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First Quantum Minerals Ltd

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First Quantum Minerals Ltd 2008 A NNUAL R EPORT FIRST QUANTUM MINERALS LTD . (“F IRST QUANTUM ” OR “THE COMPANY ”) IS A GROWING MINING AND METALS COMPANY FOCUSED ON ITS CORE EXPERTISE OF DISCOVERING , DEVELOPING AND OPERATING COPPER MINES THROUGHOUT THE WORLD . IN 2008, THE COMPANY PRODUCED 334,415 TONNES OF COPPER FROM ITS OPERATIONS IN THE CENTRAL AFRICAN COPPERBELT REGION OF ZAMBIA AND THE DEMOCRATIC REPUBLIC OF CONGO AND IN MAURITANIA . FIRST QUANTUM ’S SHARES TRADE ON THE TORONTO STOCK EXCHANGE IN CANADA (SYMBOL “FM”) AND THE LONDON STOCK EXCHANGE (SYMBOL “FQM”) IN THE UNITED KINGDOM . F IRST QUANTUM IS A MEMBER OF THE S&P/TSX 60 I NDEX . LOCATION OF KEY ASSETS Finland Mauritania Democratic Republic of Congo Zambia Unless otherwise noted, all amounts in this report are expressed in United States dollars. Cautionary Statement Certain information contained in this Annual Report constitutes “forward-looking permits, force majeure events, the failure of plant, equipment or processes to statements” within the meaning of the Private Securities Litigation Reform Act of operate in accordance with specific expectations, accidents, labour relations and 1995 and forward-looking information under applicable Canadian securities risks in start-up date delays, environmental costs and risks, the outcome of legislation. Forward-looking statements and information by their nature are based acquisition negotiations, general domestic and international economic and political on assumptions and involve known and unknown risks, uncertainties and other conditions, the factual results of current exploration, development and mining factors which may cause the actual results, performance or achievements of the activities, results of pending and future feasibility studies, changes in project Company to be materially different from any future results, performance parameters as plans continue to be evaluated, and those factors disclosed in or achievements expressed or implied by such forward-looking statements or documents filed by the Company from time to time with the securities commissions information. These risks, uncertainties or other factors include, but are not limited of British Columbia, Alberta and Ontario, the Autorité des Marchés Financiers in to, the actual prices of copper, gold and sulphuric acid, unanticipated grade, Quebec, the United States Securities and Exchange Commission (the “SEC”) and geological, metallurgical, processing, access, transportation of supply or other the London Stock Exchange (“LSE”) including, without limitation, those risks, problems, political, economic and operational risks of foreign operations, uncertainties and other factors set out in this Annual Report. availability of materials and equipment, the timing of receipt of governmental First Quantum Minerals Ltd. 2008 S UMMARY 2009 F ORECAST Financial Highlights Operational Highlights • Copper production to rise almost • Record sales revenues of • Record production of 15% to 380,000 tonnes $1,740 million 334,415 tonnes of copper • Gold production to increase • Earnings of $300 million, before • Increased gold sales by over 20% 100% to 240,000 ounces asset impairment adjustments to 121,830 ounces • Target average cash cost of • Cash flow from operations of • Ramped up the Frontier mine to production of $0.80 per pound $637 million, before working design capacity of copper capital changes • Completed upgrade projects at • Total cash of $217 million at Kansanshi year end • Advanced the Kolwezi copper- cobalt project • Acquired the Kevitsa nickel- copper project in Finland • Initiated productivity improvement and cost-saving measures to better position the Company through the current economic downturn 0 5 3 1 8 0 4 , , 4 1 2 4 7 2 9 , 7 3 9 8 1 7 1 3 3 0 6 , 5 2 , 7 0 5 3 1 3 0 9 1 6 4 6 , 6 9 5 7 6 5 9 9 7 2 3 0 2 2 , , 1 3 0 8 7 0 1 1 3 1 , 7 9 9 7 1 4 , 3 1 5 5 3 2 5 6 4 6 3 3 1 4 4 6 1 5 2 , , 5 , 1 4 4 9 4 1 6 1 2 8 0 4 8 1 2 6 1 5 03 04 05 06 07 08 05 06 07 08 03 04 05 06 07 08 03 04 05 06 07 08 03 04 05 06 07 08 COPPER GOLD SALES SALES R EVENUES CASH F LOW BEFORE EARNI NGS, BEFORE PRODUCT ION (000 ’s ounces) ($ millions) WORKI NG C API TAL IMPAIRMENT (tonnes) CHA NGE CHA RGE ($ millions) ($ millions) Page 1 L ETTER to S HAREHOLDERS 2008 marked an While the Company made great First Quantum is committed to important step forward in progress and achieved several objec- sustainable development and is ever First Quantum’s progress towards tives during the year, we were not mindful of its responsibility building an international mining immune to the effects of the severe towards the communities in which company. Total copper production global recession that took hold in it operates. Over the years we rose over 47% from the previous the second half of 2008. The market summarized in the Annual Report year to total 334,415 tonnes as the price for our main product, copper, the work we do in this regard; Frontier mine completed its first full traded as high as $4.02 per pound however, this year we will be year of commercial operations, benefits of recent capacity expansions during the first quarter of the year providing a separate update on our at the Kansanshi mine were realized then started a sharp decline in the progress and activities which will and another strong operating year third quarter to close 2008 at be available on our website, and was recorded at the Guelb Moghrein $1.31 per pound. The price for gold I encourage you to access it. mine. On the project level, the however, of which we sold almost As I note every year, our achieve- Kolwezi project reached 50% 122,000 ounces in 2008, was strong ments over the last several years are completion and the capacity over the year with an average price expansion at Guelb Moghrein was a credit to the qualities of our of $872 per ounce. This compares well advanced. Additionally, the excellent team of technical profes- to an average of $697 for 2007. acquisition of the Kevitsa project in sionals and management. Without Scandinavia was a significant first For the year, the Company gener- high quality people, even the richest step in our strategy to diversify both ated revenues of $1.7 billion, deposit cannot be developed geographically and across operating cash flow, before working successfully. Therefore, we will commodity lines. While our due capital changes of $637 million and continue with our long-term policy diligence prior to the acquisition net earnings of $300 million before of recruiting, developing and indicated a robust project, subsequent impairment charges on investments. motivating the best people in the work suggests even greater These impairment charges are non- industry. Our performance is a potential. We are confident that, cash, do not affect the core of our testament to the value of this policy when developed, Kevitsa will be a meaningful operation in business and are meant to adjust the and our success in achieving it. First Quantum’s asset base. value of listed and other invest- ments to fair market value. Page 2 2008 Annual Report First Quantum Minerals Ltd. PRUDENT MEASURES INITIATED TO PROTECT THE COMPANY ’S CORE ACTIVITIES AND FINANCIAL RESOURCES , MEETING THE CHALLENGES OF financial resources, improve its IMPROVE ITS OPERATING A GLOBAL RECESSION operating cost profile and position it COST PROFILE AND Each year in my letter to share- to emerge stronger when economic conditions improve. holders, I try to provide some POSITION IT TO EMERGE insight into the challenges faced by As a result of the review, we have STRONGER WHEN the Company. As can be expected, adjusted each mine’s operating this year’s discussion is dominated plan, renegotiated supply contracts, ECONOMIC CONDITIONS by the effects of the global economic improved supplier credit terms, IMPROVE , ARE recession and the weakness in tightened working capital manage- PRODUCING THE financial markets, which have ment, and deferred some exploration created a challenging environment and capital expenditure. I am DESIRED RESULTS . for every industry, and our action pleased to report that these plan to meet those challenges. measures are producing the desired Fortunately for First Quantum, this results and the capability of all of downturn has come at a time when First Quantum’s mines to generate we are able to benefit from low- cash in a low copper price environ- cost projects either underway or ment has been enhanced. recently completed and are able to implement mine planning and While we believe these measures are processing changes in a timely adequate to ensure the long-term manner. integrity and success of the Company, we also recognize that Following the sharp fall in the the current operating and financial copper price in the second half of environment is uncertain and 2008, we initiated a review of all volatile and further action may be parts of the business to identify required. Together, management and prudent measures to protect the the Board have developed action Company’s core activities and Page 3 L ETTER to S HAREHOLDERS (cont’d) plans for various possible scenarios recover from the current severe improved particularly in the fourth and we are prepared to initiate them recessionary environment. As a low quarter as material and equipment should conditions warrant. cost producer with brownfield improvements took effect. This expansion opportunities at facility along with the recently The commitment to the strength Kansanshi, Frontier and Guelb installed 35,000-tonne per year and success of First Quantum is Moghrein plus new projects under electrowinning tankhouse and the strong throughout the Company development at Kolwezi and 4-million tonne per year and well evidenced by the lead Kevitsa, we are well positioned to concentrator expansion all give taken by senior management and bring additional production on Kansanshi considerable operating the Board in a 20% reduction in stream quickly by bringing forward flexibility and ability to manage their salaries and board fees.
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