First Quantum Minerals Reports 2010 Production
First Quantum Minerals Reports 2010 Production of 322,700 Tonnes of Copper and 191,400 Ounces of Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2011) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today reported production of 75,600 tonnes of copper and 48,600 ounces of gold for the fourth quarter and 322,700 tonnes of copper and 191,400 ounces of gold for the year ended December 31, 2010. Copper production was in line with the Company's guidance and reflects new monthly and quarterly records at the Kansanshi operation.
____________________________Fourth Quarter____________________________Year
Operation________2010_____2009_____2010_____2009_____2010_____2009_____2010_____2009
_____________________Copper_____________Gold___________Copper_____________Gold
_____________________(tonnes)__________(ounces)__________(tonnes)__________(ounces)
Kansanshi_______65,900___62,453____29,000___32,476___230,800__244,979___109,600___99,936
Guelb Moghrein__9,700___11,816____19,600___30,203____37,000___36,608____81,800___93,352
Frontier___________-_____24,259______-_________-______47,500___92,353______-_______-
Bwana Mkubwa_____-_______-________-__________-______7,400______-_________-_______-
Total___________75,600__98,528____48,600____62,679___322,700__373,940__191,400___193,288
Finished copper inventory at December 31, 2010 decreased to approximately 36,700 tonnes of copper (Kansanshi 27,200 tonnes, Frontier 1,200 tonnes (at dispatch port), Guelb Moghrein 8,300 tonnes), from the September 30, 2010 level of 37,000 tonnes.
Note: Production and stockpile numbers are preliminary and subject to final adjustment.
Further information will be published in the Company's report on operating and financial results for the year 2010 which is scheduled for release during the week of March 14, 2011.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President