First Quantum executives get pay increases despite company’s woes – by Niall McGee and David Milstead (Globe and Mail – March 29, 2024)

https://www.theglobeandmail.com/

The senior executive team at Canadian copper miner First Quantum Minerals Ltd. got substantial compensation bumps and favourable performance reviews in a year the company was forced to shut down its biggest mine, and its stock lost more than half its value.

Late last year, Vancouver-based First Quantum shuttered the Cobre Panama mine after Panama’s Supreme Court declared its mining contract was unconstitutional. The giant copper mine in Panama accounted for about half of First Quantum’s revenue.

The company’s financial condition deteriorated so much in the aftermath that it was declared a “going concern risk” earlier this year. First Quantum also saw an uptick in worker fatalities at its mine sites in 2023. The miner’s share price plunged by 62 per cent last year.

Despite the company’s travails, chief executive officer Tristan Pascall, chief financial officer Ryan MacWilliam, chief operating officer Rudi Badenhorst, director of projects Zenon Wozniak and director of mining John Gregory all saw their total compensation increase last year between 20 and 38 per cent.

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