COMPLETES $3 BILLION DEBT SYNDICATION

FIRST QUANTUM MINERALS COMPLETES $3 BILLION DEBT SYNDICATION

(In United States dollars, except where noted otherwise)

First Quantum Minerals Ltd. ("First Quantum" or "the Company", TSX Symbol "FM", LSE Symbol "FQM") today announced that it has completed a syndication of its $2.5 billion Five-Year Term Loan and Revolving Facility (the "Facility") with an up-scaling of the Facility to $3 billion due to oversubscribed syndication demand.

The Facilities comprise of a $1.2 billion Term Loan Facility available to draw until April 8, 2016 with a margin of 2.75% and a $1.8 billion Revolving Credit Facility available to draw until March 8, 2019 with a margin of 2.75% per annum. All outstanding loans mature on April 8, 2019.

"The success of this syndication highlights the excellent relationships and trust that First Quantum enjoys with financial institutions worldwide", states Philip Pascall, Chairman and CEO of First Quantum. "This Facility supports our growth strategy and the $500 million up-scaling allows us to increase the number of participating syndicate banks further enhancing our financing flexibility."

BNP Paribas and Standard Chartered Bank were the Initial Mandated Lead Arrangers and Underwriters. ABSA Corporate and Investment Bank, Barclays Bank Zambia PLC, Barclays Bank Mauritius Limited, Credit Agricole Corporate and Investment Bank, HSBC Bank PLC, ING Bank N.V., and Societe Generale joined as Mandated Lead Arrangers. Citibank N.A., Export Development Canada, FirstRand Bank Limited, Natixis SA., Nedbank Limited joined as Lead Arrangers. Credit Suisse AG, Deutsche Bank AG, J.P. Morgan Chase Bank, Royal Bank of Canada, and Standard Bank of South Africa also joined the syndication as will Jefferies Finance LLC.

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 website 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]