Afreximbank Participates in the US$1Bn. Senior Term and Revolving Finance Facility for Kansanshi Mining Plc., Zambia. Afreximbank contribution under this facility is US$100M.

Categories: Press Releases

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 facility agreement for Kansanshi Mining PLC, holder of First Quantum’s 80% owned Kansanshi copper-gold project in Zambia.

The five year Facility featuring flexible drawing provisions provides additional liquidity to support the development of key projects in Zambia. The Facility includes customary conditions precedent to first drawdown which are expected to be satisfied by 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.

Philip Pascall, Chairman and CEO commented, “The financing syndicate that has been established is a strong testament to the high quality of the Kansanshi mine. First Quantum Minerals is a committed long term investor in Zambia. We believe that the planned expansion of Kansanshi and the construction of a smelter will play an increasingly important role in the future of Zambia’s copper industry.”

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