CFO Outlook: Exploring the rise of Kenmare Resources, with Tony McCluskey

In this episode of the EY CFO Outlook podcast, Kenmare Resources Finance Director, Tony McCuskey tells host, Vincent Wall the compelling story of an Irish company’s rise to the top of the exploration industry. It is a journey involving hostile environments, working with local governments and communities , maintaining relationships with partners and shareholders, and personal resilience.

“We didn’t have any physical assets, what we had was a dream”. When Tony McCluskey joined Kenmare Resources in 1991 it was still a relatively small Irish exploration company. Today it is one of the world’s leading producers of titanium materials and zircon, quoted on the London stock exchange, and with a market capitalisation of £500 million.  

The story of how Kenmare Resources has grown into what it is today is a fascinating one, but it has not been without its crisis points. Commodity prices can rise and fall sharply, and Kenmare Resources almost fell into the hands of new owners during a particularly rocky period. Leading the company’s finance function throughout that time, McCluskey clearly remembers the determination, perseverance, and support that saved them.

They also talk about:

·       Tony’s upbringing in Co. Kilkenny and why he always wanted to be part of a business

·       His experience working in rural Mozambique

·       The dramatic collapse in mineral prices that almost led to the loss of the company to new owners

·       The importance of benefiting the community in which you run operate – funding schools, hospitals and agricultural programmes

·       His key priorities as CFO.