2012 Production and 2013 Outlook

FIRST QUANTUM MINERALS ANNOUNCES 2012 PRODUCTION AND 2013 OUTLOOK

First Quantum Minerals Ltd. ("First Quantum", TSX Symbol "FM", LSE Symbol "FQM") today announced increases in copper production of 26% for the fourth quarter and 16% for the year ended December 31, 2012. The Company also provided its outlook for the full year 2013.

Fourth Quarter 2012 Highlights

·; Total copper production increased 26% to 84,918 tonnes over Q4 2011 

- Higher sulphide grades processed and higher throughput as a result of the continued expansion of the oxide circuit at Kansanshi

- Increased production as a result of higher throughput at Guelb Moghrein

- The first full quarter of commercial operations at Kevitsa with the contribution of 3,448 tonnes

·; Total nickel production of 10,096 tonnes 

- Steady operations at Ravensthorpe in its first full year of commercial operations

- Contribution of 1,870 tonnes from Kevitsa

·; Total gold production of 64,383 ounces was 48% higher than Q4 2011

- Higher as a result of improved grade and recovery rates at Kansanshi

- Contribution of 2,172 ounces from Kevitsa

·; Addition of platinum and palladium to the production base

- Total platinum production of 6,123 ounces and total palladium production of 5,419 ounces from Kevitsa

Fourth Quarter and Year 2012 Production Summary

Year 2013 Production Outlook

Expected average cash cost of approximately; $1.50 to $1.60 per pound of copper.

Expected average cash cost of approximately; $5.50 to $6.00 per pound of nickel.

Fourth Quarter and Year 2012 Production Summary by Mine

Note: Production 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 quarter which is scheduled for release during the week of March 6, 2013.

Forward Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward looking statements include estimates, forecasts and statements as to the Company's expectations of production and sales volumes at Kansanshi, Guelb Moghrein, Ravensthorpe and Kevitsa, the expected timing of completion of project development, the impact of ore grades on future production, the potential of production disruptions, capital expenditure and mine production costs, the outcome of mine permitting, the outcome of legal proceedings which involve the Company, information with respect to the future price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, estimated mineral reserves and mineral resources, our exploration and development program, estimated future expenses, exploration and development capital requirements, the Company's hedging policy, and our goals and strategies. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions about the price of copper, gold, nickel, PGE, cobalt and sulphuric acid, anticipated costs and expenditures and our ability to achieve our goals. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Mauritania, Finland and Australia, adverse weather conditions in Zambia, Finland, Australia, and Mauritania, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, the production of off-spec material.

See our Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not to be anticipated, estimated or intended. Also, many of these factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made herein are qualified by this cautionary statement.

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: [email protected] United Kingdom contact: Clive Newall, PresidentTel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]

Media: Harmony Communications: Brian Cattell, Senior Partner

Tel: +44 20 7016 9155 or +44 7786 241 145