FM.TO · 2014-01-23

First Quantum Minerals Announces 2013 Production and Sales

Production Results

NEWS RELEASE 14-01 January 23, 2014 www.first-quantum.com

FIRST QUANTUM MINERALS ANNOUNCES 2013 PRODUCTION AND SALES

First Quantum Minerals Ltd. (“First Quantum”, TSX Symbol “FM”, LSE Symbol “FQM”) today announced its production and sales for the three months and year ended December 31, 2013. Production for the year of copper, nickel, gold and zinc met the upper end of the Company’s previously-announced market guidance.

Fourth Quarter 2013 Highlights

Total copper production increased 35% to 114,791 tonnes over Q4 2012
- Record quarter production of 72,602 tonnes at Kansanshi
- Contribution of 29,306 tonnes from the acquired Las Cruces, Çayeli and Pyhäsalmi operations
Total nickel production increased 25% to 12,634 tonnes
- Record quarter production of 10,244 tonnes at Ravensthorpe
- Contribution of 2,390 tonnes from Kevitsa
Addition of zinc to the production base from the acquired Çayeli and Pyhäsalmi operations
Substantial platinum and palladium production
- Platinum and palladium production of 7,993 ounces and 6,600 ounces, respectively from Kevitsa
Strongly higher sales volumes
- Limited local smelting capacity in Zambia however, did continue to impact Kansanshi’s sales volumes of copper concentrate and gold

Fourth Quarter and Year 2013 Production Summary

GROUP		Q4 2012	% Change
	Q4
	2013
Copper (tonnes)		84,918	+35%
	114,791
Nickel (contained tonnes)		10,096	+25%
	12,634
Gold (ounces)		64,383	-2%
	63,199
Zinc (tonnes)		n/a	n/a
	15,393
Platinum (ounces)		6,123	+31%
	7,993
Palladium (ounces)		5,419	+22%
	6,600

	Year 2012	% Change
Year
2013
	307,115	+34%
412,281
	36,759	+28%
47,066
	201,942	+23%
248,078
	n/a	n/a
49,933
	13,808	+120%
30,403
	12,183	+102%
24,639

Fourth Quarter and Year 2013 Sales Summary

GROUP		Q4 2012	% Change
	Q4
	2013
Copper (tonnes)		77,570	+23%
	95,598
Nickel (contained tonnes)		8,081	+71%
	13,795
Gold (ounces)		61,350	-18%
	50,399
Zinc (tonnes)		n/a	n/a
	17,866
Platinum (ounces)		3,709	+207%
	11,375
Palladium (ounces)		3,500	+133%
	8,167

	Year 2012	% Change
Year
2013
	295,466	+31%
386,057
	30,379	+62%
49,105
	202,303	+13%
228,962
	n/a	n/a
51,925
	7,775	+272%
28,930
	7,181	+226%
23,420

Fourth Quarter and Year 2013 Production and Sales Summaries by Mine

KANSANSHI		Q4 2012	% Change
	Q4
	2013
Production
Copper (tonnes)		70,431	+3%
	72,602
Gold (ounces)		45,410	-4%
	43,508
Sales
Copper (tonnes)		61,758	-7%
	57,692
Gold (ounces)		38,179	-3%
	36,844

	Year 2012	% Change
Year
2013
	261,351	+4%
270,724
	136,056	+23%
167,395
	249,884	-
248,746
	131,159	+16%
152,632

LAS CRUCES		Q4 2012	% Change
	Q4
	2013
Production
Copper (tonnes)		17,302	+6%
	18,346
Sales
Copper (tonnes)		17,394	-3%
	16,883

	Year 2012	% Change
Year
2013
	67,662	+2%
69,304
	68,838	-3%
66,806

GUELB MOGHREIN		Q4 2012	% Change
	Q4
	2013
Production
Copper (tonnes)		11,038	-20%
	8,866
Gold (ounces)		16,802	-21%
	13,336
Sales
Copper (tonnes)		13,007	-51%
	6,327
Gold (ounces)		20,864	-60%
	8,281

	Year 2012	% Change
Year
2013
	37,670	+1%
37,970
	60,519	-4%
58,191
	40,174	-9%
36,585
	67,089	-16%
56,040

ÇAYELI		Q4 2012	% Change
	Q4
	2013
Production
Copper (tonnes)		7,024	+7%
	7,538
Zinc (tonnes)		11,062	-11%
	9,837
Sales
Copper (tonnes)		5,088	+56%
	7,940
Zinc (tonnes)		10,019	+22%
	12,179

	Year 2012	% Change
Year
2013
	31,396	-
31,510
	40,692	+6%
43,097
	33,215	-6%
31,370
	39,955	+9%
43,354

KEVITSA		Q4 2012	% Change
	Q4
	2013
Production
Nickel (contained tonnes)		1,870	+28%
	2,390
Copper (tonnes)		3,448	+16%
	4,015
Gold (ounces)		2,172	+38%
	3,008
Platinum (ounces)		6,123	+31%
	7,993
Palladium (ounces)		5,419	+22%
	6,600
Sales
Nickel (contained tonnes)		792	+361%
	3,652
Copper (tonnes)		2,805	+5%
	2,938
Gold (ounces)		2,306	-49%
	1,182
Platinum (ounces)		3,709	+207%
	11,375
Palladium (ounces)		3,500	+133%
	8,166

	Year 2012	% Change
Year
2013
	3,875	+131%
8,963
	8,094	+83%
14,775
	5,367	+118%
11,723
	13,808	+120%
30,403
	12,183	+102%
24,639
	1,640	+418%
8,493
	6,448	+96%
12,652
	4,757	+55%
7,358
	7,775	+272%
28,930
	7,181	+226%
23,420

PYHÄSALMI		Q4 2012	% Change
	Q4
	2013
Production
Copper (tonnes)		3,273	+5%
	3,422
Zinc (tonnes)		9,660	-42%
	5,556
Sales
Copper (tonnes)		3,237	+18%
	3,819
Zinc (tonnes)		8,984	-37%
	5,687

	Year 2012	% Change
Year
2013
	12,610	+18%
14,854
	25,637	-15%
21,679
	13,407	+14%
15,221
	25,101	-11%
22,339

RAVENSTHORPE		Q4 2012	% Change
	Q4
	2013
Production
Nickel (contained tonnes)		8,227	+25%
	10,244
Sales
Nickel (contained tonnes)		7,288	+39%
	10,142

	Year 2012	% Change
Year
2013
	32,884	+16%
38,103
	28,738	+41%
40,612

Notes:

Production and sales numbers are preliminary and subject to final adjustment.

Group numbers include production and sales results from Las Cruces, Çayeli and Pyhäsalmi from March 22, 2013, the date of acquisition.

Production and sales numbers for Las Cruces, Çayeli and Pyhäsalmi for Year 2013 are on a pro-forma full year basis.

Further information will be published in the Company’s report on operating and financial results for the three months and year which is scheduled for release on February 20, 2014.

On Behalf of the Board of Directors 12g3-2b-82-4461 of First Quantum Minerals Ltd. Listed in Standard and Poor’s G. Clive Newall President

For further information visit our website at www.first-quantum.com

North American contact: Sharon Loung, Director, Investor Relations Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected]

United Kingdom contact: Clive Newall, President Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]

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