Kenmare Resources CEO takes home $1.7m in 2018

Michael Carvill’s remuneration steady on 2017 in year of ‘robust performance’ for the mining company

Michael Carvill, managing director of Kenmare Resources, was paid some $1.7m in 2018. Photograph: Bryan O’Brien

Michael Carvill, managing director of Kenmare Resources, was paid some $1.7m in 2018. Photograph: Bryan O’Brien

 

The chief executive of Kenmare Resources received total remuneration of some $1.7 million (€1.5m) in 2018, on the back of a year of “robust performance” for the Irish producer of titanium minerals and zircon.

At $1.7 million, Michael Carvill’s total remuneration is largely steady on the $1.5 million earned in 2017, once currency fluctuations are discounted, according to the company’s just published financial report. His base salary was steady on 2017 at about $649,000, while he was also entitled to taxable benefits of $12,000; cash bonus and deferred shares of some $375,000; pension payments of $65,000; and long-term investment plan payment of $561,000.

Finance director Tony McCluskey was paid total remuneration of $1.1 million, steady on the $1 million earned in 2017.

Terry Fitzpatrick, group general manager with Kenmare Resourcs, and another executive director, stood down from the board July 1st. He was paid total remuneration of $361,000 for the year, including a bonus of $145,000.

Bonuses paid to executive directors was 57.75 per cent of the allowable amount, a figure which the remuneration committee said was “an appropriate result for the year”.

Chairman Steven McTiernan was paid $224,000 for his work during the year, compared with $214,000 for 2017. Director fees ranged from $34,000 for the newly appointed Clever Fonseca to €97,000 for Graham Smith.

Employee numbers throughout the group increased by 4 per cent from 1,365 in 2017 to 1,420 in 2018, while auditors Deloitte were paid a total of $93,000 for audit and other non-audit services.

Financial results

Kenmare Resources reported a sharp increase in revenues and profits last year, as it benefited from a greater volume of shipments and higher average prices.

The company said it was a year of “robust performance”, with increased profitability as a result of greater plant productivity and higher commodity prices together with an improved safety performance.

In the 12 months to December 31st, Kenmare reported a 26 per cent increase in revenues to $262.2 million (€232 million), up from $208.3 million a year earlier, primarily due to increased volumes shipped and higher average received prices. The Dublin- and London-listed firm, which operates the Moma Titanium Minerals Mine in northern Mozambique, saw earnings (ebitda) increase by 54 per cent to $93.3 million.