Translation:Even though he is young, he never loses time.
There are a number of conditions which call for the Subjunctive mood in French. IMO, this falls into the category of using the Subjunctive after certain conjunctions (jusqu'à, quoi, que, pour, à). Except not when "que" is used as a comparative. Examples:
- Je resterai jusqu'à ce qu'il vienne = I shall stay until he comes
- Quoiqu'elle soit belle, il ne l'aime pas = Although she is beautiful, he does not love her
- Je l'explique pour qu'elle comprenne = I am explaining it so that she may understand
- Je partirai à moins qu'il ne vienne = I shall leave unless he comes
I haven't seen all these expressions but I speak fluent Spanish so they are not surprising. I never did really get the reasoning behind the "Quoique/Aunque + SUBJUNCTIVE" though. If a speaker says "Although X; Y", they are indicating their certainty that both X and Y are true despite the appearance of contrast/contradiction. In the end, its just a rule and in spoken Spanish (by monolingual natives) I do hear it broken quite a bit in that case, as well as a few others.
The French subjunctive is a huge topic and, for me needed some serious study. Here is a good link: french.about.com/od/grammar/a/subjunctive_regular.htm
Might is actually the past tense of may, but they are often used interchangeably these days. I personally prefer may here, but I think others would indeed say might :)
They can be a confusing pair and are used in many situations - sometimes you can't use them both. The internet is riddled with examples of both in this context. This link is nice and clear, but unfortunately doesn't directly address the though he may/might construction. Interesting nonetheless :)