First Quantum Minerals – FQM, Zambia’s largest copper miner with large scale copper mines at Kansanshi in Solwezi and Trident at Kalumbila has today 15 November 2021 announced that the Board of Directors will appoint Tristan Pascall, currently the Company’s Chief Operating Officer (COO), to the role of Chief Executive Officer (CEO).
Tristan will take over from his father 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.
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 CEO, 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.
According to a statement made available to the Zambian Business Times – ZBT, FQM stated that “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”.
The statement further stated that “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.
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 was a key member of the teams that delivered on several major greenfield 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 [Kalumbila] mine in Zambia.
Tristan graduated from the University of Western Australia with a Bachelor of Engineering (Honors) 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.”
Over the course of Philip Pascall 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. FQM which is listed in Canada has over 70% of its copper production and revenues generated from Zambia.
The FQM group business has now grown into a global mining giant and has continued to diversify geographically with its Zambian units contribution to both revenue and production being reduced in proportion on a year on year basis.
