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Mineral sands miner Kenmare Resources (KMR) has said new fiscal terms “unilaterallyâ€� imposed by the Mozambique government could see them heading to arbitration. 

The company, which dredges sand for titanium precursor products, said a resolution by the country’s council of ministers would put VAT on a larger range of Kenmare’s transactions and lift the royalty rate from 1 per cent to 2.5 per cent, and then to 3.5 per cent by 2031. The miner has agreed to the 2.5 per cent royalty but wants a slower shift to 3.5 per cent. 

Kenmare shares fell 9 per cent on the news. 

“After almost four decades of deeply collaborative partnership with local communities and the government of Mozambique, we would be disappointed to have to resort to arbitration to assert our contractual rights; however, we may be compelled to do so if we can’t reach a timely agreement,â€� said Kenmare managing director Tom Hickey. 

House broker Peel Hunt said the higher taxes coming in before a full agreement looked like “an aggressive negotiation tactic� by the government.

M&C Saatchi (SAA) chief executive Zaid Al-Qassab is set to leave the advertising agency at the end of March after just under two years in the role. The departure of the former Channel 4 chief marketing officer was described as being by “mutual agreement�.

The board is set to begin a formal search process for his successor. In the meantime, non-executive chair Dame Heather Rabbatts will take on the role of interim executive chair and Nicholas Shott will join as an independent non-executive director, effective immediately. 

Along with Al-Qassab’s exit, the board announced that Vin Murria, the company’s largest shareholder who famously tried to take over the firm in 2022, is returning to the board as deputy chair. His company, AdvT, confirmed it does not intend to make an offer for M&C Saatchi. The shares rose 4.8 per cent to 125p.

Clarkson (CKN) reported a double-digit decline in underlying profit before tax and lower revenues in 2025, but investors welcomed an upbeat start to the year to push the shares 1.6 per cent higher this morning. 

Underlying pre-tax profit fell 21 per cent to £91mn from a record £115mn in 2024, while revenue fell 4.5 per cent to £631mn. Operating profit in broking, its largest and most profitable division, fell 23 per cent to £94mn due to a difficult first half of the year marked by the tariff fallout from ‘liberation day’ and ongoing regional conflicts.

Chief executive Andi Case said new and threatened tariffs led to a “lack of clarity� for shipowners, causing them to delay multi-million dollar newbuild contracts.

Global newbuild orders fell 27 per cent last year, although Clarkson managed to end the year with a larger book of future business than they started with.

The forward order book grew from $231mn at the end of 2024 to $244mn. Management noted that new ‘spot’ business negotiated in the first two months of 2026 is already higher than it was during the same period in 2025.

Keith Watson and Robert Crayfourd have resigned from asset manager CQS, leaving the running of their three funds in question. The pair oversee CQS Natural Resources (CYN), Golden Prospect (GPM) and Geiger Counter (GCL), and will stay for the three months of their notice periods. Shares in each fund fell on the announcement, ranging from 9.5 per cent at Geiger Counter to 5 per cent at Golden Prospect.

The board of the latter may follow Watson and Crayfourd to their as-yet unannounced new home after resolving to “serve protective notice of termination on CQS�, which has a 12-month notice period.

The Natural Resources board said it was “considering a number of options at its disposal to ensure a smooth and sustainable transition in the best interests of our shareholders�.