Kenmare Resources has appointed former Rio Tinto executive James McCullough as its chief financial officer, replacing Tom Hickey, who stepped into the top role earlier this year.
Mr McCullough, a former natural resources equity analyst with Davy Stockbrokers, worked at British-Australian industrial miner Rio Tinto for 14 years, serving in several senior positions, most recently as general manager for group strategy, the Dublin and London-listed titanium miner said in a statement on Friday.
He replaced Mr Hickey, who became managing director in August after Michael Carvill stepped down from the job after 36 years at the company’s helm.
In a statement, Mr McCullough said Kenmare, which accounts for around 7 per cent of global titanium feedstocks production, has a “unique” position within the global titanium minerals industry that “will provide opportunities for decades to come”.
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Mr Hickey said Mr McCullough knows the company well, having previously covered it as an analyst, and his appointment will provide “immense value” for years to come”.
The appointment comes after shares in Kenmare slipped on Thursday amid reports of civil unrest in Mozambique, where the company is attempting to reach a final agreement on the extension of its processing and exports accord with the government, which is set to expire this weekend.
The Irish company, which operates the Moma titanium mine in the north of the country, said it has agreed in principle the terms of an extension and is being allowed to continue its activities while a new deal is being reached.
The process has been impacted by political unrest that followed a presidential election in November, in which the ruling party’s candidate was declared winner despite claims of voting irregularities from opposition parties.
On Thursday, Mr Hickey said Kenmare is “pleased that the government has provided confirmation of our ability to continue to operate under our existing terms during this interim period and that the process can be concluded in an orderly manner”.
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