11 Jan 2010 13:00
| NEWS RELEASE 10-02 January 11, 2010 www.first-quantum.com |
First Quantum Minerals REPORTS 2009 COPPER PRODUCTION OF 373,900 TONNES
First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") today reported copper production of 98,500 tonnes for the fourth quarter and 373,900 for the year ended December 31, 2009. New quarterly production records were achieved at Guelb Moghrein and Kansanshi despite heavy rainfalls in the Copperbelt during December. The production levels for the fourth quarter and year ended December 31, 2009 exceed those of the equivalent 2008 periods by 3% and 12%, respectively.
| Fourth Quarter | Year | |||
| Operation | 2009 | 2008 | 2009 | 2008 |
| (tonnes) | ||||
| Kansanshi | 62,500 | 62,000 | 245,000 | 215,300 |
| Guelb Moghrein | 11,800 | 8,200 | 36,600 | 33,100 |
| Frontier | 24,200 | 24,900 | 92,300 | 80,200 |
| Bwana Mkubwa | - | 500 | - | 5,800 |
| Total | 98,500 | 95,600 | 373,900 | 334,400 |
Stockpiles of copper concentrate at December 31, 2009 decreased slightly to approximately 25,400 tonnes of copper in concentrate (Kansanshi 21,400 tonnes, Frontier 1,000 tonnes and Guelb Moghrein 3,000 tonnes), from the September 30, 2009 level of 25,700 tonnes.
Note: Production and stockpile numbers are preliminary and may be subject to final adjustment.
Further information will be published in the Company's fourth quarter and twelve months operating and financial results.
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 web site at www.first-quantum.com
North American contact: Sharon Loung 8th Floor, 543 Granville Street, Vancouver, British Columbia, Canada V6C 1X8 Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: sharon.loung@fqml.com United Kingdom contact: Clive Newall, President 1st Floor, Mill House, Mill Bay Lane, Horsham, West Sussex RH12 1TQ United Kingdom Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: clive.newall@fqml.com OrSimon Hockridge Hogarth Partnership Ltd. Tel: +44 (0) 20 7357 9477
Certain information contained in this news release constitutes "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 Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.