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 duringDecember 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
• • 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.