Kenmare Resources not expecting to become takeover target

Kenmare Resources boss Michael Carvill is not anticipating the company becoming a fresh takeover target amid ongoing consolidation in the industry.

The Irish mining firm is one of the world's leading producers of titanium feedstocks, via its Moma mine in Mozambique.

Four years ago, heavy interest from Australian miner Iluka Resources came to nothing and a far less healthy looking Kenmare, at the time, said it was not reliant on being acquired in order to survive.

The company is now debt-free, is looking at ramping up production from Moma by 25% by 2021 and will start paying dividends to shareholders, for the first time, later this year.

Speaking after Kenmare's agm, Mr Carvill said: "It's always a predatory world out there. All we can do is do our business as best we can. We see a future as Kenmare, developing and increasing the capacity of this project and returning value back to our shareholders and all stakeholders involved."

He also expressed concern over trade tensions between the US and China - the latter a huge market for Kenmare - even though neither country is placing tariffs on material being imported from Mozambique.

It's got to have an effect in a general sense because a trade war reduces world growth, and the growth of our market correlates with world growth.

Both Mr Carvill and chairman Steven McTiernan expressed frustration to investors over Kenmare's share price performance - down over 19% in the past 12 months.

In reply to one shareholder question, Mr McTiernan defended Kenmare's executive pay policy and said a new long-term pay plan will be put before shareholders at next year's agm.

More on this topic

Tompkins claims hat-trick as Saracens ease into Premiership final

59,000 sign petition backing doctor who asked Muslim patient to remove veil

Could Madhmoon spoil Ballydoyle’s Derby party?

Airtricity League wrap: 10-man Bohs suffer late defeat

More in this Section

IMI launch new IDA-backed leadership course for managers of FDI giants in Ireland

Profits surge at firms of Irish rugby players as pub firm prospers

Investors weigh prospects for Irish shares under probable new hard-Brexiteer British prime minister

Cork to be 'most walkable city' in transport plan


Gardening: Something for everyone at Chelsea Flower Show

Relishing the Riviera: St Tropez still the jet set destination it has always been

Restaurant review: Ristorante Rinuccini - Kilkenny

The Wine List: Will 2019 see the rise of rosé in Ireland?

More From The Irish Examiner