Tuesday 20 August 2019

Kenmare boss sees pay rise to $1.6m as profits surge

Company's revenues, in millions, last year

Michael Carvill, managing director at Kenmare,
Michael Carvill, managing director at Kenmare,
John Mulligan

John Mulligan

Kenmare Resources managing director Michael Carvill's total remuneration package edged higher to $1.6m (€1.4m) last year as he benefited from increased long-term incentives and basic pay, according to the mining group's annual report.

The package compared to the $1.52m he received in 2017.

Chairman Steven McTiernan said Kenmare has become "significantly stronger and more resilient" with a "robust performance" in 2018.

Mr Carvill's remuneration package in 2018 included a basic salary of $649,000, a cash bonus and deferred shares of $375,000, and long-term incentive awards of just over $560,000.

Kenmare Resources owns and operates the Moma ilmenite mine in Mozambique. Last year, its revenue was up 26pc at $262.2m, while its profit after tax was 162pc higher at $50.9m. In February, a former deputy chairman of Kenmare Resources, Donal Kinsella, had a €10m libel payout awarded to him against Kenmare in 2010 slashed by the Court of Appeal to €250,000.

Irish Independent

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