Kenmare Resources, a mining corporation hailing from Dublin, has recently announced the appointment of Tom Hickey, the current financial director, to the role of managing director. Hickey is set to take over the position from Michael Carvill who is set to retire this week.
In addition to his new role as managing director, Hickey will retain his role as an executive director on the board of Kenmare Resources. A search for Hickey’s successor in the finance department is set to commence shortly. Hickey, who boasts a resume featuring previous positions at Tullow Oil and Petroceltic, will replace Carvill, the founder of the company and its leader for the past 38 years.
Kenmare Resources operates in over 15 countries worldwide, including Mozambique where they run the Moma Titanium Minerals Mine. The company accounts for 7% of the global titanium feedstock supply. Owing to its strategic practices, the company has managed to return over $230 million to its shareholders in the form of share buybacks and dividends since the year 2019.
Upon his appointment, Hickey expressed satisfaction with his time under Carvill’s leadership and his anticipation for leading Kenmare towards a prosperous future. In a statement, Hickey acknowledged Carvill’s contributions and expressed his eagerness to further Kenmare’s reputation as a reliable corporate entity.
However, amidst the positive news, the company did share concerns about a drop in shipments by 18% to 234,700 tonnes, a shortfall credited to poor weather conditions and operational glitches at their shipping facilities.
Shares in Kenmare have seen a significant decrease, falling by over 27% to €3.68 in the past year. Analysts who focus primarily on the company have set the current average price target at €6.67. This sluggish performance prompted the UK investor, JO Hambro, to suggest that the company consider selling itself. Despite this, Kenmare has held its ground and rejected such proposals.