FIRST QUANTUM MINERALS PROVIDES UPDATE ON EXPANSION
AND DEVELOPMENT OBJECTIVES
(All figures expressed in US dollars, unless otherwise noted)
Vancouver,
BC - January 25, 2011 - First Quantum Minerals Ltd. (�First Quantum� or
the �Company�, TSX Symbol �FM�, LSE Symbol �FQM�) today provided the following
update on its expansion and development objectives for its operating
mines and growth projects.
Highlights
- Kansanshi:
- Stepped
up exploration program with primary focus on the Southeast Dome
prospect
- 60% expansion to the production capacity over the 2011 � 2015
timeframe to approximately 400,000 tonnes
of copper per year
- Evaluation study underway on building a copper smelter close to Kansanshi
- Guelb Moghrein:
- Optimizing
recently-completed throughput capacity expansion
- Trident
Project � Sentinel Deposit:
- Internal study updated to assume
production between 250,00 to 360,000 tonnes of
copper per year
- Subject to results of resource and mine studies, securing all
relevant permits and approval by the Company�s board of
directors, development could begin in 2011 with commercial
production in 2014
- Ongoing drill program to further define resource base
- Haquira:
- Expanding
drill programs to confirm and enhance resource base and ensuring
continuity of community liaison activities
- Commence Environmental Impact Assessment on project approach;
target completion by mid 2012
- Ravensthorpe
and Kevitsa:
- Construction
on the projects and pre-commissioning work proceeding on schedule
- Copper
production objective:
- 46%
growth from 2010 to 470,000 tonnes in 2015
� excluding potential production from Trident -Sentinel and Haquira which could add a further 500,000 tonnes
- Nickel
production objective:
- Beginning
in 2011 and increasing to 55,000 tonnes in
2014
- Investment
in growth projects:
- ~
$2 billion projected investment over the 2011 � 2014 timeframe �
excluding the potential development of the Haquira
deposit and the building of a copper smelter in Zambia
�In 2011,
there will be a number of important milestones in the advancement of
First Quantum�s growth and geographic diversification strategy. Most
notably will be the Company�s emergence as a nickel producer with the
start of commissioning at Ravensthorpe and the
establishment of a presence in Peru with the Haquira
copper deposit,� noted Mr. Philip Pascall,
Chairman and Chief Executive Officer of First Quantum.
�While we
continue to advance this growth and diversification strategy, our
long-term commitment to Zambia remains central in the Company�s
future. Our plans for the expansion of Kansanshi,
the development of Sentinel and the construction of a new smelter at Solwezi, with a total new investment of almost $1.5
billion, demonstrate the strength of that commitment to the Government
and people of Zambia.
Overall,
First Quantum is well-positioned with a strong operating base, excellent
financial capacity and a development pipeline that could triple its
production base,� Mr. Pascall concluded.
THIS
PRESS RELEASE CONTAINS OVERVIEWS AND TABLES. CLICK HERE TO VIEW THE ENTIRE DOCUMENT
IN PDF FORMAT.
On
Behalf of the Board of Directors
of First Quantum
Minerals Ltd.
G. Clive Newall
President
12g3-2b-82-4461
Listed in Standard
and Poor�s
Forward-Looking Statements
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 U.S. and Canadian
securities laws. Such forward-looking statements or information include
but are not limited to statements or information with respect to the
timing and amounts of future production of copper and nickel, future
price of copper, nickel or gold, estimation of mineral reserves and
mineral resources, our exploration and development program, estimated
future expenses, exploration and development capital requirements and
the timing thereof, the resource headgrade
and annual throughput rate assumptions in our external study of
Sentinel, 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�, �expect s� 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 the timing thereof 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.
See our annual information form
and our quarterly and annual management�s discussion and analysis 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 the 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.
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