A founder member of Ken mare Resources, Mr John Teeling, did not put his name forward for re-election to the board at the company's annual meeting yesterday.

The move was expected following a contentious year in the boardroom of the mining and exploration company.

Using his "entitlement" to make a statement upon standing down, Mr Teeling sought to make a "few non-contentious comments" before his departure.

He said he had brought Kenmare from an £8,000 entity in 1983 to a fully listed company on the stock exchange. He was unhappy with the current "strategy and structure of the company which had made board meetings over the previous year difficult, and were brought to a head with recent resignations".

In April this year the finance director, Mr David Hogan, left in acrimonious circumstances. He later reached a settlement with Kenmare the details of which were not disclosed. A non-executive director, the Marquis of Waterford, also left the board in April. Referring to Kenmare's African projects, Mr Teeling said the board had engaged in high-risk projects but, "they have not worked to date".

He concluded by wishing the existing management every success.

After prompting from a shareholder, company chairman Mr Charles Carvill thanked Mr Teeling for his long service.

Kenmare Resources reported a loss of £1.25 million in the year to the end of December last, compared to a loss of £12.8 million the previous year.

Mr Michael Carvill, managing director, presented shareholders with an assessment of Kenmare's most recent activities in Africa and Ireland.

He said the firm was seeking a partner to mine titanium deposits in Mozambique which had reverted to the company since joint venture partner, BHP, withdrew from the site in April.