First Quantum Minerals is a growing mining and metals company whose principal activities include mineral exploration, development and mining. The Company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid. The Company's operations in Zambia include the 100% owned Bwana Mkubwa SX/EW facility and sulphuric acid plants and the 80% owned Kansanshi open pit copper-gold mine. First Quantum also holds strategic investments in Zambia through Mopani Copper Mines (16.9%) who operate the Nkana underground copper mine and cobalt refinery and the Mufulira underground copper mine, smelter and copper refinery, as well as Equinox Minerals Ltd. (17.3%) who are developing the Lumwana copper mine. In the Democratic Republic of Congo, First Quantum operates the 100% owned Lonshi open pit copper mine which provides oxide copper ore for processing at Bwana Mkubwa, a 95% interest in the Frontier copper deposit, and a 65% interest in the Kolwezi copper-cobalt tailings project. In Mauritania, First Quantum operates the 80% owned Guelb Moghrein copper gold mine. In 2007, First Quantum produced 226,000 tonnes for copper and reported a net profit of US$ 520 million. In 2008, First Quantum is forecast to produce 310,000 tonnes of copper, a 37% increase over 2007. irst quarter production from mid-tier copper and gold producer, First Quantum Minerals (LSE: FQM & TSX: FM) rose sharply as the company continued to deliver on its stated goals. Total copper production rose to 89,440 tonnes, up from 75,616 tonnes in Q1 2008. Gold production jumped to 50,425 ounces from 16, 495 ounces on Q1 2008 as the commissioning of gold plants at the Guelb Moghrein and Kansanshi Mines started to feed through. While production did rise, net sales fell sharply, largely thanks to a substantially weaker copper price and hedging costs. Total net sales were US$268 million versus $511 million in Q1 2008. Net profit slumped to just US$10.9 million compared to $182 million in Q1 2008. First quarter earnings per share (‘EPS’) was 16 cents (Q1 2008 268 cents). Cash flow from operations came in at US$85 million, while total debt climbed to $424.7 million (Q1 2008 $390.3 million) and cash reserves fell sharply to US$123.1 million (Q1 2008 $269.6 million). First Quantum also reported a 23% reduction in the average cash unit cost of production compared to Q4 2008 due to cost saving initiatives, lower process input costs and higher gold credits. Looking ahead, the DRC focused producer maintained its full year production forecast of 240,000 ounces of gold and 380,000 tonnes of copper at a targeted average cost of 80 cents per pound. “Average C1 costs for 2009 remains targeted to be $0.80 per pound with significant cost reductions now flowing from cost saving initiatives and declining process input costs; however, this target remains subject to the availability of Zambian smelter capacity. There is a risk that if smelter capacity remains constrained, the Company would have to export more concentrate at higher costs,” the company added.

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