Kenmare founder to step down as MD by August

15th March 2024 By: Creamer Media Reporter

Kenmare founder to step down as MD by August

Kenmare MD Michael Carvill

Michael Carvill will step down as MD of mineral sands miner Kenmare Resources later this year.

Subject to reappointment at the company’s annual general meeting on May 10, it is expected that he will remain on the board and in his executive role until the company’s interim results are published in August. Following this, and to support an orderly transition process, he will continue to be available to the company in a consultancy capacity until at least the end of this year.

As part of the company's succession planning, Kenmare’s nomination committee has started a process to identify a successor and will consider both internal and external candidates. The result of this process will be announced in due course.

Carvill founded Kenmare in 1987 and, under his leadership, the company 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 buybacks.

The company employs more than 1 700 people at its Moma mine, in Mozambique, and spends about $80-million with local suppliers every year, making a meaningful contribution to the local and national economy.

Carvill has always believed the community around Moma should also benefit directly from the mine’s presence, and in 2004, before production started, 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 about 45 000 people.

“As I turn 65 later this year, I feel that now is the right time for me to step down as MD. It has been a privilege to lead Kenmare for almost four decades and I would like to thank all my friends and colleagues within the company, as well as our customers, shareholders and partners in Mozambique, for their continued support.

"I am pleased to leave Kenmare in a position of strength, with a tier one asset, and as the largest supplier of ilmenite in the world. It is particularly rewarding to see the transformational change that the company has delivered in the Moma mine’s host communities. I am proud of what Kenmare has achieved to date and confident in our team's ability to continue to execute on Kenmare’s strategy to create value for all stakeholders," Carvill comments.

Kenmare chairperson Andrew Webb has thanked Carvill for his commitment and service to Kenmare.

"Without Michael’s focus, determination and ability to build enduring relationships, Kenmare would not exist, and Moma might never have been developed.

"In addition, he has instilled the values of respect, innovation and continual improvement at every level of the business, positioning Kenmare as both a trusted corporate citizen and a market leader. We are very grateful for Michael’s tremendous prior and ongoing contribution to Kenmare, and are pleased to be retaining his skills and experience within the business until at least the end of the year to ensure a smooth transition.”