First Quantum Completes US$18 Million Loan Facility for Bwana Mkubwa Expansion.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 10, 2002

First Quantum Minerals Ltd. (LSE:FQM)(TSX:FM) is pleased to announce the signing of a US $18 million term debt facility for its wholly owned subsidiary Bwana Mkubwa Mining Limited ("Bwana Mkubwa") with Standard Chartered Bank ("SCB"). The facility will consist of a US $15 million facility and a Zambian Kwacha 12.50 billion facility (US $3.0 million) provided by Standard Chartered Bank, Zambia. The facility will be used to finance the expansion of the SX/EW plant at Bwana Mkubwa from an annual production rate of 10,000 tonnes (22 million pounds) of copper cathode to a minimum of 30,000 tonnes (66 million pounds) of copper cathode. The SCB facility is repayable in 36 equal monthly instalments commencing in November 2002 after the scheduled completion of the Bwana Mkubwa expansion.

"The SCB loan facility completes all of the financing required to triple copper production at Bwana Mkubwa and demonstrates strong support from the international banking community for this unique cross border operation. Phase Two of the expansion construction is well underway and we expect commissioning to begin early in the fourth quarter of 2002. When the Bwana Mkubwa facility is fully expanded to treat ore from the Lonshi deposit, cash costs net of credits are budgeted to be $0.30 per pound of copper putting the Bwana Mkubwa operation in the lowest quartile worldwide in terms of cost of production. Bwana Mkubwa will continue to be a cornerstone of the company and a major contributor to cash flow." commented Philip Pascall, Chairman, First Quantum Minerals.

The Lonshi copper deposit is located 36 kilometres southeast of the Bwana Mkubwa facility in the Democratic Republic of the Congo. The current resource is 5.1 million tonnes grading 5.75% copper or 295,000 tonnes (650 million pounds) of contained copper. In September 2001, the Company commenced open pit mining operations at Lonshi. As of April 27, 2002 approximately 563,000 tonnes of ore grading 4.5% acid soluble copper containing 25,300 tonnes (56 million pounds) of copper had been stockpiled for future processing. Exploration drilling to test both the strike extension and down dip extension, between 65 metres and 140 metres, of the Lonshi orebody, has been very encouraging and detailed results will be published upon compilation and analysis of data.

On Behalf of the Board of Directors of First Quantum Minerals Ltd.

G. Clive Newall

Certain of the information contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the prices of gold, copper and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of copper, gold and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities and Exchange Commission.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.