The Wesfarmers Ltd (ASX: WES) share price has had an interesting year in 2021 thus far. This is a company that has given investors a reasonably healthy return over the year to date. Since January, the Wesfarmers share price has risen by 13.8%, going from the $51.51 a share that we saw back in early January to the share price of $58.56 that this ASX industrial conglomerate is commanding today (at the time of writing).

Adding Wesfarmers’ healthy dividend to that total, and investors have enjoyed returns of approximately 16% over 2021. That compares pretty well against the S&P/ASX 200 Index (ASX: XJO), which has returned around 10% on today’s pricing over the year thus far.

But now that we are almost a week away from the start of 2022, what might next year hold for Wesfarmers?

I don’t know about you, what’s Wesfarmers got for 2022?

Well, the biggest development shareholders might be watching next year is the ongoing struggle Wesfarmers is currently locked in to acquire the pharmacy operator Australian Pharmaceutical Industries Ltd (ASX: API). Wesfarmers, which already owns a 19.3% stake in API, lobbed a bid for the company at $1.55 a share back in November. But since then, its arch-rival Woolworths Group Ltd (ASX: WOW) has entered the fray, upping the ante with a higher bid of $1.75 per share.

No doubt shareholders will be wondering if Wesfarmers needs to up its bid to match that of Woolworths in 2022. Or if it will be able to use its existing stake in API to secure the deal on its original terms. Or, indeed, if Woolworths manages to outmaneuver Wesfarmers and acquire API for itself. However this deal turns out, it looks set to play a major role in Wesfarmers’ 2022.

But what kind of share price movements should investors expect to see next year?

Well, one broker who wasn’t too keen on Wesfarmers last month was Citi. As my Fool colleague Tristan covered at the time, back in November, Citi rated Wesfarmers shares as a sell, with a 12-month share price target of $50 a share. That implies a potential future downside of 15% or so over the next 12 months. Citi simply thinks Wesfarmers shares are overvalued at the current time, with its price-to-earnings (P/E) ratio of 28.

No doubt shareholders will be hoping that doesn’t turn out to be accurate.

At the current Wesfarmers share price, this ASX 200 blue chip has a market capitalisation of $66.83 billion, with a trailing dividend yield of 3.04%.

The post Invested in Wesfarmers (ASX:WES) shares? Here’s what to watch in 2022 appeared first on The Motley Fool Australia.

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• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• Woolworths (ASX:WOW) share price rises as boss courts API pharmacists

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Charter Hall Group (ASX: CHC) share price is sinking today despite announcing a strategic investment in a fund manager.

At the time of writing, the property company’s shares are fetching for $20.19, down 6.61%.

What did Charter Hall update the ASX with?

In its announcement, Charter Hall advised it has acquired a 50% interest in Paradice Investment Management (PIM).

Founded in 2012, PIM is a fund manager with around $18.2 billion in funds under management (FUM). Allocated across Australian and global-listed equities, PIM has delivered a 20-year track record of growth.

The organisation has offices in Sydney, Australia, as well as Denver and San Francisco in the United States.

Under the terms of the deal, Charter Hall will pay $207 million for a 50% investment in PIM. This will be funded from 70% of Charter Hall securities and a 30% cash component. The latter will be used by PIM shareholders to fund tax obligations created from the sale.

In addition, Charter Hall also has the option to acquire the remaining 50% of PIM at the commencement of FY25.

The partnership is expected to be accretive in the first full year of earnings. Despite the acquisition, Charter Hall re-affirmed its FY22 operating earnings guidance no less than 105 cents per security.

Notably, the investment provides a strategic expansion of Charter Hall’s $61.3 billion funds management platform.

Securities issued as consideration represent approximately 1.55% of Charter Hall’s securities on issue pre-transaction. The securities will be held in escrow and released to PIM shareholders in two equal tranches at 30 June 2023 and 2024, respectively.

It is expected that the transaction will settle by 31 December 2021.

Charter Hall managing director and group CEO, David Harrison commented:

This partnership represents a rare opportunity to invest in a large scale, high-quality listed equities fund manager with $18.2 billion of FUM and a 20-year track record, building upon and significantly expanding our existing listed real estate equities business. It diversifies Charter Hall’s FUM and earnings streams, introduces new client relationships to both businesses across wholesale and retail equity source segments.

Charter Hall share price snapshot

The Charter Hall share price has accelerated to almost 45% in the past 12 months and is up 40% year-to-date. The company’s shares reached a high of $22.18 last week, before treading lower.

Based on valuation grounds, Charter Hall commands a market capitalisation of around $9.60 billion, with 465.78 million shares on issue.

The post Charter Hall (ASX:CHC) share price sinks 6% on acquisition news appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX 200 shares last week
• Here are the top 10 ASX shares today
• Why Charter Hall, Nearmap, PolyNovo, and Virtus Health are racing higher
• ASX 200 (ASX:XJO) midday update: Afterpay takeover vote, Woolworths crashes
• Here’s why the Charter Hall (ASX:CHC) share price is leaping another 5% today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in Lovisa Holdings Ltd (ASX: LOV) closed the day in the red on Tuesday and are down almost 6% over the past five days of trading.

The fashion jewellery retailer’s share price has been struggling lately and has fallen from its previous high of $22.82 back in November. It’s now trading in line with October 2021 levels.

Why then, with this recent pullback in trading, is UBS bullish on the outlook for Lovisa investors coming into 2022? Let’s take a walk through and see for ourselves.

Is Lovisa a buy?

The team at UBS reckon so, and have just initiated coverage of the company with a buy rating and valuation of $21.25 per share.

UBS reckons Lovisa’s extended bull run on the chart has the legs to continue, even if its share price has already gained more than 4x since the pandemic first hit.

With uncertainty amid the new Omicron COVID-19 variant, plus resurging case numbers in Australia, and in the United States and Europe, UBS thinks there are still plenty of positive catalysts in Lovisa’s investment debate.

For instance, the firm notes that “COVID has had a negative impact on sales and EBIT margins due to store closures, yet there are reopening tailwinds and, from FY23 EBIT margin expansion due to operating leverage”.

A spike in seasonal sales from the economy reopening is a clear upside driver in UBS’ modelling on the company, which will inflect positively on its share price, the firm says.

Not only that, UBS reckons that Lovisa’s current premium is justified, even if it is trading at a forward price-to-earnings (P/E) ratio of around 47x UBS’ FY22 estimates.

For reference, the median P/E of the S&P/ASX 200 Retailing Index (AXRTJD) is 25.5x, meaning Lovisa is commanding an 84% premium compared to most of its peers. And this is a figure UBS reckons the company is worth paying for at this point in time.

Its price target of $21.25 implies an upside potential of more than 12% at the time of writing. Meanwhile, Morgan Stanley, Morgans and Canaccord Genuity are also bullish on Lovisa, each valuing the company a buy at $21, $22.24 and $20.40, respectively.

Lovisa share price snapshot

The Lovisa share price has fared well these past 12 months, having climbed more than 73% in that time. It’s got there after rallying over 67% this year to date.

Over the past month it has reversed course, however, and is now 17% in the red after sliding almost 6% this past week alone, based on the share price at the time of writing.

The post Is it a buy? Why UBS is bullish on the Lovisa (ASX:LOV) share price appeared first on The Motley Fool Australia.

More reading

• How will ASX retail shares go in 2022?
• Analysts think growth investors should buy these ASX shares right now
• 10 ASX shares to buy in 2022
• Here’s why ASX retail shares are in the spotlight on Tuesday
• Up 101% in a year, is the Lovisa (ASX:LOV) share price still a top reopening buy?

The author has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Lovisa Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Magellan Financial Group Ltd (ASX: MFG) share price is slipping amid reports of a rift among the company’s management and potential class actions.

The claims of clashing management follow from the resignation of the fund manager’s long-term CEO, Dr Brett Cairns earlier this month. Of course, fallout rumours are likely the least of the company’s worries.

As my Foolish colleague, Michell Lawler reported yesterday, $1.8 billion was dropped from its market capitalisation on Monday following the loss of a major client.

That could lead to even more pain for Magellan in the future, according to some publications.

At the time of writing, the Magellan share price is $20.09, 2.29% lower than its previous close.

Let’s take a look at what’s being reported on the now-embattled company.

Magellan share price sliding again on Wednesday

The Magellan share price is sliding once more this morning, ditching some of yesterday’s much-needed gains.

The dip comes amid reports from The Australian claiming the company’s board was concerned by its former CEO’s management style prior to his departure.

Additionally, the publication states there may have been a fallout between Cairns and Magellan chair and founder, Hamish Douglass. The company reportedly denied the assertions.

It also flagged the potential financial effect of Douglass’ separation from wife, Alexandra.

The Australian noted it could cause “a liquidity event” for the company. That’s despite the pair stating they have no intention to sell their shares in the company.

On top of that, after the market closed yesterday, The Age reported class actions might soon come the company’s way.

It stated lawyers from class action specialist firms Phi Finney McDonald and Quinn Emanual were eying recent goings-on at Magellan.

The Age quoted Phi Finney McDonald principal lawyer, Tim Finney as saying:

[C]ertainly given the allegations of inconsistent disclosures, combined with the price reaction, it is certainly a matter that could well result in a securities class action in my view.

Today’s dip sees the Magellan share price 62% lower than it was at the start of 2021.

It has tumbled 41% this week alone.

The post Magellan (ASX:MFG) share price flops as fresh talk of turmoil at the top emerges appeared first on The Motley Fool Australia.

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• Is it a sell? Why is Morgans saying ‘avoid’ the Magellan (ASX:MFG) share price?
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• Why Audio Pixels, CIMIC, Magellan, and St Barbara shares are tumbling

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Looking for a Christmas gift for that person who seems to have everything?

Well, a Sydney company has just released Australia’s first physical cryptocurrency gift cards, which might do the trick.

Your Portfolio’s gift cards come in denominations of $50, $100, $250 and $500 and are available in 4 different cryptocurrencies: Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA), and Dogecoin (CRYPTO: DOGE).

According to chief executive Daniel Sekers, the cards allow the “gift of real wealth” this holiday season.

“People want something new and exciting — something that has never before been sold in this format before — and this encapsulates all of that and more,” he said.

“With our cryptocurrency gift cards, it’s easy for complete beginners to purchase one of 4 popular coins in a variety of values to give their loved ones the gift of investment this year.”

No need to have an existing crypto wallet

According to Your Portfolio, the recipients don’t need to have an existing cryptocurrency wallet or an account on an exchange.

“On Christmas Day, the receiver of a crypto gift can either use the URL on the back of the card or scan the QR code to be taken to a website where they can enter a 12-digit identifier and a PIN they will use to unlock their cryptocurrency,” stated the company.

“Using a [driver’s] license, Medicare card or other ID they will be able to set up an account to manage their new investment.”

To bring cryptocurrencies even more into the physical realm, Your Portfolio is setting up a pop-up store at Sydney’s Bondi Junction Westfield to sell the gift cards. That outlet will be open until  10 January.

The cards are also available electronically.

Although there has been a correction the past 6 weeks, Bitcoin is still up 80% for the year, and Ethereum 495%.

Your Portfolio, on its website, counts EY and Australia and New Zealand Banking GrpLtd (ASX: ANZ) among its “partners and supporters”.

The post Australia’s first physical crypto gift cards are now on sale for Christmas appeared first on The Motley Fool Australia.

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Motley Fool contributor Tony Yoo owns Bitcoin, Cardano, and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

The Tesla (NASDAQ: TSLA) share price jumped on Tuesday, rising about 3.5% as of 2:30 p.m. ET.

The stock’s gain was likely primarily driven by an upbeat day in the overall market — especially for growth stocks like Tesla.

So what

Capturing optimism in the overall market on Tuesday, the S&P 500 was up 1.5% at the time of this writing. The tech-heavy Nasdaq Composite, however, was up more than 2.1%. Many growth stocks like Tesla were up several percentage points or more, rebounding some from a sharp sell-off earlier this month.

Tesla stock’s gain today represents a bit of a rebound from a steep sell-off recently. Even including today’s gain, the stock has slid 25% from a high of more than $1,243 just a few months ago.

Now what

As the year wraps up, Tesla investors have the company’s fourth-quarter vehicle deliveries to look forward to. While the challenging global supply chain and logistics environment that Tesla is operating in makes it difficult to forecast the quarter, analysts are expecting record deliveries during the period. But a wide range of outcomes is possible.

Tesla delivered 241,391 vehicles in its third quarter, representing 73% year-over-year growth. For the current quarter, analysts generally expect 260,000 or more deliveries. This would put total deliveries for the year at over 887,000 — far higher than the 500,000 vehicles the company delivered in 2020.

The company usually posts its quarterly deliveries within three calendar days of each quarter’s end, or somewhere around 1-3 January for Tesla’s Q4.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Tesla stock jumped on Tuesday appeared first on The Motley Fool Australia.

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Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the companies mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The BHP Group Ltd (ASX: BHP) share price is pushing upwards on Wednesday morning. This comes amid the company’s latest update on its offer made for an overseas-based nickel miner.

At the time of writing, the diversified miner’s shares are swapping hands for $41.92, up 0.5%.

What did BHP announce?

Investors are buying up BHP shares following the company’s update that it has backed out of the bidding war with Wyloo Metals.

According to its release, BHP advised it will not match the superior offer made by Wyloo Metals for Canadian-listed nickel miner, Noront Resources (TSXV: NOT).

Mining tycoon Dr Andrew “Twiggy” Forrest’s Wyloo Metals placed a superior offer for Noront at a price tag of C$616.9 million (A$667.99 million).

As such, Wyloo has indicated it will pay C$1.10 (A$1.19) per Noront share, outbidding BHP’s C$0.75 cents (A$0.81) offer made earlier this month. It’s worth noting that Wyloo is already Noront’s biggest shareholder with a 37.25% stake as of September 2021.

The ongoing tussle between both companies for Noront’s assets highlights the pursuit among miners to secure key battery making ingredients. Particularly, demand for nickel and lithium is expected to surge by the strong adoption of electric vehicles.

Noront has ownership or a controlling interest of all the major discoveries in the “Ring of Fire”. This is located in the James Bay Lowlands of Northern Ontario.

In addition, the company’s Eagle’s Nest deposit is considered to be the largest high-grade nickel discovery in Canada. The site is projected to begin commercial production of nickel in 2026 with a mine life of 11 years.

BHP chief development officer, Johan van Jaarsveld commented:

BHP is committed to its strict capital discipline framework. While the Eagle’s Nest deposit is a promising resource, we do not see adequate long-term value for BHP shareholders to support an increase in BHP’s offer in order to match the C$1.10 per share proposal from Wyloo Metals Pty Ltd.

BHP share price summary

Since the beginning of the year, the BHP share price has moved in circles following a volatile market environment. Its shares are slightly in the red, hovering 1% below for the past 12 months.

This is a stark contrast from when its shares were tracking almost 30% higher for the year-to-date period during August.

Based on today’s price, BHP presides a market capitalisation of roughly $123.67 billion and has approximately 2.95 billion shares outstanding.

The post Why is the BHP (ASX:BHP) share price edging higher today? appeared first on The Motley Fool Australia.

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• Why is the BHP (ASX:BHP) share price having such a lousy start to the week?
• These are the 10 most shorted ASX shares

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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If you’re looking to invest in resources shares, then it could be worth looking closely at the lithium sector.

This morning the team at Macquarie Group Ltd (ASX: MQG) became even more bullish on the prospects of a number of ASX mining shares with exposure to the white metal.

What is Macquarie saying about lithium?

According to a note out of the Macquarie equities desk, its analysts believe Australia’s leading lithium miners are well-placed to benefit from record spot prices for lithium.

In fact, the broker believes this isn’t just a short term thing. It feels that strong electric vehicle adoption could keep lithium prices at record levels for four years.

In light of this, the broker has boosted its earnings forecasts for a number of active producers materially. It has also lifted the price targets on a collection of lithium shares to reflect the positive sector outlook.

Here’s a summary of its view on these lithium shares:

Allkem Ltd (ASX: AKE)

Macquarie has retained its outperform rating and lifted its price target on Allkem’s shares by 13% to $13.60. This compares to the latest Allkem share price of $9.32. Allkem is the result of the merger between Galaxy Resources and Orocobre.

Liontown Resources Limited (ASX: LTR)

Although Liontown is not yet producing lithium, Macquarie has retained its outperform rating and boosted its price target on the company’s shares by 10% to $2.20. The Liontown share price is currently fetching $1.56.

Mineral Resources Limited (ASX: MIN)

Macquarie remains bullish on Mineral Resources despite its exposure to low grade iron ore as well as lithium. It has held firm with its outperform rating and lifted its price target by 10% to a lofty $79.00. This is notably higher than the current Mineral Resources share price of $51.81.

Pilbara Minerals Ltd (ASX: PLS)

Finally, Macquarie’s top pick among the ASX lithium shares remains Pilbara Minerals. It has retained its outperform rating and increased its price target by a whopping 32% to $3.70. The Pilbara Minerals share price is fetching $2.63 this morning.

The post Macquarie names the best ASX lithium shares to buy in 2022 appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares this Tuesday
• Why Afterpay, Humm, Namoi Cotton, and Pilbara Minerals shares are falling
• The Liontown (ASX:LTR) share price has shed 22% this month. Is it a bargain?
• Why is the Pilbara Minerals (ASX:PLS) share price crashing 10% lower today?
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks

Motley Fool contributor James Mickleboro owns Orocobre Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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A secret $4.5 million fight over the fate of Afterpay Ltd (ASX: APT) options has reportedly been settled out of court.

According to The Australian, the dispute involved some of the biggest names in political lobbying: David Gazard, who is a close advisor and friend to prime minister Scott Morrison, and Jonathan Epstein.

The two men, along with former treasurer and now Nine Entertainment Co Holdings Ltd (ASX: NEC) chair Peter Costello, 10 years ago started a lobbying firm ECG Advisory.

After Costello left the partnership 3 years later, Gazard and Epstein gained Afterpay as a client.

One of the perks of that deal was reportedly share options in the buy now, pay later provider.

Was there an agreement or was there no deal?

The problem was that the 60,000 shares were due to be handed out within the framework of an employee incentive plan. This meant that they could not be issued to ECG, but had to be in the name of an individual.

There was allegedly an agreement that they would be issued under Gazard’s name to be held on behalf of ECG, The Australian reported.

Epstein left the firm in late 2019, but has accused Gazard of pocketing the $4.5 million proceeds from selling the options in October 2020. 

“The acknowledgement and agreement of Epstein, Gazard and ECG was partly in writing, partly oral and partly to be inferred,” read the statement of claim from Gazard’s lawyers.

In his defence, Gazard claimed there was never an agreement that he would hold options on trust for ECG.

He also claimed that the options were issued after Epstein departed and that he provided services to Afterpay through another business named DPG Advisory Solutions.

The details of the dispute had been confidential until now.

“Avoiding a potentially embarrassing and awkward court case that would have thrown open the inner workings of one of Australia’s most connected and influential lobby firms, Mr Gazard and Mr Epstein settled out of court recently through mediation,” reported The Australian.

Both Gazard and Epstein declined to comment to the newspaper.

The post $4.5 million brawl over Afterpay (ASX:APT) options settled appeared first on The Motley Fool Australia.

More reading

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• Why is the Zip (ASX:Z1P) share price outperforming Afterpay today?
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• These were the worst performers on the ASX 200 last week

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended AFTERPAY T FPO. The Motley Fool Australia owns and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Rio Tinto Limited (ASX: RIO) share price is falling this morning amid news the company plans to fork out US$825 million – $1.15 billion – on an Argentinian lithium mine.

The Rincon lithium project is a large brine project with the potential to be one of the lowest carbon operations in the industry. And it could soon be Rio Tinto’s.

In early morning trade, the Rio Tinto share price is $100.73, 0.66% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.04%.

Let’s take a closer look at today’s non-price sensitive news from the mining giant.

Rio Tinto share price slips amid acquisition news

The Rio Tinto share price is in the red amid an agreed-upon acquisition in South America’s ‘lithium triangle’.

The Rincon project can produce battery-grade lithium carbonate. The company said the acquisition highlights its commitment to battery materials and its portfolio for the global energy transition.

Rio Tinto CEO Jakob Stausholm commented on the acquisition, saying:

The Rincon project holds the potential to deliver a significant new supply of battery grade lithium carbonate, to capture the opportunity offered by the rising demand driven by the global energy transition. It is expected to be a long life, low-cost asset that will continue to build the strength of our Battery Materials portfolio, with our combined lithium assets spanning the US, Europe, and South America.

A pilot plant is already running at the project. However, it needs more work to optimise its recoveries.

Rio Tinto plans to complete studies on the Rincon project to confirm its resource and define resource statements.

Additionally, the company has proposed to use direct extraction technology that has the potential to significantly increase lithium recoveries when compared to traditional solar evaporation ponds.

According to the company, demand for lithium is expected to grow by up to 35% annually over the next decade. On top of that, lithium demand may begin to exceed supply from 2025.

The acquisition is subject to Australia’s Foreign Investment Review Board’s approval. If it receives the green light, the purchase should be completed in the first half of 2022.

Currently, Rincon Mining owns the Rincon project. Rincon Mining is, in turn, owned by Sentient Equity Partners.

Sadly, 2021 hasn’t been a great year on the ASX for the Rio Tinto share price.

It has fallen 11% year to date. Though, it has gained 12% over the last 30 days.

The post Rio Tinto (ASX:RIO) share price slumps amid $1.15b lithium acquisition appeared first on The Motley Fool Australia.

More reading

• Reshuffle: Why is the Rio Tinto (ASX:RIO) share price sliding today?
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• 2 ASX shares with big dividend yields rated as buys

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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