1. Global Diversified
TSX: FM
LSE: FQM
www.first-quantum.com
April 2011

2. Cautionary Note Concerning
Forward-Looking Statements
Some of the statements contained in the following material are forward
looking statements and not statement of facts. Such statements are
based on the current beliefs of management, as well as assumptions
based on management information currently available. Forward-looking
statements are subject to various risks, uncertainties and other factors
that could cause actual results to differ materially from expected
results. Readers must rely on their own evaluation of these
uncertainties.
Note: all dollar amounts in US dollars unless otherwise indicated
2

3. A Growing Diversified Metals and Mining Company
Profile: Copper Production Objectives
 A mid-tier mining and metals company 000’s tonnes
currently producing LME grade "A" 1,000
copper cathode, copper in concentrate,
gold and sulphuric acid 800
Core strength: 600
 Discovering, developing and operating
mines efficiently and cost-effectively 400
Investment Highlights: 200
 A significant copper producer with
considerable new production growth in
-
the near and medium term
04 05 06 07 08 09 10 12F13F14F15F
 An emerging nickel producer
 Expanding into high-potential, low-risk Actual Further potential
mining jurisdictions
 Strong financial position and capacity
to fund growth initiatives
3

4. A Solid Track Record
Revenue Earnings* Operating Cash Flow
($ millions) ($ millions) ($ millions)
$2,378 $557 $900
$520
$772
$1,864 $419 $678
$1,740 $399 $637
$1,539 $564
$300
$1,095
$155 $237
$445
$114 $28 $46
*Before impairments and other adjustments
4

5. A Strong Operating Base
Unit Cash Margin Debt to Capitalization Cash & Equivalents
(US$/lb copper) (US$ millions)
Ratio
$2.80 1.60 $1,400
$2.10 1.20 $1,050
$1.40 0.80 $700
$0.70 0.40 $350
$- 0.00 $-
5

6. Strong Operating Base & Development Pipeline
 Operations  Projects  Exploration
— Kansanshi, Zambia — Ravensthorpe, Australia — Enterprise, Zambia
— Guelb Moghrein, Mauritania — Kevitsa, Finland — Fishtie, Zambia
— Sentinel, Zambia
— Haquira, Peru
 Other Investment
— Mopani (16.9%), Zambia
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7. ADVANCING GROWTH & DIVERSIFICATION STRATEGY
7

8. Growth and Diversification
Copper Production Objectives
000’s tonnes
 Copper production objective:
1,000
— 46% growth to 470,000 tonnes in 2015 – 800
excluding potential from Sentinel and 600
Haquira which could add a further
500,000 tonnes 400
 Nickel production objective: 200
— Beginning in 2011 and increasing to -
04 05 06 07 08 09 10 12F13F14F15F
55,000 tonnes in 2014
Actual Further potential
 Investment in growth projects: Nickel Production Objectives
000’s tonnes
— ~ $2 billion projected over the 2011 –
60
2015 timeframe – excluding assumptions
on the Haquira deposit and the building 45
of a copper smelter in Zambia
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15
-
2011F 2012F 2013F 2014F 8

9. Expanding the Kansanshi Mine (80%), Zambia
 Located near Solwezi, Zambia
 Copper-gold operation
 Production began in 2005
 2010 production
 231,124 tonnes of copper
 109,629 ounces of gold
9

10. Expanding the Kansanshi Mine (80%), Zambia
 Stepped up exploration program
 Primary focus on the Southeast Dome
prospect
 Updated reserves & resources estimate
by end of 2011
 Will provide design details for Phase 2
expansion
 60% expansion to the production
capacity over the 2011 – 2015 timeframe
 Phase 1 underway – 20% expansion to
oxide circuit; added flexibility - 2011
 Phase 2 in 2012 – new concentrator
with throughput capacity of 25M tonnes
per year - 2014
 Production objective of 400,000 tonnes
of copper per year in 2015
 Capex estimate of $390M
10

11. Optimizing Guelb Moghrein (100%), Mauritania
 Located near Akjoujt,
Mauritania
 Copper-gold operation
 Production began in 2006
 2010 production
 36,969 tonnes of copper
 81,766 ounces of gold
 Estimated 8-year remaining
mine life; ongoing exploration
11

12. Optimizing Guelb Moghrein (100%), Mauritania
 Optimizing recent expansion
— Throughput capacity expansion
to 3.8 million tonnes per year
 Combination of increased
production and enhanced
recoveries will allow annual
copper production to rise to
approximately 50,000 tonnes
 Ongoing exploration at and
nearby focused on identifying
additional feedstock to extend
the life of the operation
12

13. Ravensthorpe Nickel Project (100%), Australia
 Located in Western Australia
 Three lateritic deposits
— Halleys, Hale-Bopp and
Shoemaker-Levy
— Resource comprises 385Mt @
0.62% Ni and the reserve
comprises 235Mt @ 0.67% Ni
 Open pit using conventional
drill and blast, load and haul
system
 Processing plant using proven
technology
13

14. Ravensthorpe on Schedule for Commissioning
 85% of nameplate capacity
 Average annual production of
nickel metal:
— 39,000 tonnes for the first five years;
28,000 tonnes over the life of mine
 C1 cost estimate:
— $5.00/lb nickel
— $3.00/lb without realization
 Expected mine life >30 years
 Capital of approx. $190 million
 Assumptions:
— nickel = $6.75/lb; cobalt = $12.00/lb
 Production in 2H 2011
14

15. Kevitsa Nickel-Copper Project (100%), Finland
 Located in northern Finland
 Open pit mine
— Estimated measured and indicated
resources of 240 million tonnes grading
0.30% nickel; 0.28 nickel sulphide; 0.41%
copper; using a nickel cut-off grade of
0.1%
 Conventional processing to produce
two concentrates:
— nickel-cobalt-PGE-concentrate grading ~
12% nickel
— copper-PGE-gold concentrate grading ~
28% copper
 Designed for 5 million tonnes per
annum with built-in expansion
capabilities
15

16. Kevitsa on Schedule for Completion
 At initial capacity average annual
production
— 10,000 tonnes of nickel
— 20,000 tonnes of copper
 LOM C1 cost estimate of $2.50/lb
nickel, net of by product credits
 Capital cost estimate of $400 million
 Estimated mine life >20 years
 Assumptions:
— nickel = $6.75/lb; copper = $2.00/lb;
Euro/US = 1.35
 Ongoing drill program returning
further positive results
 Production targeted for mid 2012
16

17. Trident Project (100%), Zambia
 Located in Northwestern
Province – approx.150
kilometres from Kansanshi
mine
 Acquired in January 2010
 Trident project comprises five
prospecting licences totaling
2,300 square kilometres that
includes:
— Sentinel copper deposit
— Enterprise nickel target
17

18. Trident Project - Sentinel Deposit, Zambia
 Significant drill program underway
with 16 drills onsite
 Excellent continuity of mineralization
 Mining and processing conditions
appear relatively straightforward
 Mining licence application about to
be filed
 Extensive CSR program already
underway
18

19. Sentinel Deposit Drill Pattern – February 2011
Completed
>260 holes
for 90,000m
19

20. Sentinel’s Estimated Potential
 Internal evaluation assumptions:
— Resource in the range of at least 700
million tonnes at a headgrade in the
range of 0.65% to 0.80% copper
— Annual throughput rate of 40 million
tonnes
— Annual production of ~250,000 tonnes of
copper
— Capital cost in the range of $1B,
including the necessary infrastructure
— recoveries in the range of 90% to 95%
— unit cash cost of production
approximate to Kansanshi
 Initial design and construction could start
in 2011 with commercial production in early
2014
20

21. Potential New Copper Smelter, Zambia
 Bulk of Kansanshi concentrate treated at smelters ~ 250 kilometers
from mine site
 Limited smelter capacity
 Substantial production increase expected from Kansanshi mine and
Sentinel deposit
 Evaluation underway to determine the economics and options for
building and operating a copper smelter close to Kansanshi
 Completion and decision expected in 2H 2011
21

22. Haquira Copper Deposit (100%), Peru
 Acquired in December 2010
 Large scale copper project located
in southern Peru
— M&I resource of 3.7 million tonnes of
copper equivalent and an inferred
resource of 2.4 million tonnes of
copper equivalent
 Current priorities:
— Expand infill and condemnation drill
program
— Initiate the process to expand the
exploration program
— Commence the EIA
— Updated reserves and resources
estimate and the environmental impact
assessment in mid-2012 when
detailed project design will commence
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23. A Significant and Growing Copper Producer
Total Copper Production Copper Production
000’s tonnes Lbs per common share
1,000 Base Further
potential
800 2010F 8.26 -
2012F 9.21 -
600
2013F 9.46 -
2014F 10.49 6.39
400
2015F 12.02 12.79
200
-
04 05 06 07 08 09 10 12F13F14F15F
Actual Further potential
Assumptions:
1) Sentinel granted permits and board approval by mid 2011
2) Haquira in production in 2015
23

24. An Emerging Nickel Producer
Total Nickel Production Nickel Production
000’s tonnes Lbs per common share
2011F 0.38
2012F 1.28
2013F 1.33
2014F 1.41
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25. Lowering Political Risk Profile
Country Ease of Doing Business
Australia 10
Finland 13
Peru 36
Zambia 76
Mauritania 165
Source: World Bank Survey – Doing Business 2011
 The Doing Business project provides objective measures of
business regulations and their enforcement across 183 economies
and selected cities at the subnational and regional level
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26. Goal: A Globally Diversified Mining Company
 Technical strength at the core of growth strategy
 Existing operations provide a solid platform to support growth
 Strong financial position and cash flow
 2011 milestones in execution of growth strategy:
— Emergence as a nickel producer
— Establishing a presence in Peru
 ~$2 billion investment in growth over 2011 – 2015 to significantly
increase copper production
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27. Global Diversified
TSX: FM
LSE: FQM
www.first-quantum.com
April 2011

28. Corporate Profile
Stock exchange listings & symbols – (S&P/TSX 60 Index) TSX: FM LSE: FQM
Shares issued and outstanding 86.2 million
Fully diluted 95.1 million
52-week share price range C$138.25-C$48.20
Recent share price – March 28, 2011 C$120.60
Market capitalization – $ millions C$10.4 billion
Average daily trading volume - shares 621,000
Dividend paid in regards to year 2010 – per share C$0.80
Geographic breakdown of institutional shareholders NA=45%; Eur=45%; other=10%
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29. Financial Summary
Year ended December 31, 2010
Total revenues $2,378.2M
Cost of sales $1,050.7M
Net earnings, before impairment and acquisition costs $557.4M
Earnings per share, before impairment and acquisition costs $6.94
Cash flow before working capital movements $899.8M
Financing activities $(110.0)M
Investing activities $(225.6)M
Cash flow per share before working capital movements $11.21
Cash and equivalents – as at December 31, 2010 $1,344.9M
Average shares outstanding for the period 80.3M
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30. Operating Summary
Year ended December 31, 2010
Copper produced – (tonnes) 323,017
Copper sold – (tonnes) 311,560
Gold sold – (ozs) 188,368
Copper in concentrate inventory – (tonnes) 36,753
Cash cost – (per lb) $1.18
Total cost – (per lb) $1.47
Realized copper price – (per lb) $2.98
Realized gold price – (per oz) $1,033
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