First Quantum hurt by low copper output

[] – FIRST Quantum Minerals’ fourth-quarter net earnings
fell about 83%, hurt by lower copper volumes and prices.

The Vancouver, British Columbia-based miner expects to produce 270,000 to 290,000
tonnes of copper and 170,000 to 190,000 ounces of gold this year.

The company produced 265,576 tonnes of copper and 175,225 ounces of gold in 2011.

Fourth-quarter copper sales volumes fell 14 to 65,638 tonnes. The average realised
copper price fell 11% to $3.33 per pound during the quarter.

October-December net earnings attributable to shareholders fell to $76m, or 16 cents
a share, from $454.7m, or $1.12 a share, a year ago.

Comparative earnings from continuing operations were 17 cents a share, down from
35 cents, a year ago.

Revenue fell about 20% to $567.3m. Copper production fell about 11% to 67,316
tonnes, while gold production was down about 10% at 43,524 ounces.

Shares of the company closed down about 6 percent at C$20.60 on Tuesday on the
Toronto Stock Exchange.