ABOUT THIS EPISODE
First Quantum Minerals (TSX: FM; OTCQX: FQVLF) President and CEO Tristan Pascal joins Kitco Mining’s Paul Harris at Future Minerals Forum 2026 in Riyadh as copper trades near $6 per pound.
Pascal explains that copper is increasingly being driven by a structural gap between supply and demand. Electrification, renewable energy, electric vehicles, data centers, and AI-driven grid upgrades are accelerating consumption, while new supply remains difficult to bring online. He highlights how tight the market has become, noting, “The world has seven to 21 days of copper on the shelf at any one time.”
He outlines why higher prices have yet to unlock large-scale new supply, pointing to declining grades, rising capital and operating costs, inflation, longer permitting timelines, and the cost of capital. Pascal also discusses why industry consolidation reflects execution risk rather than a lack of opportunity, and how First Quantum’s build-focused strategy differs from buy-led growth.
The conversation covers progress at the company’s S3 expansion in Zambia, the potential pathway for future projects such as Taca Taca in Argentina, and balance sheet restructuring following the closure of Cobre Panamá. Pascal also addresses engagement with the Panamanian government and First Quantum’s focus on disciplined growth as copper’s strategic importance continues to rise.
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00:27 – Copper Market Dynamics and Supply Challenges
02:40 – Impact of Inflation and Cost of Capital on Copper
04:10 – Recycling and New Demands for Copper
04:44 – AI, Data Centers, and Copper Supply
07:14 – Cost of Capital and Greenfield Copper Projects
07:50 – First Quantum’s Build vs Buy Strategy
09:24 – Taca Taca Project in Argentina
13:38 – Balance Sheet Restructuring and Financial Stability
15:31 – Panama Progress and Environmental Audit
22:01 – Geopolitics and Copper’s Role in Energy Security
24:20 – First Quantum’s Priorities for 2026
25:19 – Closing Remarks and Future Minerals Forum 2026
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.
