EY CFO Outlook: The power of positive impact, with Tom Hickey, Kenmare Resources
Aug 9, 2023
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Tom Hickey, CFO of Kenmare Resources, talks about becoming a CFO at a young age, the importance of storytelling in business, Kenmare's ESG initiatives in Mozambique, balancing work and family life, and the success and challenges of the company.
Tom Hickey became a CFO at a young age and emphasizes the importance of storytelling in business.
Kenmare Resources prioritizes ESG principles, including social programs and environmentally friendly processes, as a competitive advantage.
Deep dives
Overview of Ken May Resources and the Role of CFO
Ken May Resources is a mining company operating in Northern Mozambique, particularly involved in extracting and selling mineral sands products. As the CFO of Ken May Resources, Tom Hickey oversees the financial aspects and serves as a bridge between the day-to-day operations and stakeholders' expectations. He ensures efficient operations, environmental friendliness, and adherence to plans and budgets. With nearly 40 years in Mozambique, Ken May Resources has navigated the ups and downs of the resource price cycle and continues to thrive with over 50 years of mine life ahead.
Tom Hickey's Background and Career Journey
Tom Hickey's career started in the 1980s in Dublin, where he joined the civil service while pursuing a B-com degree. His curiosity and aptitude for numbers led him to gravitate towards commerce, eventually realizing that numbers were part of a larger story. He found his passion in corporate finance, where he saw the synthesis of numbers, diligence, research, analytics, stories, and people. Tom's career included diverse roles, such as working in geological software businesses, serving as a non-executive director for various companies, and gaining extensive experience in natural resources. Along the way, he has had mentors and valued the importance of mentoring others in their careers.
The Changing Nature of Natural Resources and ESG Impact
The natural resources sector, including Ken May Resources, faces increasing pressure to prioritize environmental, social, and governance (ESG) aspects. Tom Hickey believes that good companies have been practicing ESG principles even before it became an acronym. Ken May Resources operates with a long-term approach, engaging with stakeholders, communities, and governments responsibly. They prioritize their social programs and environmentally friendly processes. While ESG has presented challenges, it also serves as a competitive advantage and contributes to the long-term possibilities and valuation of the business.
In this episode of the EY CFO Outlook podcast, Tom Hickey of mining company Kenmare Resources chats to host Jonathan Healy about becoming a CFO at the young age of 31, the importance of storytelling in business, his love of the natural resources sector and how ESG is at the heart of Kenmare’s operations in Mozambique.
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