Name of the Project
Cobre Panama copper project.

Location
Panama.

Client
First Quantum Minerals.

Project Description
The project will have an installed capacity of about 75-million tonnes a year for the first ten years.

Further expansion of up to 100-million tonnes a year is being considered.

Based on the current resource estimate and the planned installed capacity of 75-million tonnes a year, the project will produce an average of about 320 000 t/y of copper on a life-of-mine basis.

Cobre Panama is expected to have a mine life of 34 years.

Jobs To Be Created
Not stated.

Net Present Value
Not stated.

Value
The project is estimated at $5.48-billion.

Duration
The project is scheduled to be completed by 2018.

Latest Developments
Mining is on track for commissioning in 2018. The project was about 50% complete by the end of April this year.

Speaking at the Paydirt Latin America Downunder conference, in Perth, on May 18, First Quantum global exploration director Mike Christie said the company was targeting a throughput rate of 60-million tonnes by the end of December, with full capacity of 75-million tonnes a year targeted for 2019, to deliver about 320 000 t/y of copper.

First Quantum will spend about $1-billion on project construction in 2017.

A further $830-million on project capital will be spent in 2018, with a final $110-million to be spent in 2019.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
First Quantum Minerals director: investor relations Sharon Loung, tel +1 647 346 3934 or email sharon.loung@fqml.com.