Appointments of CFO and GM Finance

FIRST QUANTUM MINERALS ANNOUNCES APPOINTMENTS OF CHIEF FINANCIAL OFFICER AND GENERAL MANAGER, FINANCE

First Quantum Minerals Ltd. ("First Quantum" or the "Company" or "FQM", TSX Symbol "FM", LSE Symbol "FQM") is pleased to announce the appointments of Mr. Hannes Meyer as Chief Financial Officer, effective March 15, 2012; and Ms. Juliet Wall as General Manager, Finance, effective January 9, 2012.

Mr. Meyer is a Chartered Accountant with the South African Institute of Chartered Accountants, a B Comm (Hons) graduate from the University of Pretoria, South Africa and has 16 years of broad finance and management experience in the gold and base metals industries. Most recently, he was Financial Director with Harmony Gold Mining Company Ltd. Prior to Harmony Gold, Mr. Meyer was an Executive Director, Chief Financial Officer and Acting Chief Executive Officer with Teal Exploration and Mining Inc.

He will be based in London, United Kingdom.

Ms. Wall is a Chartered Accountant with over 25 years of experience and a BSc Economics graduate from the University of Cardiff. She joins First Quantum after a seven-year tenure with Anglo American Plc where she was Group Financial Controller.

Until Mr. Meyer joins the Company, Ms. Wall will undertake the position of Interim Chief Financial Officer. She will also be based in London, United Kingdom.

"The appointments of Hannes and Juliet come at an important time for First Quantum. With our Kevitsa and Ravensthorpe mines entering continuous operations, we now have a much broader international presence. At the same time, we are also entering a period of significant capital investment as we develop our resources at Sentinel and Enterprise, expand operations at Kansanshi, commence the construction of a smelter in Zambia and plan for the future development of Haquira in Peru."

"I am confident that Juliet, with her extensive experience in operations, controls and reporting and Hannes, with his broader strategic role also encompassing capital management, will provide First Quantum with the additional management talent the Company needs for this next stage of our growth. I expect them to play important roles in strengthening and deepening our overall management team and I welcome them to First Quantum," Mr. Philip Pascall, Chairman and Chief Executive Officer, noted.

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 contacts: Clive Newall, PresidentTel: +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]