Kenmare Resources plc
(“Kenmare” or “the Company”)
19 May 2022
Financial Director to Retire / 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 Tony McCluskey, Financial Director, has informed the Board that after 30 years with the Company he wishes to retire. Subject to reappointment at the Annual General Meeting on 26 May, it is expected that Tony will step down from the Board and his executive role later this year at a time to be agreed.
Tony joined Kenmare in 1991 as Company Secretary and Financial Controller and was appointed to the Board as Financial Director in 1999.
As part of the Company's succession planning, Kenmare’s Nomination Committee has commenced a process to find Tony’s successor and will consider both internal and external candidates. The result of this process will be announced in due course.
Statement from Tony McCluskey, Financial Director:
“I have enjoyed my journey with Kenmare enormously since the very early days and I feel that now is the right time to step down from the Board as Financial Director. In 2021 the Company delivered a record financial performance and the fundamentals of the business have never been stronger. I will miss working with all my friends and colleagues in Kenmare deeply, and I feel confident that the Company is now well-positioned to seize the opportunities that lie ahead. I am looking forward to spending more time with my family and pursuing other interests, and I will continue to follow Kenmare’s progress with pride.”
Statement from Michael Carvill, Managing Director:
"Tony has played a pivotal role in the development of Kenmare over more than 30 years, helping to establish the Company as the largest supplier of ilmenite in the world. We thank him for his tremendous contribution to the Company’s success over this extended period, particularly to lender negotiations. He leaves Kenmare in robust financial health. It is rare to have the opportunity to work alongside someone for as long as we have with each other and I wish Tony the very best for the next chapter of his life. We have commenced the process of identifying Tony’s successor and we are pleased to be retaining his skills and experience within the business during this period to ensure a smooth transition."
For further information, please contact:
Kenmare Resources plc
Jeremy Dibb / Katharine Sutton
Tel: +353 1 671 0411
Mob: +353 87 943 0367 / +353 87 663 0875
Murray (PR advisor)
Tel: +353 1 498 0300
Mob: +353 86 037 4163
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 8% of global titanium feedstocks and the Group supplies to customers 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.