First Quantum Signs US$1 Billion Financing Facilty for Its Zambia Operations

NEWS RELEASE 12-05 January 30, 2012 www.first-quantum.com

FIRST QUANTUM SIGNS US$1 BILLION FINANCING FACILTY FOR 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 Relations Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected]

United Kingdom contacts: Clive Newall, President Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected] or Brian Cattell/James Devas, Maitland Tel: +44 207 379 5151 Fax: +44 20 7379 6161 E-Mail: [email protected] E-Mail [email protected]