08:09:32 EST Wed 07 Dec 2022
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First Quantum Minerals Ltd
Symbol FM
Shares Issued 691,039,018
Close 2021-11-12 C$ 28.42
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First Quantum to appoint Pascall as CEO

2021-11-15 07:05 ET - News Release

Mr. Robert Harding reports


First Quantum Minerals Ltd. will appoint Tristan Pascall, currently the company's chief operating officer (COO), to the role of chief executive officer (CEO). The appointment will take effect at the annual general meeting (AGM) to be held in early May, 2022, at which time Philip Pascall, the company's current chairman and chief executive officer, will retire from the CEO role and will continue to serve as chairman of the board. The company will nominate Tristan Pascall for election as a director at the AGM.

The appointment of Tristan Pascall represents the culmination of a succession planning process led by independent directors on the board's nominating and governance committee, comprising Robert Harding, Andrew Adams and Kathleen Hogenson. The committee engaged Egon Zehnder, a leading executive recruitment firm, to assist it in the process. The search focused on identifying outstanding leaders with substantial mining experience and included both internal candidates and a worldwide external search. Following a thorough evaluation, the committee determined that Tristan Pascall was the best candidate and submitted its recommendation to the board of directors, which voted unanimously to approve the recommendation. In his current role of chairman and CEO, Philip Pascall abstained from voting.

"After a thorough search process, we are very pleased to appoint Tristan Pascall as First Quantum's next chief executive officer. Tristan has demonstrated impressive leadership in his current role as COO as he navigated the successful ramp-up of our largest asset through the challenging environment presented by the global pandemic. Tristan's previous hands-on leadership experience of eight years in Zambia and four years in Panama has given him a deep knowledge of our assets, operating teams and local partners. His practical, on-the-ground experience with our people and projects, combined with lessons learned from the countries where we operate, embodies the company's culture and makes Tristan the right leader for First Quantum," said Robert Harding, chair of the nominating and governance committee and lead independent director. "We believe Tristan's combination of operational, strategic and capital markets experience, as well as the strong stakeholder relationships he has developed, are fundamental to the continuity of our unique core capabilities, namely industry-leading project execution and operational excellence."

Tristan Pascall joined First Quantum in 2007 and held progressively senior operational roles in Africa and Latin America until 2020 when he served as director of strategy and later became chief operating officer in January, 2021. Prior to assuming his executive leadership roles, Tristan Pascall was a key member of the teams that delivered on several major greenfields and expansion mining projects, which now collectively represent most of the company's net asset value. His responsibilities from 2009 to 2015 included the initial development, construction and operating the Sentinel mine in Zambia. Starting in 2015, Tristan Pascall led the development of the Cobre Panama mine, now the company's largest copper mine with the world's largest single-throughput copper concentrator plant, and built the operations team, which now stands at more than 5,000 people. Prior to joining First Quantum, Tristan Pascall spent eight years in corporate finance and investment banking with a focus on resources and heavy industry in Australia, Europe and Asia. Tristan Pascall graduated from the University of Western Australia with a bachelor of engineering (honours) and bachelor of commerce and completed an MBA at INSEAD.

"I am very excited to continue to build upon the momentum we have established at First Quantum. It is deeply humbling to be selected to lead such a highly talented team, all of whom have contributed to establishing a unique entrepreneurial culture," said Tristan Pascall. "As we enter our next stage of growth, I look forward to building on First Quantum's accomplishments of the past two decades."

Philip Pascall co-founded First Quantum Minerals in 1996 and has served as its CEO and chairman ever since. He retires as one of the longest-serving CEOs among the world's major mining companies. Over the course of his stewardship, the company has grown from the construction of the Bwana Mkubwa project in Zambia designed for 10,000 tonnes a year of copper production, to become the world's sixth-largest copper producer. First Quantum has operations on five continents, employing more than 20,000 people and producing over 800,000 tonnes of copper annually.

"On behalf of the entire company, I would like to thank Philip for his extraordinary leadership. Over the span of a quarter century as CEO, Philip has demonstrated a capacity to solve problems others could not and to bring unique solutions to complex project issues," said Mr. Harding. "The board believes his ongoing involvement as chairman will be a significant competitive advantage and form a uniquely complementary combination with Tristan's hands-on, collaborative leadership style."

Conference call details

First Quantum will host a conference call and webcast on Monday, Nov. 15, 2021, at 8:45 a.m. Eastern Time to discuss the corporate update.

Conference call and webcast details:

Toll-free North America:  1-800-898-3989

Toronto local and international:  416-340-2217

Toll-free United Kingdom:  00-800-4222-8835

Pass code:  5701390 followed by the number sign

Conference call replay:

Toll-free North America:  1-800-408-3053

Toronto local and international:  905-694-9451

Pass code:  6900467 followed by the number sign

The conference call replay will be available from Nov. 15, 2021, until 11:59 p.m. ET on Nov. 29, 2021.

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