First Quantum chairman Philip Pascall passes away

First Quantum Minerals (TSX: FM) has announced its chairman and co-founder Philip Pascall has died. The company says Pascall passed peacefully at his home in Perth, Western Australia, on Tuesday morning (evening local time).

“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 between 1982-1990.

After selling his shares in Nedpac, he spent a few years as consultant in the mining industry, including a period with Rio Tinto’s Hamersley Iron, and with various projects in Zimbabwe and Zambia. In 1996, Pascall co-founded First Quantum, serving as chairman since its inception and chief executive officer until 2022.

Under his leadership, Pascall the company grew 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. First Quantum also credits him for instilling an entrepreneurial and bold culture into the company.

Amongst the many legacies he leaves behind, First Quantum notes Pascall’s greatest source of Philip’s pride were the company’s many programs for the local communities that brought improved standards of health and education in often remote places.

Following Pascall’s passing, the board of directors has voted to elect Robert Harding, who has been a director of First Quantum since 2013, as the 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. 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,” Harding said.