Revenue 137.9 million USD (2013) Founded 1985 | Traded as LSE: KMR, ISEQ: JEV Net income $(44.1) million (2013) Headquarters London, United Kingdom | |
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Key people Charles Carvill, ChairmanMichael Carvill, Managing Director Website www.kenmareresources.com Stock price KMR (LON) 272.00 GBX -3.12 (-1.14%)10 Mar, 5:09 PM GMT - Disclaimer Subsidiaries Congolone Heavy Minerals Limited | ||
Michael carvil kenmare resources plc profile
Kenmare Resources plc is a mining company based in the Republic of Ireland. It is listed on the Irish Stock Exchange and the London Stock Exchange.
Contents
History
The company was founded by Charles and Michael Carvill in 1986 to exploit mineral wealth in Mozambique. A tailings dam from mineral processing failed on 8 October 2010, destroying a nearby native village and leaving one 4 year old child missing; mining resumed the following month after some 300 homes had been rebuilt.
Operations
The Company's principal asset is the Moma mineral sands mine, formally known as the Moma Titanium Minerals Mine, located in Moma, Nampula Province, Mozambique. It has been in production since late 2007. The mine produces 7% of the world’s ilmenite, the main source of titanium metal and titanium dioxide, used as a white pigment in paint. It also produces 4% of the world’s zircon, a source of zirconium metal.
By 2016 the mine had fallen into financial crisis due to a worldwide drop in mineral prices, flooding in northern Mozambique, and power outages in the Moma District region. Prices for titanium fell by about a third between 2012 and 2015, and floods that caused power outages impacted the company's production. The mine suspended operations in June 2015 in the face of industrial action by employees unhappy about the company's cost-cutting measures. Successful negotiation between the union, the company and the Ministry of Labour had resulted in agreement on somewhat less drastic measures involving fewer layoffs than originally announced. The industrial action was not organized by the union. Operations resumed in early July.