This article is from page 4 of the 2014-02-18 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 4 JPG
SHANNON-based mining company Mincon could be set to double in size over the next two or three years – with the prospect of more jobs coming on stream in looking increasingly possibly. That is according to Mincon’s “house brokers” Davy Stockbrokers, who in a letter to potential investors last week described the Clare company as ‘outperform’ and said it was primed for expansion.
“It has grown rapidly in recent years, while generating returns of over 20 per cent,” the Davy note said. “[The company is] a pure play on the structurally less volatile global consumable rock-drilling products industry.”
Earlier this year, the company’s two biggest shareholders gave employees € 1.2 million from their own private funds to reward them for their hard work over the years.
Company founder Paddy Purcell and Kevin Barry initiated the employee recognition plan, which excluded all members of senior management.
The money was paid to Mincon’s 140 eligible employees across the group and was based on years of service with a payment of € 1,000 per staff member per year of service.
The Shannon-based rock drilling engineering company was founded in 1977 and listed on the Dublin and London stock exchanges late last year. Many of the company’s Shannon-based employees have been there for a number of decades.
“It is a testament to the hard work and dedication of the Mincon Group employees that it has grown from its origins in Shannon into the interna- tional business it is today, with operations in Europe, Africa, the Americas and Australasia and with its securities quoted on the ESM and AIM,” said Paddy Purcell at the time that the payment was announced.
“As the largest shareholders in the company, Kevin and I wished to take this opportunity to show, in a tangible and meaningful way, our appreciation to the staff for their contribution in bringing Mincon to where it is today and positioning it for the next phase of its development organically and through acquisitions.”