THE DRILLER'S CHOICE

Our environmental commitment

Mincon aims to be the greener choice for drillers, manufacturing the world’s most efficient drilling solutions in the most energy-efficient way possible. Read more…
Net zero carbon emissions by

2040

50%

reduction in manufacturing CO2 emissions by 2030

100%

of manufacturing sites using renewable energy mix by 2040

€2.5m 

committed to technologies for reducing manufacturing emissions

Emissions Actions

smartphone

Developing energy-efficient drilling solutions for customers.

Investing in renewable energy generation.

workgroup

Partnering with industry pioneers to expand wind energy installations.

building

Decarbonise our manufacturing operations.

Increase energy efficiency of our factories.

Implementing the greenhouse Gas Protocol.

Our key targets

Net zero carbon by
2040

50% renewable energy usage by 2030

R&D on products that reduce emissions

Social
Impact

Our social programs are driven by our core values for giving back to the community.

Corporate Governance

Mincon’s senior management strives to build an ethical and sustainable business for the future.

Read more...

Environmental Actions

We have an ambitious vision for continuous efficiency gains in both our products and manufacturing.

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News about Mincon's environmental actions

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Investors

Sustainability

OVERVIEW

Mincon Group plc is a global engineering business specialising in the design, development, manufacture, and service of rock drilling tools for a variety of applications.

Originally founded in 1977 in Shannon, Ireland, it now has a worldwide presence, with customer service centres and factories across the Americas; Europe and Middle East; Africa, and Asia Pacific. 

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At Mincon, we know that prevention is better than cure. We strive to be a responsible global business and are taking measures to reduce our impact on the environment.

Our goal is to achieve net zero emissions by 2040 – one decade ahead of the 2050 deadline for EU member states to achieve carbon neutrality.

The core focus of all Mincon’s engineering efforts is to improve the energy efficiency of our products. As such, we’re also motivated to reduce the energy requirements – and related emissions – associated with the manufacturing of our products. Our engineering and environmental ethos ensures that there will be ongoing savings once products are in our customers’ hands.

Our corporate environmental responsibility (CER) goal will be achieved by implementing guidelines set out in the Greenhouse Gas (GHG) protocol – a groupwide effort that will span all areas of our operations.

Scope 1: Emissions directly related to manufacturing

The Group has embarked on a Carbon Disclosure Project (CDP) that will see manufacturing facilities measure their baseline energy consumption and carbon emissions. Following this, the Group will set targets and timelines for lowering our scope 1, 2, and 3 emissions.

Energy consumption associated with manufacturing will target the use of automation, intelligent power monitoring, power management technologies, owned renewable energy sources, and energy storage to reduce emissions and lessen the impact on the electricity grid.

In manufacturing facilities where we have heat-treatment equipment we will monitor the consumption of the energy used in these processes and implement the latest technologies that will help achieve our CER emissions targets.

We are embracing digitalization and modern workflows to reduce our environmental footprint.  This includes investing in technology to enable remote work and meetings, reducing air travel requirements.

In our office buildings we will aim to use the latest technologies to reduce energy consumption, including smart lighting, heating, and cooling. In our manufacturing facilities we are also investigating the harvest of waste heat from heat-treatment processes.

Upon completion of our CDP audit, we will have a clear picture of our energy usage and will develop a roadmap for future energy requirements. This roadmap will include Scope 1 activities related to in-house renewable energy generation to offset the reliance on third-party energy providers.

Where possible, we will favour the use of energy providers that have environmental targets in line with ours, including the sustainable and/or renewable generation of electricity.

Scope 2: Emissions from third-party energy production

Upon completion of our CDP audit, we will have a clear picture of our energy usage and will develop a roadmap for future energy requirements. This roadmap will include Scope 1 activities related to in-house renewable energy generation to offset the reliance on third-party energy providers.

Where possible, we will favour the use of energy providers that have environmental targets in line with ours, including the sustainable and/or renewable generation of electricity.

Scope 3: Emissions from indirect sources related to the business

While scope 3 represents smaller individual emissions contributors, the sum total of these form a significant portion of greenhouse gas emissions. In the longer term, Mincon will look at developing a roadmap for activities related to the management and reduction of these indirect emissions.

Mincon has already structured its business to address some of these emissions challenges: by strategically locating our factories closer to customer operations, we have reduced the distance between manufacturing and delivery sites. This, in turn, has lowered the cost and impact of carbon-intensive logistics.

All Group business aim to use suppliers that have carbon credentials and goals in line with our CER targets. This includes providers of raw materials, parts, office equipment, factory machinery, and consumables.

In regions where available, we partner with logistics providers who have environmental targets in line with ours to reduce the emissions incurred in the last mile. We have accommodated hybrid work-from-home arrangements in certain markets, directly reducing the carbon emissions of commuting. Where available, we also support more environmentally friendly commuting schemes such as carpool programs, cycle-to-work schemes, and public transport.

Where available, Mincon facilities implement environmentally responsible waste management processes. This includes the collection of metal cuttings, swarf, and scrap products, which is then passed on to local recycling centres.

Corporate Governance

The Quoted Companies Alliance has published the QCA Corporate Governance (the “QCA Code”) for AIM-listed companies. This Code includes guidelines for best practice for AIM companies, comprising ten principles that set a minimum standard, with recommendations for reporting corporate governance matters. The Directors of Mincon recognise the importance of sound corporate governance and the Group has adopted the QCA Code as its chosen code of corporate governance.

The Directors comply with Rule 21 of the AIM Rules and Rule 21 of the ESM Rules relating to directors’ dealings as applicable to AIM and ESM companies respectively and will take all reasonable steps to ensure compliance with those rules by Mincon’s applicable employees.

Corporate governance statement from the Chairman of the Board for Mincon Group plc:

This statement was last updated on 30th April 2024

As the Chairman of Mincon Group plc (the “Group”, “Company”, or “Mincon”), I have an overall responsibility for implementing effective corporate governance.

Working with the company secretary, I am responsible for the drafting of our corporate governance statements. The board is collectively responsible for setting the tone and culture of the Company, as well as promoting good corporate governance.

As of 2018, Mincon has adopted the Quoted Companies Alliance (QCA) Corporate Governance Code (the “Code”). Mincon absolutely believes in sound corporate governance and accountability, and our approach to corporate governance is very much a part of our culture and business values.

To this end, the board has taken steps to apply the ten principles of the QCA Code as far as it is practicable. Included below are disclosures that detail how the QCA Code is applied by Mincon, with information on how the board is led, its responsibilities, our risk reporting, governance structure, and engagement with stakeholders.

Mincon embraces strong corporate governance principles, which will be instrumental in the long-term success of the Group. Applying the principles of this Code will ensure sustainable performance while mitigating risk.

In instances where our application differs with the recommendations proposed by the QCA Code, we provide insight and explanations for such differences. We also highlight any significant changes in our corporate governance over the previous 12 months, details of which will be published in the Group’s 2023 Annual Report.

Finally, we will regularly review our governance framework and our approach to how we apply the QCA Code. When changes are made, this statement will be updated.

Mincon makes use of two platforms for communicating its corporate governance structure: the annual report and the investor information area at www.mincon.com. Mincon’s management team and directors also engage directly with shareholders, both private and institutional, to listen to their comments and concerns about the Company’s performance.

Hugh McCullough
Chairman
Mincon Group plc

The full statement and details of how Mincon Group plc applies the ten principles of the QCA Code can be downloaded here: Mincon Group plc Corporate Governance Statement

Company Advisers

Nominated Adviser, ESM Adviser and Joint Broker

Davy
Davy House
49 Dawson Street
Dublin 2
Ireland

Joint Broker


Shore Capital
Cassini House
57 St James’s Street
London SW1A 1LD
United Kingdom

Legal Advisers
William Fry
Fitzwilton House
Wilton Place
Dublin 2
Ireland

Auditor

Grant Thornton
13-18 City Quay
Dublin 2
D02 ED70
Ireland

 

Company Registrar
Computershare Investor Services (Ireland) Limited
Heron House
Corrig Road
Sandyford Industrial Estate
Dublin 18
Ireland

Current Constitutional Documents

Please click on the links below for a copy of the Company’s Memorandum and Articles of Association

Board Committees

The Board has established the following committees with formally delegated duties and responsibilities.

  • Audit committees
  • Remuneration committee
  • Nomination and Governance committee
  • Environment and sustainability committee
Audit Committee

The Audit Committee comprises Orla O’Gorman (Chair), Paul Lynch, and Pirita Mikkanen. The chief financial officer may also be invited to attend meetings of the committee. The committee meets at least three times a year and is responsible for ensuring that the financial performance of the Group is properly monitored and reported on and for meeting with the auditors and reviewing findings of the audit with the external auditor. It is authorised to seek any information it properly requires from any employee and may ask questions of any employee. The audit committee meet with the auditors at least once a year without any members of the management being present and are also responsible for considering and making recommendations regarding the identity and remuneration of such auditors.

Remuneration Committee

The Remuneration Committee comprises Paul Lynch (Chair), Patrick Purcell, and Hugh McCullough. It meets at least three times a year and considers and recommends to the Board the framework for the remuneration of the chief executive officer, chairman, company secretary, chief financial officer, Executive Directors and such other officers as it is designated to consider and, within the terms of the agreed policy, considers and recommends to the Board the total individual remuneration package of each Executive Director including bonuses, incentive payments and share awards. The committee reviews the design of all incentive plans for approval by the Board and Shareholders and, for each such plan, recommends whether awards are made and, if so, the overall amount of such awards, the individual awards to Executive Directors and the performance targets to be used. No Director is involved in decisions concerning his/her own remuneration.

Nomination and Governance Committee

The Nomination and Governance Committee comprises Hugh McCullough (Chair), Patrick Purcell, Paul Lynch and Orla O’Gorman. It meets at least twice a year and considers the selection and re-appointment of Directors. It identifies and nominates candidates for all Board vacancies and reviews regularly the structure, size and composition (including the skills, knowledge and experience) of the Board and make recommendations to the Board with regard to any changes.

Environment and Sustainability Committee

The Environment and Sustainability Committee comprises Pirita Mikkanen (Chair), Hugh McCullough, Paul Lynch and Orla O’Gorman. It meets at least twice a year.
The Committee has been constituted by the Board to assist the Board in defining and regularly reviewing the Group’s strategy relating to Environment and Sustainability matters and in settling relevant key performance indicators. The Committee will develop and review regularly the policies, programmes, practices, targets and initiatives of the Group relating to Environment and Sustainability matters, ensuring they remain effective and up to date and consistent with good industry practice. The Committee will also provide oversight of the Group’s management of Environment and Sustainability matters and compliance with relevant legal and regulatory requirements, including applicable rules and principles of international practice and applicable industry standards and will report as required to the shareholders of the Company on the activities and remit of the Committee.

Board and Management

Non-Executive Directors

Hugh McCullough

Non-Executive Chairman

Hugh has over 40 years’ experience in gold and base metal exploration, principally in Ireland, Ghana, Mali and Papua New Guinea,.

Having previously worked as a project geologist, in 1982 he became chief executive of Glencar Mining plc.

Hugh was responsible for the management, financing and strategy of Glencar for over 27 years until it was acquired by Gold Fields Limited in September 2009.

Hugh is a geologist and holds an honours degree in geology from University College Dublin and a degree of Barrister-at-Law from the King’s Inns, Dublin.

Patrick Purcell
Non-Executive Director

Patrick served an apprenticeship in the Irish Air Corps in the 1950s and later qualified as an accountant in Australia in 1961.

When he returned to Ireland in 1967 he joined Shannon Diamond & Carbide Ltd, (later Boart Longyear) and worked in various capacities with their European Group Companies for the next 10 years.

His roles with Shannon Diamond & Carbide included that of cost accountant, sales and marketing director and a period as a general manager of their manufacturing plant in Norway before becoming their director for European sales companies and product development.

Patrick set up Mincon in 1977 and developed the group, firstly in Ireland and then into overseas areas including USA, Canada, Australia, South Africa and Sweden.

Patrick remained as executive chairman until 2012 but continued to work with the company as an adviser on new projects.

Paul Lynch
Senior Independent Non-Executive Director

Paul currently acts as strategic adviser for a number of companies having recently served as Chief Financial Officer of Applegreen plc, a quoted petrol forecourt retailer in the Republic of Ireland and the United Kingdom, between 2014 and 2017.

Paul qualified as a chartered accountant with Arthur Andersen in 1990, after which followed a wide ranging career in corporate finance and senior management across a number of industry sectors.

He was a director of Heiton Group plc for seven years, from 2000 to 2007, initially as Head of Corporate Development and subsequently as Managing Director of its Retail Division.

Paul served as chief executive of large-scale businesses in the retail, manufacturing, waste management and facility services sectors and he has led and concluded over 20 M&A transactions across diverse industries and jurisdictions.

Pirita Mikkanen
Independent Non-Executive Director

Pirita is currently a Vice President of Energy with the Metsä Group, a Finnish forest industry group operating in international markets, focused on the responsible processing of northern wood into first-class products. Her team at Metsa works to ensure reliable and cost-effective energy production and leads the sustainable development of Metsä utilities.

Prior to joining Metsa, her experience included roles with TM Systems Oy, an industrial air systems company with a focus on reducing energy usage and emissions, and serving as CEO of Lifa Air Ltd Oy, a pioneer in the development of services, machines and equipment that enable cleaner and healthier indoor air. She has acted as a fund manager and board member of climate funds.

Pirita holds a Ph.D in Applied Physics, focusing on cleantech on pollution prevention, from the Helsinki University of Technology.

Orla O’Gorman
Non-Executive Director

Orla has in-depth understanding of scaling companies through 25+ years’ experience of working with them from the perspectives of an executive leader, advisor, capital markets operator and non-executive director.

Orla was formerly Head of Listing for Ireland and UK at Euronext. In 2015 she founded Euronext’s IPOready programme, to give companies the required skillsets for raising strategic finance.  Orla is a strong advocate for funding scaling companies and is a member of Scale Ireland’s Steering Group.

Orla is a non-executive director of Cairn Homes plc, Cubic Telecom, Bon Secours Health System and Elite SpA; she is also a member of the Elkstone Ventures Advisory Board.

Orla has a Bachelor of Commerce and Master of Accounting from University College Dublin.  She is a Fellow of the Institute of Chartered Accountants in Ireland and is a member of their Ethics and Governance Committee, and Sustainability Expert Working Group. 

Executive Directors

Joseph Purcell
Chief Executive Officer

Joseph qualified as a mechanical engineer in 1988 at University College Galway, in Ireland and since then has worked with Mincon in various capacities.

DTH hammer design has been his main area of specialisation although he has extensive experience in manufacturing methods, heat-treatment and process development.

His hammer design work has included seven years in Perth, Australia where he developed a successful range of reverse circulation and conventional DTH hammers for local and export markets.

Joseph was appointed as chief technical officer for the Mincon Group on his return from Australia in 1998. In May 2015, Joseph was appointed Chief Executive Officer of Mincon Group plc.

Tom Purcell
Chief Operating Officer

Thomas has a background in accounting prior to emigrating to the USA to work with Mincon on a new joint venture opportunity in the country.

He worked for the Mincon Group in the dimensional stone quarrying industry during which time he was key in setting up operations in Virginia and North Carolina. In 1996, Mincon sold its investment in the quarrying entities to Marlin Group of South Africa.
He worked in various positions with their USA subsidiary from Purchasing and Safety Manager of four quarrying companies, to CFO and Operations Manager for their Atlanta based operation, Stone Connection.

He re-joined the Mincon Group in 1999 as President of Mincon, Inc.

Executive Management and Company Secretary

Mark McNamara
Chief Financial Officer and Company Secretary

Mark began his finance career in practice in 2004 where he qualified as a Certified Public Accountant (“CPA”). He began working with Mincon as Financial Controller of Mincon International Ltd. in March 2010.

He moved into the position as Group Financial Controller in 2013 prior to the IPO of Mincon where he was the lead accountant. Preceding his finance career Mark worked in airline operations and holds a bachelor’s degree in Information Technology.

Mark also held the position of company secretary for Mincon Group plc between March 2017 and March 2019.

Martin van Gemert
Regional Executive – Africa

Martin joined Mincon in 2010, when he set up the Mincon West Africa business and started the Group’s expansion into Africa.

He has more than three decades of experience in the construction, geotechnical, exploration, and mining industries, in various operational management capacities with drilling contractors and drilling equipment manufacturers. In 2007 he established a country office for Sandvik in Mali and was appointed as the country manager for that business, where he managed a team of technicians and sales personnel, as well as the supply of capital mining equipment and consumables to three large gold mines.

He has managed drilling and blasting operations at major construction projects and opencast gold mines across Southern Africa, where his operational experience includes operating drilling equipment, specialised geotechnical, ground stabilisation, controlled construction, and opencast mine blasting techniques.

Chris Flamini
Regional Executive – Asia Pacific Region

Chris joined Mincon in April 2017. He has extensive experience working across both engineering and operational disciplines. He graduated from Curtin University in 2007 with a bachelor’s degree in industrial design.

He has a broad range of experience from designing and innovating products to practical expertise in operating drill rigs across various product types.

Chris spent 3 years as Mincon’s Product Development Manager and managed their newly established drill pipe facility in Perth. He played a key role in assisting the senior management team and was appointed Operations Manager in 2020. In 2022 he was appointed Regional General Manager and transitioned into the executive team in April 2023.

 

Corporate Social Responsibility

Originally founded as a family-run business, Mincon’s corporate social responsibility (CSR) strategy draws on that heritage to ensure that we make positive contributions in the communities where we have businesses.

The core values that drive our CSR projects:

  • Creating opportunities for the next generation
  • Making a positive impact on society
  • Building a better world for the future
 

The scope of Mincon’s social responsibility initiatives covers both local and international projects, which are implemented by the teams at our factories and service centres around the world.

The programme includes:

Waste management

Eligible primary schools in the community will be given access to waste and recycling facilities to educate young children of the importance of environmental management systems.

Community boreholes

Water scarcity on the African continent is an ongoing challenge and recognised as one of the biggest threats to school children in this developing region of the world. Mincon will play a role in giving community schools access to clean water, providing both its expertise and access to its drilling systems for the installation of boreholes.

Internet access

The internet has helped information become far more accessible than ever, however rural schools in Southern Africa remain at a disadvantage due to the lack of broadband infrastructure. Mincon aims to equip schools in its community with wireless internet, giving students access to information and tools that can create a wealth of opportunities for their future.

Local community projects:

In each of the countries where Mincon has a local presence, the regional factories and customer service centres have social responsibility programmes involving their local communities. At some locations, these are long-standing partnerships with local organisations, or even decades-old traditions kept alive by staff and management.

Our recent local community projects include:

  • Donations to community centres and food banks
  • Sponsorship of local school and junior sports teams
  • Community programmes for individuals with disabilities
  • Providing day-care centres with educational items
  • Corporate alliance campaign for providing medical supplies
 

At Mincon, we believe in being hands-on when it comes to our CSR initiatives. This allows our employees and businesses to propose projects that matter to their communities, allowing them to take ownership of their vision while fostering a culture where colleagues can witness the positive impact of their actions.

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