First Quantum Minerals Ltd.

First Quantum Minerals Ltd.

January 22, 2008 13:01 ET

First Quantum Minerals Reports 2007 Copper Production of 226,693 Tonnes

2008 Copper Production Forecast to Rise by 37% to 310,000 Tonnes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) announced that 2007 copper production was 226,693 tonnes a 24% increase over 2006. Copper production in the fourth quarter of 2007 was a record 72,746 tonnes. 2008 copper production is forecast to grow by a further 37% to 310,000 tonnes.

First Second Third Fourth Total Forecast
Quarter Quarter Quarter Quarter 2007 2008
Operation (tonnes) (tonnes) (tonnes) (tonnes) (tonnes) (tonnes)

Kansanshi 35,400 36,253 41,159 51,012 163,824 181,000
Guelb Moghrein 6,446 7,050 8,101 7,158 28,755 33,000
Frontier - - - 8,712 8,712 84,000
Bwana Mkubwa 4,557 6,676 8,305 5,864 25,402 12,000

Total 46,403 49,979 57,565 72,746 226,693 310,000

Note: Fourth quarter figures are unaudited and may be subject to final

"We are very pleased with the fourth quarter 2007 production results. The Kansanshi mine continues to show quarterly production volume growth which is expected to continue into 2008. The Frontier mine startup has performed in line with expectations and production should continue to improve into 2008 as the mine reaches steady state production levels. Overall we expect to see approximately 37% production growth in 2008 over 2007 levels," commented Philip Pascall, Chairman and CEO, First Quantum.

Further information will be published in the Company's yearend operating and financial results.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall, President


Listed in Standard and Poor's

Certain information contained in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of gold, copper, cobalt and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, gold, cobalt and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, and Ontario Securities Commissions, the Autorite des marches financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.

Contact Information

  • First Quantum Minerals Ltd.
    Clive Newall
    +44 140 327 3484
    +44 140 327 3494 (FAX)
    Hogarth Partnership Ltd.
    Harriet Pask or Sarah MacLeod
    +44 (0) 20 7357 9477