Dividend Declaration

FIRST QUANTUM MINERALS TO PAY FINAL DIVIDEND OF CDN $0.1277 PER SHARE

First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM", LSE Symbol "FQM") announced today that its Board of Directors has approved a final dividend of Cdn $0.1277 per share in respect of the financial year ended December 31, 2011.

The dividend will be paid on May 8, 2012 to shareholders of record on April 17, 2012. The ex-dividend date is April 13, 2012. 

The final dividend of Cdn $0.1277, together with the interim dividend of Cdn $0.0533, is a total of Cdn $0.1810 for the 2011 financial year. This total dividend paid for the 2011 financial year is 15% of net earnings, reflecting an increase from 10% of net earnings, (in each case adjusted for unusual items) used as guidance in prior years.

Philip Pascall, Chairman and CEO of First Quantum, said: "We have a major capital program extending over the next few years, including the significant Kansanshi expansions, the new smelter, and the Sentinel and Haquira projects. In due course, these investments are expected to contribute to the long term growth of the Company. The Board recognizes the interest of shareholders for a growing yield and believes that the Company's sound financial position and growth prospects support stepping up the distribution level even as we continue to invest in our future."

The dividends paid are considered eligible dividends for Canadian tax purposes.

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]