First Quantum Minerals Announces Its 2014 Production and Sales and 2015 Production and Capital Expenditure Outlook

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2015) - First Quantum Minerals Ltd. ("First Quantum") (TSX:FM)(LSE:FQM) today announced its production and sales for the three months and year ended December 31, 2014 and production and capital expenditure outlook for the full year 2015.

CEO'S COMMENTS

"Overall our operations performed well in 2014 recording the highest annual copper production in the Company's history. Limited local smelter capacity in Zambia persisted and affected Kansanshi's performance and sales; and a structural failure in an atmospheric leach tank at Ravensthorpe suspended operations there in mid-December. The spill from the failure was contained within the plant's protective area, there were no environmental effects or injuries and we anticipate the mine will be back in production shortly.

"2015 is an important year for First Quantum. Our smelter in Zambia is being commissioned with first anodes poured during December 2014. First concentrate was also successfully produced at Sentinel during the fourth quarter 2014. The smelter's ramp up will influence the rate of production build-up of our new Sentinel mine. This will also influence, as more acid becomes available, the level and mix of operations and unit cost of production at Kansanshi.

"The financial and commodity markets have started 2015 with high volatility on concerns about the global economy, demand for natural resources and companies' liquidity positions. As a result, our share price, along with others in the sector, has been materially affected. While we have high confidence in the mid to long-term outlook for copper, we are mindful of the current concerns. As always, we pay close attention to the Company's financial position to make sure there is sufficient flexibility despite having an active project development pipeline. At Cobre Panama, we have substantially reduced the planned capital expenditure for 2015 to $600 million without compromising the project's progress. We also maintain strong and supportive relationships with our principal banks that have worked with us throughout the development of the Company and through several economic and commodity cycles," noted Philip Pascall, First Quantum's CEO and Chairman.

FULL YEAR 2014 HIGHLIGHTS

• Production for copper, nickel, gold and zinc were all within the Company's previously-announced market guidance range while platinum and palladium were above
  • Copper increased 4% to 427,655 tonnes
  • Nickel decreased 3% to 45,879 tonnes
  • Gold decreased 7% to 229,813 ounces
  • Zinc increased 12% to 55,980 tonnes
  • Platinum increased 12% to 34,090 ounces
  • Palladium increased 5% to 25,990 ounces

• Sales of copper and zinc higher while nickel and gold lower compared to 2013
  • Copper increased 7% to 411,203 tonnes
  • Nickel decreased 3% to 47,749 tonnes
  • Gold decreased 6% to 214,104 ounces
  • Zinc increased 8% to 56,268 tonnes

FOURTH QUARTER AND YEAR PRODUCTION SUMMARY
	Q4 2014	Q4 2013		Year 2014	Year 2013
Copper (tonnes)	105,176	114,791		427,655	412,281
Nickel (contained tonnes)	9,934	12,634		45,879	47,066
Gold (ounces)	57,480	63,199		229,813	248,078
Zinc (tonnes)	12,557	15,393		55,980	49,933
Platinum (ounces)	9,311	7,993		34,090	30,403
Palladium (ounces)	7,234	6,600		25,990	24,639

FOURTH QUARTER AND YEAR SALES SUMMARY
	Q4 2014	Q4 2013		Year 2014	Year 2013
Copper (tonnes)	94,836	95,598		411,203	386,057
Nickel (contained tonnes)	12,189	13,795		47,749	49,105
Gold (ounces)	48,608	50,399		214,104	228,962
Zinc (tonnes)	12,663	17,866		56,268	51,925
Platinum (ounces)	8,330	11,375		33,898	28,930
Palladium (ounces)	6,256	8,167		25,846	23,420

FOURTH QUARTER AND YEAR PRODUCTION AND SALES SUMMARIES BY MINE
KANSANSHI		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
	Copper (tonnes)	61,924	72,602		262,287	270,724
	Gold (ounces)	36,705	43,508		154,431	167,395
Sales
	Copper (tonnes)	52,721	57,692		247,312	248,746
	Gold (ounces)	27,731	36,844		142,609	152,632
LAS CRUCES		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
	Copper (tonnes)	17,525	18,346		71,090	69,304
Sales
	Copper (tonnes)	15,594	16,883		71,120	66,806
GUELB MOGHREIN		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
	Copper (tonnes)	9,768	8,866		33,079	37,970
	Gold (ounces)	13,901	13,336		48,948	58,191
Sales
	Copper (tonnes)	8,519	6,327		30,095	36,585
	Gold (ounces)	13,421	8,281		45,901	56,040
RAVENSTHORPE		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
	Nickel (contained tonnes)	7,736	10,244		36,445	38,103
Sales
	Nickel (contained tonnes)	9,912	10,142		37,981	40,612
KEVITSA		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
Nickel (contained tonnes)		2,197	2,390		9,433	8,963
Copper (tonnes)		4,101	4,015		17,535	14,775
Gold (ounces)		3,093	3,008		12,844	11,723
Platinum (ounces)		9,311	7,993		34,090	30,403
Palladium (ounces)		7,234	6,600		25,990	24,639
Sales
Nickel (contained tonnes)		2,277	3,652		9,768	8,493
Copper (tonnes)		5,545	2,938		19,542	12,652
Gold (ounces)		3,229	1,182		10,876	7,358
Platinum (ounces)		8,330	11,375		33,898	28,930
Palladium (ounces)		6,256	8,167		25,846	23,420
ÇAYELI		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
	Copper (tonnes)	7,820	7,538		29,360	31,510
	Zinc (tonnes)	8,513	9,837		36,218	43,097
Sales
	Copper (tonnes)	8,419	7,940		29,241	31,370
	Zinc (tonnes)	9,362	12,179		37,298	43,354
PYHÄSALMI		Q4 2014	Q4 2013		Year 2014	Year 2013
Production
	Copper (tonnes)	4,038	3,422		14,304	14,854
	Zinc (tonnes)	4,043	5,556		19,762	21,679
Sales
	Copper (tonnes)	4,038	3,819		13,894	15,221
	Zinc (tonnes)	3,300	5,687		18,970	22,339

Notes:

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

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

FULL YEAR 2015 OUTLOOK

	Copper (000's tonnes)	Nickel (000's tonnes)	Gold (000's ounces)	Zinc (000's tonnes)	Platinum (000's ounces)	Palladium (000's ounces)
Total	410 - 440	32 - 40	218 - 247	40 - 45	25 - 35	26 - 29
Kansanshi	250 - 265	-	150 - 170	-	-	-
Las Cruces	69 - 72	-	-	-	-	-
Guelb Moghrein	40 - 45	-	52 - 57	-	-	-
Ravensthorpe	-	24 - 30	-	-	-	-
Kevitsa	16 - 18	8 - 10	11 - 13	-	25 - 35	26 - 29
Çayeli	24 - 27	-	-	22 - 25	-	-
Pyhäsalmi	11 - 13	-	5 - 7	18 - 20	-	-

• In addition to the above, total physical production at Sentinel in 2015 is expected to be between 150,000 and 200,000 tonnes of copper. Sentinel is performing well in the commissioning phase and ramping up as planned towards commercial operation midway through 2015.

• Total capital expenditure, excluding capitalization of any pre-commercial production costs and capitalized interest, is estimated to be between $1.2 billion to $1.4 billion.

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

G. Clive Newall, President

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Listed in Standard and Poor's