Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
First Quantum Minerals (TSX: FM) has announced the passing of chairman and co-founder Philip Pascall, who died peacefully at his home in Perth, Western Australia, on Tuesday.
“Whilst this is an enormous loss for all of us at First Quantum, Philip would not want us to dwell too long on his passing. He was always looking forward and was excited by the trajectory of the company,” Tristan Pascall, CEO of First Quantum and Philip’s son, said in a press release.
Pascall began his career in 1973, holding various general management positions in South Africa before moving to Australia. He became the project manager of the Argyle diamond project in Western Australia, and then executive chairman and part-owner of Nedpac Engineering from 1982-1990.
After selling his shares in Nedpac, he spent a few years as a consultant in the mining industry, including a period with Rio Tinto’s Hamersley Iron, and with various projects in Zimbabwe and Zambia. In 1996, he co-founded First Quantum, serving as chairman since its inception and chief executive officer until 2022.
Under his leadership, Pascall instilled an entrepreneurial and bold culture that saw the company grow from a 10,000-tonne tailings re-processor with the Bwana Mkubwa project in Zambia to one of the world’s largest copper producers with operations spanning five continents and employing more than 20,000 people globally.
Pascall’s legacy includes programs for local communities in which First Quantum operates, bringing improved standards of health and education in often remote places, the company said.
Following his passing, the board of directors has voted to elect Robert Harding, who has been a director of First Quantum since 2013, as interim chairman. As chair of the nominating and governance committee, Harding oversaw the company’s succession planning process that led to Tristan’s appointment as CEO in May 2022.
“We are all indebted to Phillip for his extraordinary leadership at First Quantum, setting us firmly on the path to the modern, multi-national mining company that we are today,” Harding said. “Philip was a friend and mentor and his passing will be profoundly felt across the company and the many people and lives he impacted as a result of his vision.”
2 Comments
Tony Francis
I worked with Philip when he was first getting going in Zambia. He was a force of nature with his even taller brother Matt. I never imagined he would become such a creator of wealth and employment worldwide. Such entrepreneurs must be lauded. Respect
Cephas lishoka
It’s a very sad development indeed.John 5:28,29