Appointment of Managing Director
August 13 2024 - 2:00AM
UK Regulatory
Appointment of Managing Director
Kenmare Resources plc
(“Kenmare” or “the Company” or “the Group”)
13 August 2024
Appointment of Managing
Director
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of
the leading global producers of titanium minerals and zircon, which
operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in
northern Mozambique, is pleased to announce that Tom Hickey,
Finance Director, has been appointed as Managing Director,
effective 15 August 2024.
Tom will continue in his role as an Executive
Director on Kenmare’s Board. He succeeds Michael Carvill, who will
step down as Managing Director and from the Board on 14 August
2024, after 38 years in the role.
Kenmare will now undertake a limited process to
identify Tom’s successor as Chief Financial Officer. Further
updates will be provided in due course.
Statement from Andrew Webb, Chairman:
“As previously announced, Michael Carvill,
Kenmare’s founder, will be stepping down as Managing Director after
almost four decades. Michael’s vision, energy and commitment have
enabled Kenmare to become one of the largest titanium minerals
producers in the world and a name respected and admired throughout
the industry. I would like to again express our profound gratitude
to Michael for his tremendous contribution to the Company and his
on-going support as a consultant.
To select Michael’s successor, the Board
conducted a rigorous process, including both external candidates
and those on our internal succession plan. Following this, Tom
Hickey, Kenmare’s Finance Director, was chosen to be the Company’s
next Managing Director. Tom has extensive experience in finance and
natural resources, including as Chief Financial Officer of Tullow
Oil plc, which grew to be a FTSE 100 company during his tenure. The
Board felt that Tom’s combination of financial acumen, capital
markets experience and knowledge of Kenmare’s business made him
uniquely qualified to lead the Company at this important time and
to continue delivering value for all stakeholders. We congratulate
Tom on his appointment and wish Michael all the best in his future
endeavours.”
Statement from Tom Hickey, incoming
Managing Director:
“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. We
are undertaking one of the largest capital projects in the
Company’s history through the upgrade and transition of Wet
Concentrator Plant A, which will allow us to secure production from
Moma for decades to come and maintain our first quartile position
on the industry revenue to cost curve. 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.”
Background on Tom Hickey
Tom joined Kenmare in September 2022 as Finance
Director. Since then, he has led the refinancing of the Company’s
previous debt facilities with a $200 million Revolving Credit
Facility, which provides additional financial flexibility for
Kenmare during the upgrade and transition of Wet Concentrator Plant
A to Nataka. He has also taken a central role in the negotiations
with the Government of Mozambique relating to the renewal of the
Company’s Implementation Agreement, which governs the Industrial
Free Zone forming part of the Moma Mine.
Tom has 24 years’ experience as an Executive and
Non-Executive Director of various public companies, including eight
years as Chief Financial Officer of the African and South
American-focused oil and gas producer Tullow Oil plc (“Tullow”)
from 2000 to 2008. During this time, he developed and implemented
the financial strategy that saw Tullow grow from a micro-cap
company to a FTSE 100 business valued at $15 billion. He was
central to the success of major acquisitions and debt and equity
fundings, as well as responsible for capital allocation of an
annual budget of over $700 million.
Tom also held senior financial roles with the
oil and gas exploration company Petroceltic International plc
between 2010 and 2016, including latterly as Chief Financial
Officer.
Tom has strong Board-level experience, having
previously served as an Independent Non-Executive Director with
United Oil & Gas plc and Petroneft Resources plc. Tom has a
Bachelor of Commerce degree and a Diploma in Professional
Accounting, both from University College Dublin, and he is a Fellow
of the Irish Institute of Chartered Accountants.
This announcement is made pursuant to UK Listing
Rule 6.4.6.
For further information, please contact:
Kenmare Resources plc
Jeremy Dibb / Katharine Sutton / Michael Starke
Investor Relations
ir@kenmareresources.com
Tel: +353 1 671 0411
Mob: + 353 87 943 0367 / + 353 87 663 0875
Murray (PR advisor)
Paul O’Kane
pokane@murraygroup.ie
Tel: +353 1 498 0300
Mob: +353 86 609 0221
Richie Oakley
roakley@murraygroup.ie
Tel: +353 1 498 0300
Mob: +353 87 245 1824
About Kenmare Resources
Kenmare Resources plc is one of the world's
largest producers of mineral sands products. Listed on the London
Stock Exchange and the Euronext Dublin, Kenmare operates the Moma
Titanium Minerals Mine in Mozambique. Moma's production accounts
for approximately 7% of global titanium feedstocks and the Company
supplies to customers operating in more than 15 countries. Kenmare
produces raw materials that are ultimately consumed in everyday
quality-of-life items such as paints, plastics and ceramic
tiles.
All monetary amounts refer to United States dollars unless
otherwise indicated.
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