First Quantum Minerals Ltd. · TSX:FM

First Quantum Minerals — Corporate Update (December 2012)

119 slides from First Quantum Minerals's corporate update, Dec 12, 2012

1. Slide 1: Analyst & Investor Tour Kevitsa Project Development

   ANALYST & INVESTOR TOUR KEVITSA Project Development Zenon Wozniak Director Projects

2. Slide 2: Projects

   PROJECTS  FQM Project Development  Current Major Projects: - Trident - Smelter - Staged Oxide Expansions - Kansanshi S3 First Quantum Minerals Analyst & Investor December 12, 2012 2 Tour - Kevitsa

3. Slide 3: Our Core Project Development Criteria

   OUR CORE PROJECT DEVELOPMENT CRITERIA  Finished Project must perform to expectation  Adherence to time schedule  Adherence to capital cost budget First Quantum Minerals Analyst & Investor December 12, 2012 Tour - Kevitsa 3 3

4. Slide 4: Core Project Development Attributes

   CORE PROJECT DEVELOPMENT ATTRIBUTES  Strong Track Record  Our Project Team Background - Unique  Our Execution Approach – developed over years and now unique First Quantum Minerals Analyst & Investor December 12, 2012 Tour - Kevitsa 4 4

5. Slide 5: Traditional Project

   TRADITIONAL PROJECT Owner EPCM Engineer First Quantum Minerals Analyst & Investor December 12, 2012 Tour - Kevitsa 5 5

6. Slide 6: FQM Project

   FQM PROJECT Engineering & Design By FQM First Quantum Minerals Analyst & Investor December 12, 2012 6 Tour - Kevitsa

7. Slide 7: Typical Project

   TYPICAL PROJECT Concrete Piping Earthworks 8% 7% E&I 5% 10% Construction Management Transport & Logistics 4% 8% Pre-Commissioning Contracts & Commissionig 2% 1% Engineering & Design 5% Structural/Mechanical/Plate Procurement 47% 3% First Quantum Minerals Analyst & Investor December 12, 2012 Tour - K

8. Slide 8: Our Core Project Development Criteria: Perform to Expectation

   OUR CORE PROJECT DEVELOPMENT CRITERIA  FINISHED PROJECT MUST PERFORM TO EXPECTATION Kevitsa – achieving throughput above design Ravensthorpe – steady state and reliable operation First Quantum Minerals Analyst & Investor December 12, 2012 Tour - Kevitsa 8 8

9. Slide 9: Our Core Project Development Criteria: Adherence to Time Schedule

   OUR CORE PROJECT DEVELOPMENT CRITERIA  ADHERENCE TO TIME SCHEDULE Kevitsa FQM news release Nov 30, 2009 : “Commercial production target mid 2012” - Actual achievement August 2012. Ravensthorpe FQM news release February 10, 2010 : “Approx. 18 months construction and ramp up” (ie through to approxima

10. Slide 10: Our Core Project Development Criteria: Adherence to Capital Cost Budget

    OUR CORE PROJECT DEVELOPMENT CRITERIA  ADHERENCE TO CAPITAL COST BUDGET Since 2003 Over $2.2B of projects delivered within 7% of capex budget. Different countries, different technologies, different contracting requirements, different conditions First Quantum Minerals Analyst & Investor December 12,

11. Slide 11: Our Core Strength: The Project Model

    OUR CORE STRENGTH How We Do Projects – The Project Model  Define and Plan, Set Contracting Strategy early  Identify Risks  Copy existing designs, duplication, standardisation, brainstorm  Maximise commonality of equipment  Maximize in house work:  Project Management  Technical involvement  P

12. Slide 12: Over the Last 12 Months

    Over the Last 12 Months  RAVENSTHORPE Commissioning and commercial production achieved on December 28, 2011  KEVITSA Completion of construction, commissioning and commercial production achieved on August 18, 2012  KANSANSHI Numerous improvement projects 1,000tpd Acid Plant 5 – commissioned and op

13. Slide 13: New Developments in Our Execution

    NEW DEVELOPMENTS IN OUR EXECUTION Setting New Construction Records Self Perform E & I In House Mechanical Engineering Expertise First Quantum Minerals Analyst & Investor December 12, 2012 13 Tour - Kevitsa

14. Slide 14: Setting New Records

    SETTING NEW RECORDS Concrete Poured (Sentinel and Kansanshi) - September 10, 920 m³ - October 13, 055 m³ - November 12,392 m³ - F’cast Dec 6,730 m³ Structural Steel - ग़ϮϬ͕ ϬϬϬƚĨŽƌ&ĂďƌŝĐĂƟŽŶĂŶĚ/ŶƐƚĂůůĂƟŽŶ First Quantum Minerals Analyst & Investor December 12, 2012 14 Tour - Kevitsa

15. Slide 15: Sentinel Ball Mill and SAG Mill

    Ball Mill 1 (30-Sept-12) Sentinel Ball Mill 1 (30-Sept-12) Sentinel Sag Mill 1 (30-Sept-12) First Quantum Minerals Analyst & Investor December 12, 2012 15 Tour - Kevitsa 15

16. Slide 16: Sentinel SM2 and Tails Thickening

    Sentinel SM2 – 2nd Lift Wall Rebar (30-Sept-12) First Quantum Minerals Analyst & Investor December 12, 2012 16 Tour - Kevitsa 16 Tails Thickening – East (30 –Sept-12)

17. Slide 17: Self Perform E&I Construction

    SELF PERFORM E&I CONSTRUCTION First Quantum Minerals Analyst & Investor December 12, 2012 17 Tour - Kevitsa

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    First Quantum Minerals Analyst & Investor December 12, 2012 18 Tour - Kevitsa

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    First Quantum Minerals Analyst & Investor December 12, 2012 19 Tour - Kevitsa

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    First Quantum Minerals Analyst & Investor December 12, 2012 20 Tour - Kevitsa

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    First Quantum Minerals Analyst & Investor December 12, 2012 23 Tour - Kevitsa

24. Slide 24: Key E&I Points – 1 Year In

    KEY E&I POINTS – 1 YEAR IN  Planning and scheduling, set up, strategic appointments completed  Streamlined execution approach (e.g. no need to tender E&I installation)  Procurement savings (e.g. list price minus 46%)  Construction – elimination of contractor P&G’s, elimination of claims, etc  F

25. Slide 25: In House Mechanical Engineering Expertise

    IN HOUSE MECHANICAL ENGINEERING EXPERTISE  Establish concepts and address detailed design issues  Specific attention to materials handling  Direct engineers and review, review, review drawings and specs  Maintainability and operability in new plant designs  Faster ramp up, improved availability

26. Slide 26: December 12, 2012 First Quantum Minerals Analyst & Investor Tour - Kevitsa

    First Quantum Minerals Analyst & Investor December 12, 2012 26 Tour - Kevitsa

27. Slide 27: Kevitsa

    KEVITSA February 2012: Commissioning Commences May 2012: First Concentrate Produced August 18, 2012: Commercial Production Achieved Plant throughput above design First Quantum Minerals Analyst & Investor December 12, 2012 27 Tour - Kevitsa

28. Slide 28: Trident Project

    TRIDENT PROJECT First Quantum Minerals Analyst & Investor December 12, 2012 28 Tour - Kevitsa

29. Slide 29: Sentinel & Enterprise Plantsite Map

    SENTINEL & ENTERPRISE PLANTSITE MAP First Quantum Minerals Analyst & Investor December 12, 2012 29 Tour - Kevitsa

30. Slide 30: December 12, 2012 First Quantum Minerals Analyst & Investor Tour - Kevitsa

    First Quantum Minerals Analyst & Investor December 12, 2012 30 Tour - Kevitsa

31. Slide 31: Key Recent Accomplishments

    KEY RECENT ACCOMPLISHMENTS  Total project progress to date is 13.55% cumulative  Record construction progress in earthworks and concrete  2,000t of structural steel fabricated, 50% on site  Mobilised structural erection teams  Approx 70 containers of mill components on site, first Ball mill she

32. Slide 32: Key Recent Accomplishments

    KEY RECENT ACCOMPLISHMENTS  Merged all execution areas to common project schedule  Completed quarry mining balance of project concrete requirements  Increased to 68% Zambian project content  First houses ready for occupation First Quantum Minerals Analyst & Investor December 12, 2012 32 Tour - K

33. Slide 33: 2012 Concrete Project Goal

    2012 CONCRETE PROJECT GOAL  CONCRETE: - Placement of 31,000 m3 by Dec 31 (Almost 50% of Project) - Complete all 3 tails thickeners - Complete Train 1 & Train 2 Mill area by Dec 15 - Pour the stockpile vaults First Quantum Minerals Analyst & Investor December 12, 2012 33 Tour - Kevitsa

34. Slide 34: Capex

    CAPEX Commitments Budget  Mining (predominantly fleet) $421M $487M  Process Plant $294M $600M  Infrastructure $18M $288M  Indirects $80M $350M ---------- ---------- $813M $1,725M First Quantum Minerals Analyst & Investor December 12, 2012 34 Tour - Kevitsa

35. Slide 35: Safety Statistics and Manpower

    SAFETY STATISTICS AND MANPOWER First Quantum Minerals Analyst & Investor December 12, 2012 35 Tour - Kevitsa

36. Slide 36: Project Manpower Report

    PROJECT MANPOWER REPORT First Quantum Minerals Analyst & Investor December 12, 2012 36 Tour - Kevitsa

37. Slide 37: Sentinel Overall Progress Curve

    SENTINEL OVERALL PROGRESS CURVE First Quantum Minerals Analyst & Investor December 12, 2012 37 Tour - Kevitsa

38. Slide 38: Concrete Productivity

    CONCRETE PRODUCTIVITY CONCRETE ( Rebar + Form + Concrete ) PRODUCTIVITY CURVE INFRASTRUCTURE and PLANT First Quantum Minerals Analyst & Investor December 12, 2012 38 Tour - Kevitsa

39. Slide 39: Concrete Placement Performance

    CONCRETE PLACEMENT PERFORMANCE INFRASTRUCTURE and PLANT Large Placement Pours (54%) Smaller Detail Pours (46%) Plan at 18 Mhrs/M3 Projecting 9,881 M3 at same rate (Large placements) Complete Work : 26,119 M3 at 11 Mhrs/M3 December 12, 2012 PLANNING and FirstEXECUTION Quantum MineralsMANAGEMENT Analy

40. Slide 40: December 12, 2012 First Quantum Minerals Analyst & Investor Tour - Kevitsa

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76. Slide 76: Kansanshi Smelter Project

    KANSANSHI SMELTER PROJECT First Quantum Minerals Analyst & Investor December 12, 2012 76 Tour - Kevitsa

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78. Slide 78: Detailed Engineering 40% Complete

    DETAILED ENGINEERING 40% COMPLETE First Quantum Minerals Analyst & Investor December 12, 2012 78 Tour - Kevitsa

79. Slide 79: Bulk Earthworks 80% Complete

    BULK EARTHWORKS 80% COMPLETE First Quantum Minerals Analyst & Investor December 12, 2012 79 Tour - Kevitsa

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81. Slide 81: Plant Concrete 15% Complete

    PLANT CONCRETE 15% COMPLETE First Quantum Minerals Analyst & Investor December 12, 2012 81 Tour - Kevitsa

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86. Slide 86: Steelwork Erection Commencing

    STEELWORK ERECTION COMMENCING First Quantum Minerals Analyst & Investor December 12, 2012 86 Tour - Kevitsa

87. Slide 87: Cost Summary

    COST SUMMARY ITEM USD $M Budget 655 Cost forecast 660 Commitments to date 370 Payments to date 140 First Quantum Minerals Analyst & Investor December 12, 2012 87 Tour - Kevitsa 87

88. Slide 88: Schedule Summary

    SCHEDULE SUMMARY PLANT AREA FORECAST CONSTRUCTION COMPLETION Oxygen plant End April 2014 Materials handling Mid May 2014 Acid plant Early June 2014 Electric furnace Mid June 2014 Isasmelt End June 2014 Converter aisle End June 2014 First Quantum Minerals Analyst & Investor December 12, 2012 88 Tour

89. Slide 89: Any Opportunity for Schedule Acceleration?

    ANY OPPORTUNITY FOR SCHEDULE ACCELERATION? ACTION AREA BENEFIT (WEEKS) PROJECT BENEFIT (WEEKS) Isasmelt steel fabrication on nightshift 2 2* Boiler pipe welding on nightshift 2 2 Manufacture Isasmelt furnace 2 weeks earlier 2 2* Converter delivery forward by 4 weeks 4 4 Site welding of converter hoo

90. Slide 90: To Focus On

    TO FOCUS ON  Construction - Structural steel fabrication and delivery - Construction planning and management  Ramp Up - Skilled operators working as a team First Quantum Minerals Analyst & Investor December 12, 2012 90 Tour - Kevitsa

91. Slide 91: Other Kansanshi Projects

    OTHER KANSANSHI PROJECTS First Quantum Minerals Analyst & Investor December 12, 2012 91 Tour - Kevitsa

92. Slide 92: Other Kansanshi Projects

    OTHER KANSANSHI PROJECTS  Acid Plant 5 - Commissioned and operational  Staged Oxide Expansions - 7.2 Mtpa Upgrade operational since April - 12 Mtpa Upgrade in construction First Quantum Minerals Analyst & Investor December 12, 2012 92 Tour - Kevitsa

93. Slide 93: Kansanshi Acid Plant

    KANSANSHI Acid Plant 5 (1,000 tpd)  Handed over to Operations October 30  First acid produced November 20 First Quantum Minerals Analyst & Investor December 12, 2012 93 93 Tour - Kevitsa

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101. Slide 101: Kansanshi Oxide Circuit Mtpa Upgrade

     KANSANSHI Oxide Circuit 12 Mtpa Upgrade  Design complete  Expediting ongoing  Concrete works 90% complete  Structural steel erection in progress  Staged construction completion through to mid 2013 First Quantum Minerals Analyst & Investor December 12, 2012 101 101 Tour - Kevitsa

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116. Slide 116: Kansanshi 25 Mtpa Sulphide Expansion (S3)

     KANSANSHI 25 Mtpa SULPHIDE EXPANSION (S3) First Quantum Minerals Analyst & Investor December 12, 2012 116 Tour - Kevitsa

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118. Slide 118: Status

     STATUS  Engineering definition & cost estimate completed  SAG mill, Ball mill , 2 in pit crushers  Initial earthworks commenced  SAG mill & mill drive ordered and in fabrication  Mine design to fix crusher and conveyor locations in progress First Quantum Minerals Analyst & Investor December 12,

119. Slide 119: Analyst & Investor Tour Kevitsa Project Development

     ANALYST & INVESTOR TOUR KEVITSA Project Development Zenon Wozniak Director Projects

First Quantum Minerals — Corporate Update (December 2012) on 6ix