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.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.deteriorated so much in the aftermath that it was declared a “going concern risk” earlier this year.
Mr. Pascall’s total compensation increased by 30 per cent in 2023 to US$4.5-million. His share-based awards increased from US$1.4-million to US$2.4-million. His cash bonus fell to US$630,000 from US$840,000. Mr. Pascall became chief executive officer in May, 2022, succeeding his father Philip, after he previously served as chief operating officer.
Last month, First Quantum refinanced US$2.2-billion of its debt and raised billions more in a new financing that gives the company significant financial breathing room for the next few years. Mr. MacWilliam’s total compensation rose by 24 per cent to US$1.9-million. He became chief financial officer in September, 2022. Mr. Badenhorst’s total compensation rose by 38 per cent to US$2.35-million. He became chief operating officer in September, 2022.