Mozambique Mining Industry: Kenmare Resources Chairman to retire

According to the company Board, Kenmare Resources Chairman, Justin Loasby, is to retire from the Board due to ill health, with immediate effect. Steven McTiernan, a Non-Executive Director of Kenmare, will take on the role of Non-Executive Chairman in replacement of Mr Loasby.

Mr McTiernan has over forty years of diverse natural resources industry and investment banking experience with Amoco, BP, NatWest Markets, CIBC and the Chase Manhattan Bank where he was Senior Vice President. He served as Senior Independent Director of Tullow Oil plc for 11 years until January 2013, was an Independent Director at First Quantum Minerals Ltd. until May 2013, and an Independent Director at Songa Offshore SE until January 2014.

Justin Loasby substitute has been a Non-Executive Director of Kenmare since March 2013 and meets the independence criteria set out in the UK Corporate Governance Code.

“Being obliged to step down from the Board due to ill-health, I am delighted that Steven McTiernan will succeed me as Chairman and ensure continuity of leadership on the Board. Since he joined the Board in March 2013 as a Non-Executive Director, Steven has brought his considerable experience to bear on all aspects of our business,” Loasby said.

Steven McTiernan, Chairman designate, commented:

“It is a privilege to be accepting the position of Chairman of the Board of Kenmare, in succession to Justin Loasby who has been an exceptional Chairman and has steered Kenmare through its development period over the last two and a half years. On behalf of the Board of Kenmare and personally, I would like to thank Justin for all that he has contributed since he joined the Company as an Independent Non-Executive Director in 2011. The Board of Kenmare wishes Justin a speedy recovery and all the best for the future.”