Letter to Philip K. R. Pascall

Letter to First Quantum Minerals’ CEO on the Pebble Mine

Dear Mr. Pascall:

We enjoyed a substantive but cordial conversation on Sunday afternoon near LAX with your colleague Angus Kennedy-Perkins, Group Manager, Commercial Projects, and we agreed going forward to stay in touch. But we were disappointed to learn that you’ll be unable to meet with us before you make a recommendation to the First Quantum board in the coming weeks on an option agreement for partnership in the Pebble Mine.

First, we heard on Sunday that First Quantum is a company undaunted by projects that, due to embattled and protracted permitting, engineering challenges, remote location, or legal risk, other companies avoid. The Pebble Mine is all of those, and it will unquestionably provide the “acid test” of your capacity for corporate risk of all kinds.
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