VANCOUVER, BRITISH COLUMBIA, Jan 26, 2015 (Marketwired via COMTEX) -- First Quantum Minerals Ltd. ("First Quantum") (FM)(FQM) today announced its production and sales for the three months and year ended December 31, 2014 and production and capital expenditure outlook for the full year 2015.

CEO'S COMMENTS

"Overall our operations performed well in 2014 recording the highest annual copper production in the Company's history. Limited local smelter capacity in Zambia persisted and affected Kansanshi's performance and sales; and a structural failure in an atmospheric leach tank at Ravensthorpe suspended operations there in mid-December. The spill from the failure was contained within the plant's protective area, there were no environmental effects or injuries and we anticipate the mine will be back in production shortly.

"2015 is an important year for First Quantum. Our smelter in Zambia is being commissioned with first anodes poured during December 2014. First concentrate was also successfully produced at Sentinel during the fourth quarter 2014. The smelter's ramp up will influence the rate of production build-up of our new Sentinel mine. This will also influence, as more acid becomes available, the level and mix of operations and unit cost of production at Kansanshi.

"The financial and commodity markets have started 2015 with high volatility on concerns about the global economy, demand for natural resources and companies' liquidity positions. As a result, our share price, along with others in the sector, has been materially affected. While we have high confidence in the mid to long-term outlook for copper, we are mindful of the current concerns. As always, we pay close attention to the Company's financial position to make sure there is sufficient flexibility despite having an active project development pipeline. At Cobre Panama, we have substantially reduced the planned capital expenditure for 2015 to $600 million without compromising the project's progress. We also maintain strong and supportive relationships with our principal banks that have worked with us throughout the development of the Company and through several economic and commodity cycles," noted Philip Pascall, First Quantum's CEO and Chairman.

FULL YEAR 2014 HIGHLIGHTS

--  Production for copper, nickel, gold and zinc were all within the

    Company's previously-announced market guidance range while platinum and

    palladium were above

    --  Copper increased 4% to 427,655 tonnes

    --  Nickel decreased 3% to 45,879 tonnes

    --  Gold decreased 7% to 229,813 ounces

    --  Zinc increased 12% to 55,980 tonnes

    --  Platinum increased 12% to 34,090 ounces

    --  Palladium increased 5% to 25,990 ounces

--  Sales of copper and zinc higher while nickel and gold lower compared to

    2013

    --  Copper increased 7% to 411,203 tonnes

    --  Nickel decreased 3% to 47,749 tonnes

    --  Gold decreased 6% to 214,104 ounces

    --  Zinc increased 8% to 56,268 tonnes

FOURTH QUARTER AND YEAR PRODUCTION SUMMARY

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                                     Q4        Q4          Year      Year

                                    2014      2013         2014      2013

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Copper (tonnes)                     105,176   114,791      427,655   412,281

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Nickel (contained tonnes)             9,934    12,634       45,879    47,066

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Gold (ounces)                        57,480    63,199      229,813   248,078

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Zinc (tonnes)                        12,557    15,393       55,980    49,933

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Platinum (ounces)                     9,311     7,993       34,090    30,403

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Palladium (ounces)                    7,234     6,600       25,990    24,639

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FOURTH QUARTER AND YEAR SALES SUMMARY

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                                     Q4        Q4          Year      Year

                                    2014      2013         2014      2013

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Copper (tonnes)                      94,836    95,598      411,203   386,057

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Nickel (contained tonnes)            12,189    13,795       47,749    49,105

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Gold (ounces)                        48,608    50,399      214,104   228,962

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Zinc (tonnes)                        12,663    17,866       56,268    51,925

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Platinum (ounces)                     8,330    11,375       33,898    28,930

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Palladium (ounces)                    6,256     8,167       25,846    23,420

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FOURTH QUARTER AND YEAR PRODUCTION AND SALES SUMMARIES BY MINE

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                                     Q4        Q4          Year      Year

KANSANSHI                           2014      2013         2014      2013

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Production

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  Copper (tonnes)                    61,924    72,602      262,287   270,724

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  Gold (ounces)                      36,705    43,508      154,431   167,395

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Sales

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  Copper (tonnes)                    52,721    57,692      247,312   248,746

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  Gold (ounces)                      27,731    36,844      142,609   152,632

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                                     Q4        Q4          Year      Year

LAS CRUCES                          2014      2013         2014      2013

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Production

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  Copper (tonnes)                    17,525    18,346       71,090    69,304

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Sales

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  Copper (tonnes)                    15,594    16,883       71,120    66,806

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                                     Q4        Q4          Year      Year

GUELB MOGHREIN                      2014      2013         2014      2013

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Production

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  Copper (tonnes)                     9,768     8,866       33,079    37,970

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  Gold (ounces)                      13,901    13,336       48,948    58,191

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Sales

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  Copper (tonnes)                     8,519     6,327       30,095    36,585

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  Gold (ounces)                      13,421     8,281       45,901    56,040

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                                     Q4        Q4          Year      Year

RAVENSTHORPE                        2014      2013         2014      2013

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Production

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  Nickel (contained tonnes)           7,736    10,244       36,445    38,103

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Sales

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  Nickel (contained tonnes)           9,912    10,142       37,981    40,612

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                                     Q4        Q4          Year      Year

KEVITSA                             2014      2013         2014      2013

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Production

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Nickel (contained tonnes)             2,197     2,390        9,433     8,963

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Copper (tonnes)                       4,101     4,015       17,535    14,775

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Gold (ounces)                         3,093     3,008       12,844    11,723

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Platinum (ounces)                     9,311     7,993       34,090    30,403

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Palladium (ounces)                    7,234     6,600       25,990    24,639

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Sales

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Nickel (contained tonnes)             2,277     3,652        9,768     8,493

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Copper (tonnes)                       5,545     2,938       19,542    12,652

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Gold (ounces)                         3,229     1,182       10,876     7,358

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Platinum (ounces)                     8,330    11,375       33,898    28,930

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Palladium (ounces)                    6,256     8,167       25,846    23,420

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                                     Q4        Q4          Year      Year

CAYELI                              2014      2013         2014      2013

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Production

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  Copper (tonnes)                     7,820     7,538       29,360    31,510

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  Zinc (tonnes)                       8,513     9,837       36,218    43,097

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Sales

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  Copper (tonnes)                     8,419     7,940       29,241    31,370

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  Zinc (tonnes)                       9,362    12,179       37,298    43,354

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                                     Q4        Q4          Year      Year

PYHASALMI                           2014      2013         2014      2013

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Production

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  Copper (tonnes)                     4,038     3,422       14,304    14,854

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  Zinc (tonnes)                       4,043     5,556       19,762    21,679

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Sales

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  Copper (tonnes)                     4,038     3,819       13,894    15,221

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  Zinc (tonnes)                       3,300     5,687       18,970    22,339

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Notes:

Production and sales numbers are preliminary and subject to final adjustment.

Production and sales numbers for Las Cruces, Cayeli and Pyhasalmi for Year 2013 are on a pro-forma full year basis.

FULL YEAR 2015 OUTLOOK

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                    Copper    Nickel      Gold      Zinc  Platinum Palladium

                    (000's    (000's    (000's    (000's    (000's    (000's

                   tonnes)   tonnes)   ounces)   tonnes)   ounces)   ounces)

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Total            410 - 440  32 - 40  218 - 247  40 - 45   25 - 35   26 - 29

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Kansanshi        250 - 265     -     150 - 170     -         -         -

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Las Cruces        69 - 72      -         -         -         -         -

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Guelb Moghrein    40 - 45      -      52 - 57      -         -         -

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Ravensthorpe         -      24 - 30      -         -         -         -

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Kevitsa           16 - 18   8 - 10    11 - 13      -      25 - 35   26 - 29

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Cayeli            24 - 27      -         -      22 - 25      -         -

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Pyhasalmi         11 - 13      -       5 - 7    18 - 20      -         -

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--  In addition to the above, total physical production at Sentinel in 2015

    is expected to be between 150,000 and 200,000 tonnes of copper. Sentinel

    is performing well in the commissioning phase and ramping up as planned

    towards commercial operation midway through 2015.

--  Total capital expenditure, excluding capitalization of any pre-

    commercial production costs and capitalized interest, is estimated to be

    between $1.2 billion to $1.4 billion.

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

Contacts:

First Quantum Minerals Ltd. - North American contact:

Sharon Loung

Director, Investor Relations

(647) 346-3934

(604) 688-3818 (FAX)

Toll Free: 1 (888) 688-6577

sharon.loung@fqml.com

First Quantum Minerals Ltd. - United Kingdom contact:

Clive Newall

President

+44 140 327 3484

+44 140 327 3494 (FAX)

clive.newall@fqml.com

www.first-quantum.com

SOURCE: First Quantum Minerals Ltd.

• [Editor:Juan]