Kenmare Resources’s future ‘not dependent on takeover’

Kenmare Resources chief, Michael Carvill has said that the company’s future is not dependent on it being taken over and says it has a viable independent future if not acquired.

Speaking directly after the mining firm’s AGM in Dublin, yesterday, Mr Carvill said that the board is not building its business plan around what may or may not be forthcoming in the form of any offer from Australian company, Iluka Resources or any other potential investor. He said cost reduction, debt management and generally placing Kenmare in a position to be able to reward shareholders when market conditions improve are the current main priorities.

Kenmare — which owns and operates the Moma titanium mine in Mozambique — has expressed openness to an approach from Perth-based Iluka and is remaining open to dialogue, in the best interests of its shareholders.