First Quantum 2007 copper output up 24%

Vancouver – First Quantum Minerals (FM-T, FQM-L) produced roughly 500 million lbs. (226,693 tonnes) of copper in 2007 24% more than the prior year buoyed by record fourth output of about 160 million lbs. (72,746 tonnes) of the red metal.

Roughly 72% of the company’s copper production comes from its 80%-owned Kansanshi open pit mine in north-central Zambia that commenced operation in 2005 and has a forecast 30-year mine life. The mine produced over 360 million lbs. (163,824 tonnes) of copper in last year as well as a significant amount of gold.

First Quantum’s 80%-owned Guelb Moghrein open pit mine – located in Mauritania, northwest Africa kicked in over 63 million lbs. (28,755 tonnes) of copper to last year’s tally. Commercial production began in late-2006 with roughly 15 years of mineable reserves delineated.

Near the end of its life, the Bwana Mkubwa operation produced 56 million lbs. (25,402 tonnes) of copper last year. Reserves will be depleted in 2008 at the Lonshi pit in Democratic Republic of Congo (DRC) where the high-grade oxide ore is mined and then hauled to the Bwana SX-EW (solvent extraction-electrowinning) facility across the border in Zambia.

The company’s 95%-owned Frontier open pit mine in the DRC commenced production during last year’s fourth quarter. The operation chipped in just 19 million lbs. (8,712 tonnes) of copper last year but is projected to produce about 185 million lbs. (84,000 tonnes) of the metal for 2008 and has an estimated mine life to 2026.

For 2008 the company forecasts further growth in its copper output with estimated production of around 683 million lbs. (310,000 tonnes).