Financing Facility for Zambian Operations

first quantum SIGNS US$1 BilLION FINANCING FACILTYFOR ITS ZAMBIA OPERATIONS

First Quantum Minerals Ltd. ("First Quantum" or the "Company" or "FQM", TSX Symbol "FM", LSE Symbol "FQM") is pleased to announce the signing of a US$1 billion senior term and revolving facilities agreement by Kansanshi Mining PLC, holder of First Quantum's 80% owned Kansanshi copper-gold project in Zambia.

The five year facility featuring flexible drawing provisions will enable execution of planned capital works at the Kansanshi project. The facility includes customary conditions precedent to first drawdown which are expected to be satisfied during Q1 2012.

The Mandated Lead Arrangers for the facility are: Standard Chartered Bank, The Standard Bank of South Africa, BNP Paribas, Citibank N.A., and African Export-Import Bank.

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, Director, Investor RelationsTel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: sharon.loung@fqml.com United Kingdom contacts: Clive Newall, PresidentTel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: clive.newall@fqml.com

or

Brian Cattell/James Devas, Maitland

Tel: +44 207 379 5151 Fax: +44 20 7379 6161 E-Mail: jdevas@maitland.co.uk E-Mail bcattell@maitland.co.uk