurrage addresses our industry’s need to optimise, professionalise and modernise despatch, demurrage and laytime processes, reclaiming the importance of these in the wider context of shipping operations.”

Global finance and asset manager Burford Capital Limited announced its new $360 million Burford Advantage Master Fund on Monday.

The Fund will reportedly focus on ‘lower risk, lower return pre-settlement litigation investments’ which Burford Capital includes in its core legal financial portfolio.

Burford Capital said its Fund will target pre-settlement litigation investments projected to pay out returns in the 12-20% IRR range.

According to the company, the Fund is set to fill the gap between lower return post-settlement investments fund known as the Burford Alternative Income Fund and Burford’s core business.

Burford Capital announced its intent to eschew the traditional Fund management style and fee structure, and has opted to provide the initial 10% of annual simple returns to investors while the firm retains the remainder.

According to the company, Burford Capital works better within its chosen structure once its returns exceed 13% than a traditional fee blueprint.

A selection of institutional investors have reportedly contributed $300 million alongside a further $60 million commitment by Burford Capital.

The Fund’s investment period is set to run until December 2024, followed by a multi-year harvest period under an American waterfall.

Burford Capital’s share were up 1% at 747p in late afternoon trading following the announcement.

“Burford is still scratching the surface of the legal finance market,” said Burford Capital CEO Christopher Bogart.

“As we continue to respond to our clients’ needs, we have found unmet demand for products in the middle range where litigation risk remains but where the risk is anticipated to be lower for structural or other reasons.”

“In response to this demand, we have created the Advantage Fund to match client demand with institutional investors seeking exposure to the uncorrelated cash flows of legal finance at a lower risk of loss with commensurate returns.”

Warehouse focussed REIT Urban Logistics has acquired 4 instant income-producing assets for £72m, at a blended net initial yield (NIY) of 4.6% since February 2022.

The 4 assets acquired have a substantial asset management potential for Urban Logistics as the properties have strong agreements to produce immediate income.

Urban Logistics Assets acquired since February 2022

York Road, London – The company acquired a 94,841 sqft last-mile automotive logistics warehouse, servicing and sales centre in Battersea, London. The property was acquired for £28m at a NIY of 4.2% and is currently rented out to Lookers Motor Group until July 2041. This acquisition marks the first of Central London properties for Urban.

Howden Dyke Road, Yorkshire – Urban paid £24m at a NIY of 5.3% for a distribution warehouse of 287,589 sqft in Goole, Yorkshire. The property is currently rented to E-Buyer until October 2036.

Another distribution warehouse in Goole that Urban Logistics acquired for £16m at a NIY of 4.3% has a square footage of 155,205. The property is rented to Wren Kitchens until October 2036.

Kingsbury Road, North Warwickshire – In Curdworth, North Warwickshire, Urban Logistics bought a 31,187 sqft warehouse on Fairview Industrial Estate for £3.65m at a NIY of 4.3% which has been rented to Personnel Hygiene Solutions until July 2027.

Since the fund raise in December 2021, the group has spent £140m of capital in total at a blended NIY of 5%.

“We are pleased to acquire our first property in central London, on a long lease at 4.2% NIY and with an excellent tenant in place. We think of this as a very exciting opportunity with significant reversion and suitable for a number of last mile solutions,” said Richard Moffitt, Chief Executive Officer, Urban Logistics.

“These acquisitions represent a step forward as we work through our extensive pipeline, with further high yielding assets to come. We remain focused on well let, strategically positioned assets, in existing and emerging logistics hubs.

“Our recent inclusion in the FTSE 250 index underlines our position as a leading player in this market sector, and our reputation as a reliable and nimble counterparty for sellers is enabling us to access off-market transactions at very competitive prices.”

“We expect this flow of acquisitions to continue and expect to make further acquisitions in the near term, with acquisitions in solicitors’ hands bringing our expected blended NIY on capital deployed since the December fund raise to circa 5.4%.”

Urban Logistics shares gained 1.2% to 188p as the REIT acquired 4 new properties, including one in Central London.

The FTSE 250 saw a 0.5% increase to 21,060 and the AIM market enjoyed a rise of 0.1% to 1,037 in late morning trading on Monday.

Travel companies pulled the FTSE 250 higher as customers prepared for Spring and Easter travel following a bleak winter.

The more domestic facing small and medium cap indices overlooked developments in China and pushed higher, despite weakness in oil companies.

FTSE 250 Risers

EasyJet shares rose 4.3% to 538p on hopes of a boost in international travel as winter ends and consumers make plans for Spring holidays.

Airline Wizz Air Holdings enjoyed a rise of 3.7% to 2,647p and travel booking group TUI rose 3.4% to 231p following the same pretext of EasyJet’s gains.

RHI Magnesita shares gained 0.9% to 2524p after the announcement of joining a joint venture with Horn & Co.

FTSE 250 Fallers

The FTSE 250 fallers were topped by Lancashire Holdings with a drop of 3% to 392.8p contradicting the trend of FTSE 100 listed insurance companies.

The Kainos Group fell 2.4% to 1,328p and the Volution Group saw a decline of 2.4% to 404.5p.

Tullow Oil shares dropped 2.6% to 52p following the closing of its Azinam Acquisition deal and a drop in oil prices.

AIM Top Risers

The Minoan Group led the AIM risers with a 12.7% increase to 1.3p per share after the appointment of George Mergos to its Loyalward subsidiary allowing projects to progress.

Cambridge Cognition Holdings saw a rise of 12.7% to 137p after the company announced a £1 million contract for an autoimmune trial.

Phoenix Copper rose 12.5% to 58.5p on the back of a positive growth outlook for 2022 as the price of copper and precious metals is expected to increase.

AIM Fallers

The RTC Group led the fallers with an 18.5% decrease to 28.5p following a reported profit reduction to £0.3 million against £1.1 million in 2020.

The Tandem Group fell 14% to 430p on the back of a bleak outlook for 2022 following cancelled holidays and a weak order book for the year ahead.

Origo Partners saw a 10.7% decline to 0.1p per share after the Chinese-oriented investment company took a hit in China’s latest Covid-19 lockdown as companies in the region ground to a halt.