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Press release from Marketwire

First Quantum Signs US$1 Billion Financing Facilty for Its Zambia Operations

Monday, January 30, 2012

First Quantum Signs US$1 Billion Financing Facilty for Its Zambia Operations17:28 EST Monday, January 30, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2012) -First Quantum Minerals Ltd. ("First Quantum" or the "Company" or "FQM") (TSX:FM)(LSE:FQM) is pleased to announce the signing of a US$1 billion senior term and revolving facilities agreement by Kansanshi Mining PLC, holder of First Quantum's 80% owned Kansanshi copper-gold project in Zambia.The five year facility featuring flexible drawing provisions will enable execution of planned capital works at the Kansanshi project. The facility includes customary conditions precedent to first drawdown which are expected to be satisfied during Q1 2012.The Mandated Lead Arrangers for the facility are: Standard Chartered Bank, The Standard Bank of South Africa, BNP Paribas, Citibank N.A., and African Export-Import Bank.On Behalf of the Board of Directors of First Quantum Minerals Ltd.G. Clive Newall, President12g3-2b-82-4461Listed in Standard and Poor'sFor further information visit our web site at FURTHER INFORMATION PLEASE CONTACT: Sharon LoungFirst Quantum Minerals Ltd. - North American ContactDirector, Investor Relations(647) 346-3934 or Toll Free: 1 (888) 688-6577(604) 688-3818 (FAX)sharon.loung@fqml.comORClive NewallFirst Quantum Minerals Ltd. - United Kingdom ContactPresident+44 140 327 3484+44 140 327 3494 (FAX)clive.newall@fqml.comwww.first-quantum.comORBrian Cattell/James DevasMaitland - United Kingdom Contact+44 207 379 5151+44 20 7379 6161 (FAX)