Business
Managing Director to step down
Managing Director to step down.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n\n \n \n\n Managing Director to step down\n\nKenmare Resources plc (“Kenmare” or the “Company”) 15 March 2024 Managing Director to step down / Directorate Change Announcement under LR 9.6.11 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, announces that Michael Carvill will step down as Managing Director and from the Board later this year. Subject to re-appointment at the Company’s Annual General Meeting on 10 May 2024, it is expected that Michael will remain on the Board and in his executive role until the Company’s Interim Results in August. Following this, and to support an orderly transition process, Michael will continue to be available to the Company in a consultancy capacity until at least the end of 2024. As part of the Company's succession planning, Kenmare’s Nomination Committee has commenced a process to find Michael’s successor and will consider both internal and external candidates. The result of this process will be announced in due course. Michael founded Kenmare in 1987 and under his leadership, Kenmare has evolved into one of the world’s largest producers of titanium minerals. The Company serves customers operating in more than 15 countries and is responsible for 7% of global supply of titanium feedstocks. Since 2019, Kenmare has returned over $230 million to shareholders through dividends and share buy-backs. The Company has over 1,700 employees at its Moma Mine and approximately $80 million is spent with Mozambican suppliers annually, making a meaningful contribution to the local and national economy. Michael has always believed that the community around Moma should also benefit directly from the Mine’s presence, so in 2004, before production commenced, Kenmare established the Kenmare Moma Development Association (“KMAD”). During its 20-year history, KMAD has invested more than $20 million into Moma’s host communities. Its initiatives include the construction of three community health centres and over 80 classrooms; and the installation of 30 water supply systems, providing access to clean water to approximately 45,000 people. Statement from Michael Carvill, Managing Director: “As I turn 65 later this year, I feel that now is the right time for me to...