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View Annual Report 2010 Annual Report We expect to triple our production base by 2015. A SOLID BASE A POSITION OF STRENGTH GroA ROBUST PROJwECT PIPELINE th A nickel A copper A copper-gold A nickel project under deposit in the One of the The 8th largest operation in a operation with construction in new Copperbelt world’s major copper mine in growing mining over 30 years mining-friendly located in undeveloped the world jurisdiction of mine life Finland NW Zambia copper deposits Kansanshi Guelb Moghrein Ravensthorpe Kevitsa Sentinel Haquira First Quantum Minerals Ltd. is a growing mining and metals First Quantum currently The Company’s current company engaged in mineral produces LME grade “A” copper approved copper projects are exploration, development cathode, copper in concentrate, expected to increase annual and mining. The Company’s gold and sulphuric acid and is production by at least 45% objective is to become a on track to become a significant by 2015. In addition, later-stage globally diversified nickel producer by 2012. The exploration projects have mining company. Company's current operations the potential to add a further are the Kansanshi copper-gold 500,000 tonnes of annual mine in Zambia and the Guelb copper production. Moghrein copper-gold mine in Mauritania. In 2010, First Quantum produced 323,017 tonnes of copper, 191,395 ounces of gold and generated $2.4 billion of revenues. Unless otherwise noted, all amounts in this report are expressed in United States dollars. 2010 Annual Report In 2010, our operations continued to provide a solid base to support our growth strategy. GroA SOLID BAwSE FOR th 2010 Highlights Financial Operational Corporate Developments > Record sales revenues of > Total copper production > Advanced construction of $2,378 million. of 323,017 tonnes. the Ravensthorpe and > Earnings of $557 million > New quarterly production Kevitsa nickel projects. before impairments and record established at the > Established an in-house other adjustments. Kansanshi mine. metal marketing division to > Cash flow of $900 million > Total gold production manage all of our production. before working capital of 191,395 ounces. > Acquired Antares Minerals changes. > Average unit cost of thereby establishing a > Total debt to production of $1.18 per presence in Peru and capitalization of 22%. pound of copper. enhancing the project pipeline. > Dividends paid to > Completed expansion of > Sold investment in common shareholders of the Guelb Moghrein mine. Equinox Minerals for net CAD$0.80 per share. proceeds of $647 million. > Total cash of $1,385 million at year end. Assets > Operations > Kansanshi + Guelb Moghrein Our operations are Unit Cash Margin Cash and Equivalents Debt-to-Capital Ratio cost-efficient, generate ($ per lb copper) ($ millions) significant cash flows and $2.80 $1,600 80% provide the financial flexibility $2.10 $1,200 60% to support our growth and $1.40 $800 40% diversification strategy. $0.70 $400 20% $– $– 0% 05 06 07 08 09 10 05 06 07 08 09 10 05 06 07 08 09 10 Kansanshi P roduction > T Revenues Total Cash Costs Total Costs Cu (000’s tonnes) Copper-Gold Mine, Zambia i ($ millions) (C1) ($ per lb) (C3) ($ per lb) T Au (000’s ounces) h s n a s $1,680 $1,658 $1.20 $1.80 270 The Kansanshi mine, the world’s 8th largest n 128 a $1.10 K 231 $1,400 $1.00 $1.50 225 112 copper mine is located approximately s $1.31 n 96 10 kilometres north of the town of Solwezi. o $1,120 $0.80 $1.20 180 i t 80 a Mining is by conventional open pit methods. r $840 $0.60 $0.90 135 e 64 p Its sulphide ore is treated via crushing, O 48 $560 $0.40 $0.60 90 s milling and flotation to produce copper in t 32 e s $280 $0.20 $0.30 45 s 16 concentrate and its oxide ore is put through A | $0 $0 $0 0 0 the SX/EW process to produce a sulphidic 2 05 06 07 08 09 10 05 06 07 08 09 10 05 06 07 08 09 10 05 06 07 08 09 10 and gold bearing flotation concentrate as n i e well as electro-won cathode copper. r h New production records g o M Kansanshi overcame some challenges in the early part of b l e 2010 and set new monthly and quarterly production records u Au production up by G 10% in the fourth quarter. < P roduction Guelb Moghrein Revenues Total Cash Costs Total Costs T Cu (000’s tonnes) Copper-Gold Mine, Mauritania ($ millions) (C1) ($ per lb) (C3) ($ per lb) T Au (000’s ounces) 37 $270 $265 $1.92 $2.40 36 The Guelb Moghrein mine is located 96 $225 $1.60 $2.00 30 84 250 kilometres northeast of the nation’s $1.65 72 capital, Nouakchott, near the town $180 $1.28 $1.60 24 60 of Akjoujt. Guelb Moghrein began $135 $0.96 $0.90 $1.20 18 48 commercial production in October 2006 36 $90 $0.64 $0.80 12 as an open pit mine. Sulphide ore is treated 24 $45 $0.32 $0.40 6 12 in the processing plant to produce a $0 $0 $0 0 0 copper-gold concentrate from the copper 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 flotation circuit and dore bullion from the gold flotation/CIL circuit. Increased ownership During 2010, First Quantum increased its ownership of the Guelb Moghrein operation to 100% by acquiring the Cash cost of $0.90 per lb of Cu 20% non-controlling minority interest. We are committed to Cu Au sustainable development Guelb Moghrein Copper-Gold Mine through economically viable Mauritania investments, technically appropriate operations, Kansanshi environmentally sound practices Copper-Gold Mine and socially responsible actions. Zambia Cu Au < Kansanshi in the community K a n s a In Zambia, malaria is a major health n s h i issue and thus we consider our A contribution to malaria control as one Our investment in promoting education government. As a result, a government- s s e t of our major achievements. Since 2006 in our communities continues to make trained teacher was allocated to the s O when we initiated the program, malaria a positive impact. One example is in school. There are now seven classes p e r cases per 100 employees have the village of Kabwela, where the small catering from Grades 2 to 7 and a t i o decreased by 75%. This reduction has community school, constructed by the textbooks are provided. We continue n s been achieved through residential residents, was only able to run two to support the development of the | indoor spraying, use of insecticide classes and teaching was carried out school and have embarked on a 3 G u treated bed nets, consistent awareness by an untrained community member. community/company partnership e l b and educational campaigns amongst After we built a formal school classroom to build two teachers’ houses so that M o our employees, their families and block, the community was able to class sizes can be reduced and more g h r e communities. register the school with the local grades catered for. i n > Guelb Moghrein in the community In 2009, we began extensive renovation We also undertook the paving of the The area where the mine is located and modernization of the disused Akjoujt main roads in Akjoujt City in 2009. This typically receives only about regional hospital. When the rehabilitation initiative resulted in a much improved 50 millimetres of rainfall a year. was completed, the hospital was environment for the community due By sourcing saline water as a provided with supplies and officially to reduced dust from vehicle traffic. replacement for the finite fresh water opened on November 26, 2010 as part More recently, we began the full at our mine, we are able to provide of the program related to the Mauritania rehabilitation of the 255 kilometre free access to water to the community 50th National Day anniversary. Nouakchott to Akjoujt paved in Bennichab and at 21 water highway. This project, expected to distribution points installed along take several years to complete, the 114 kilometre pipeline. This will provide better transportation initiative has allowed the community conditions for the community and to rear animals and set up small reduce the risks of accidents. agricultural projects. Assets > Projects > Haquira + Sentinel + Kevitsa + Ravensthorpe First Quantum has a pipeline of projects at various stages of development that will begin to come on-stream in 2011. A robust pipeline of copper These projects are major advancements and nickel projects. in the Company’s growth and diversification strategy. Haquira Copper Project, Peru > Acquired in 2010 Well-located Our priorities a r i u This large-scale copper project The project is contiguous with Xstrata’s > Expand the infill, condemnation and exploration q a in southern Peru provides us with Las Bambas project and in close proximity drill programs H s a significant presence in another to the Antapaccay project and the Tintaya > Expand the secondary copper resources which t c e j prolific copper producing region. operation in an area with existing port are currently open in several areas o r P facilities. > Model and test extensions to the Haquira East s t e and Haquira West porphyry hosted sulphide s s A mineralization | 4 Increased our resource base by almost 30% > Commence the environmental impact l assessment on the project approach e n i t > Put in place the necessary resources to ensure n e S the continuation of the community liaison < activities started by the previous management Sentinel Copper Deposit, Zambia Extensive drill program Our assumptions Since we began resource drilling Based on the work to date, our internal > Annual production of at least in April 2010, over 100,000 metres study assumes: 300,000 tonnes of copper have been completed in 300 holes > A resource of at least 700 million tonnes > Straightforward mining and processing to mid-March 2011.
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