Philip Pascall

Chief Executive Officer - First Quantum Minerals

Philip Pascall's success stems from one simple decision: He set up shop in mineral-rich Central Africa in the 1990s when most of his mining peers were either unwilling or unable to do so. Today, with metal prices near record highs, he's got a lot of company. Firms are eschewing the political risks to invest billions into countries like Zambia and the Democratic Republic of Congo (DRC). But Pascall - who was born in Zimbabwe and still enjoys Africa's wildlife as much as the mining - got to No. 2 on our CEO list by getting into the continent ahead of the pack.

Pascall's involvement in Zambia began in the early 1990s, when he was doing project management work, just as the country was coming out of a socialist period. He and a few colleagues launched First Quantum Minerals Ltd. in 1996, after they acquired some promising mining licences. That led to the Bwana Mkubwa project, which began in 1998. "There was interest in Africa from other companies," Pascall says. "The difference with us was that we got an operation up and running. And that provides a base from which to expand and develop and get to understand what you're doing."

Pascall repeated that success in the DRC and Mauritania, and First Quantum now has seven projects, while its 2006 revenue topped the $1-billion mark. It's also enjoyed meteoric share-price growth. In 2002, First Quantum was producing 12,000 tonnes of copper and its stock was below $3. Last year, it produced 183,000 tonnes and shares topped $110. The company expects to produce 400,000 tonnes in 2010. That track record has won plenty of fans. "That is one of the most extreme areas of the world to try and operate in on a day-to-day basis," says John Hughes, an analyst at Desjardins Securities in Toronto. "There is no one company in Central Africa that has built a mining concern that comes anywhere near to what Pascall built for First Quantum."

Of course, it's not all about Pascall. Copper prices that have more than quadrupled since 2003 and merger rumours have given the stock an enormous boost. Pascall acknowledges that the company has been approached about potential deals, but says it's not something he's pursuing. In his mind, the biggest challenge going forward is managing First Quantum's cash and proving to investors that he can keep delivering whirlwind growth.

While he plots First Quantum's future, Pascall's also getting to see if mining smarts run in the family. His daughter Joanne, a geology grad, joined the company last year. She also received an offer from rival LionOre, but Pascall would not let her go. "We snapped her up, and she's working for us in Zambia," he says proudly.