First Quantum Minerals Ltd. ("First Quantum" or the
"Company") (TSX:FM) today 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). 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.
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,
comprised of Robert Harding, Andrew Adams and Kathleen Hogenson.
The Committee engaged Egon Zehnder, a leading executive recruitment
firm, to assist them 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 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 mine in Zambia. Starting in 2015, Tristan 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
spent eight years in corporate finance and investment banking with
a focus on resources and heavy industry in Australia, Europe and
Asia. 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.”
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, November 15, 2021 at 8:45 am (ET) to discuss the
corporate update.
Conference call and webcast
details:
|
Toll-free
North America: |
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1-800-898-3989 |
|
Toronto Local and International: |
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416-340-2217 |
|
Toll-free UK: |
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00-800 4222 8835 |
|
Passcode: |
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5701390# |
|
Webcast: |
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www.first-quantum.com |
Conference call replay:
|
Toll-free
North America: |
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1-800-408-3053 |
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Toronto Local and International: |
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905-694-9451 |
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Passcode: |
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6900467# |
The conference call replay will be available
from November 15, 2021 until 11:59 pm ET on November 29, 2021.
For further information, visit our
website at www.first-quantum.com
or contact:
Investor Contact:Bonita To,
Director, Investor Relations (416) 361-3400 Toll-free: 1 (888)
688-6577 E-Mail: info@fqml.com
Media Contact:Brian Cattell
Tele: (917) 280-5455E-Mail: bcattell@clpstrategies.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATIONCertain statements and information herein,
including all statements that are not historical facts, contain
forward-looking statements and forward-looking information within
the meaning of applicable securities laws. The forward-looking
statements include estimates, forecasts and statements as to the
Company’s expectations of production and sales volumes, and
expected timing of completion of project development at Enterprise
and post-completion construction activity at Cobre Panama and are
subject to the impact of ore grades on future production, the
potential of production disruptions, potential production,
operational, labour or marketing disruptions as a result of the
COVID-19 global pandemic (including but not limited to the
temporary suspension of labour activities at Cobre Panama
implemented in April 2020), capital expenditure and mine production
costs, the outcome of mine permitting, other required permitting,
the outcome of legal proceedings which involve the Company,
information with respect to the future price of copper, gold,
nickel, silver, iron, cobalt, pyrite, zinc and sulphuric acid,
estimated mineral reserves and mineral resources, First Quantum’s
exploration and development program, estimated future expenses,
exploration and development capital requirements, the Company’s
hedging policy, and goals and strategies. Often, but not always,
forward-looking statements or information can be identified by the
use of words such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate” or “believes” or
variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved.
With respect to forward-looking statements and
information contained herein, the Company has made numerous
assumptions including among other things, assumptions about
continuing production at all operating facilities, the price of
copper, gold, nickel, silver, iron, cobalt, pyrite, zinc and
sulphuric acid, anticipated costs and expenditures and the ability
to achieve the Company’s goals. Forward-looking statements and
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements or information. These factors include, but are
not limited to, future production volumes and costs, the temporary
or permanent closure of uneconomic operations, costs for inputs
such as oil, power and sulphur, political stability in Zambia,
Peru, Mauritania, Finland, Spain, Turkey, Panama, Argentina and
Australia, adverse weather conditions in Zambia, Finland, Spain,
Turkey, Mauritania, Australia and Panama, labour disruptions,
potential social and environmental challenges (including the impact
of climate change), power supply, mechanical failures, water
supply, procurement and delivery of parts and supplies to the
operations, the production of off-spec material and events
generally impacting global economic, political and social
stability.
See the Company’s Annual Information Form for
additional information on risks, uncertainties and other factors
relating to the forward-looking statements and information.
Although the Company has attempted to identify factors that would
cause actual actions, events or results to differ materially from
those disclosed in the forward-looking statements or information,
there may be other factors that cause actual results, performances,
achievements or events not to be anticipated, estimated or
intended. Also, many of these factors are beyond First Quantum’s
control. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes
no obligation to reissue or update forward-looking statements or
information as a result of new information or events after the date
hereof except as may be required by law. All forward-looking
statements and information made herein are qualified by this
cautionary statement.
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