First Quantum Minerals Ltd.

First Quantum Minerals Ltd.

March 18, 2005 10:39 ET

First Quantum Minerals Establishes Dividend Policy-Declares Inaugural Dividend of CDN $0.06 per Share



OTC Bulletin Board SYMBOL: FQVLF

MARCH 18, 2005 - 10:39 ET

First Quantum Minerals Establishes Dividend
Policy-Declares Inaugural Dividend of CDN $0.06 per

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 18, 2005) - First
Quantum Minerals Ltd. (TSX:FM)(OTCBB:FQVLF)(LSE:FQM) announces that it
will pay an inaugural dividend of Canadian $0.06 per share in respect of
the year ended December 31. 2004. The dividend will be paid on April 25,
2005 to shareholders of record on April 11, 2005.

In addition the Company has established a dividend policy which
implements a progressive dividend with future payments established in
line with annual results and cash flow. Under this policy, the Company
expects to pay two dividends a year, an interim dividend declared after
the release of the second quarter results and a final dividend will be
declared upon announcement of the full year results. The interim
dividend will be set at one-third of the total dividends paid in the
previous financial year. The final dividend amount will be determined
subject to the financial performance of the Company.

Philip Pascall, Chairman and CEO commented, "The adoption of the
dividend policy has been made possible by a strong cash flow and net
profit in 2004, as well as the positive outlook for the Company, in
particular the Kansanshi copper-gold mine in Zambia. Our dividend policy
will be guided by a balanced allocation of free cash flow for the
financing of our development projects and distribution to shareholders."

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

Philip Pascall, Chairman & CEO


Listed in Standard and Poor's

Sedar Profile #00006237

Certain of the information contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including but not limited to those with respect to the
prices of gold, copper 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. Such factors include, among others, the
actual prices of copper, gold 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 British Columbia Securities Commission and the United States
Securities and Exchange Commission.


Contact Information

    First Quantum Minerals Ltd.
    Geoff Chater or Bill Iversen
    (604) 688-6577 or Toll Free: 1-888-688-6577
    (604) 688-3818 (FAX)
    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.