Kenmare Resources, the Dublin-headquartered mining company, has named financial director Tom Hickey as its new managing director, replacing current chief Michael Carvill when he steps down this week.
Mr Hickey, who previously worked with Tullow Oil and Petroceltic, will also continue as an executive director on Kenmare’s board, the company said in a statement on Tuesday. A “limited process” to find his replacement as chief financial officer will now commence, it said.
Mr Hickey will replace Mr Carvill, who vacates the managing directorship on Wednesday following 38 years leading the company he founded in 1987. His decision to step down was announced earlier this year.
Kenmare now has operations in more than 15 countries – including Mozambique, where it runs the Moma Titanium Minerals Mine – and is responsible for 7 per cent of global supply of titanium feedstocks. Since 2019 it has returned more than $230 million to shareholders through dividends and share buy-backs.
“I have greatly enjoyed working with Michael for the past two years and am delighted to be given the opportunity to lead Kenmare during this exciting phase in its development,” Mr Hickey said in a statement. “Michael leaves Kenmare in a very strong financial position, with an outstanding asset, a unique culture and a great team. I am proud to continue his work, particularly in terms of furthering Kenmare’s commitment to being a trusted corporate citizen.”
In its half-year results published in July, Kenmare said while its production rose strongly during the second quarter of 2024, shipments dropped 18 per cent on the year to 234,700 tonnes. This was due mainly to poor weather and operational issues at Kenmare’s shipping facilities, limiting shipping time, it said.
Shares in Kenmare are down more than 27 per cent to €3.68 over the past 12 months, with the ongoing depressed share price – relative to the current average €6.67 price target of analysts that cover the company – prompting UK investor JO Hambro to urge the company to put itself up for sale. However, Kenmare has resisted such calls.
