Another director departs at Kenmare Resources

The board of mineral exploration company Kenmare Resources has lost another director.

The Marquis of Waterford, a non-executive director, did not disclose the reasons for his resignation, but sources said it related to recent disputes at board level involving the Kenmare finance director, Mr David Horgan, whose employment was terminated three weeks ago.

Another director, Mr John Teeling, chairman of Petrel Resources and Pan Andean Resources is also expected to resign from the board as a result of the recent dispute.

A statement from the company last night said the Marquis had made a significant contribution to the development of the group.

In a separate announcement, the company said Mr Horgan and Kenmare Resources had "satisfactorily resolved their differences" and all proceedings between the parties would be struck out. It added that Mr Horgan would pursue his other interests. These are understood to be with Pan Andean Resources and Petrel Resources at present.

A company spokesman said any directors who resigned would be replaced in time. The settlement between Mr Horgan and Kenmare was not disclosed.