First Quantum Reports Operational and Financial Results for First Quarter 2003.

Business Editors

VANCOUVER, British Columbia----(BUSINESS WIRE)--May 22, 2003

(All figures expressed in US dollars)

First Quantum Minerals Ltd. (TSX:FM) (LSE:FQM) (OTCBB:FQVLF) is pleased to announce its results for the three months ended March 31, 2003. The complete financial statements are available for review at www.first-quantum.com.

First Quarter Highlights

-- Bwana Mkubwa production of 4,359 tonnes (9.6 million pounds)

copper and 23,432 tonnes surplus acid, with cash cost of $0.44

per pound of copper, net of acid credits.

-- The combined Bwana Mkubwa / Lonshi operation contributed a

gross margin of $2.2 million.

-- Net earnings for the period were $7,459 or $0.00 per share and

cash outflow from operations after working capital movements

for the period was $0.4 million or $0.01 per share.

-- Project financing for the Kansanshi copper-gold project is

expected to close by June 2003.

-- Execution of a private placement term sheet with the AIG

African Infrastructure Fund LLC ("AAIF") to issue 4 million

shares at a price of C$5.60 per share. In addition, AAIF will

provide a Standby Facility of US$10 million for the Kansanshi

project for a period of 2 years from the closing date of the

transaction.

-- After the end of the period, BHP Billiton Ltd. exercised its

right to earn a participating interest in the Mwinilunga and

Luamata Prospecting Licenses. BHP Billiton will earn its 51%

interest by advancing a total of $2.4 million for exploration

expenditures over a four year period.

Financial Results (see attached financial statements)

The comparison between the two quarters presented is complicated by the change in fiscal year end that occurred in 2002. The first quarter for 2003 is for the three months ended March 31, 2003 while the comparative quarter for 2002 is for the three months ended February 28, 2002. Both of these three month quarters fall within the wet season in central Africa so the impact of seasonal factors should be minimal.

Comparison between the quarters is further complicated by the Company's investment in Carlisa being included in the first quarter 2002, when Carlisa's results were proportionately consolidated. To understand the impact of the company diluting its interest in Carlisa and moving to the cost method of accounting for this investment, reference should be made to both the 2002 annual report and the unaudited financial statements for the current period.

For the first quarter 2003 revenues, including interest income, were $10.3 million (2001: $28.1 million). The decrease principally reflects the changed treatment of the Company's interest in Carlisa. Revenues from the combined Bwana Mkubwa and Comisa operation increased by 62% in the first quarter 2003 to $10.2 million (2002: $6.3 million) as a result of commissioning the Bwana plant expansion. The combined operation contributed gross profit for the period of $2.2 million (2002: $2.5 million), reflecting increased start-up costs as the result of the commissioning of the expanded SX/EW facility during an abnormally wet rainy season. Net earnings for the first quarter of 2003 were $7,459 (2002 - loss of $4.5 million) or $0.00 per share (2002 - loss of $0.10 per share).

Cash outflow from operating activities in the first quarter of 2003 was $0.4 million ($0.01 per share) compared to cash outflow in the first quarter 2002 of $3.4 million ($0.08 per share). The recent cash outflow was principally caused by a decrease of $1.2 million in accounts payable and accruals. The average copper price after realization charges at Bwana Mkubwa in the first quarter 2003 was $0.70 per pound (2002: $0.65 per pound).

Bwana Mkubwa SX/EW Facility, Zambia (100%)

During the first quarter 2003 Bwana Mkubwa produced 4,359 tonnes of copper (2002: 2,080 tonnes) and 34,385 tonnes of sulphuric acid (2002: 35,289 tonnes), of which 23,432 tonnes of sulphuric acid (2002: 21,502 tonnes) were sold externally. During the period, 110,875 tonnes of Lonshi ore grading 4.6 percent copper (2002: 431,840 tonnes grading 0.66% copper) were processed at the Bwana Mkubwa. The increase in copper production was the result of higher grade throughput of Lonshi ore in the newly commissioned SX/EW facility at Bwana Mkubwa. The Bwana Mkubwa plant now utilizes Lonshi ore as the exclusive feedstock for operations and copper production is designed to triple from 10,000 tonnes to approximately 30,000 tonnes per year. Copper production doubled during the commissioning phase though above average rainfall during the period created handling problems which hindered further production gains.

At Bwana Mkubwa, costs of sales for the first quarter of 2003 were $8.0 million (2002: $3.8 million). The higher cash costs were mainly associated with mining, transporting and comminution of Lonshi ore. Cash costs (C1) were $0.44 (2002: $0.11) and total costs (C3) were $0.69 (2002: $0.36) per pound of copper for the period. Cash costs are expected to decline for the remainder of the year, as production expands. C1 costs are cash costs including mining, processing, site administration and refining, net of by product credits, and C3 costs are total costs being C1 costs plus depreciation and amortization charges, royalties, related head office, interest costs and financing charges.

Lonshi Copper Mine, Democratic Republic of Congo (100%)

During the first quarter 2003, as per the mine plan to minimize mining activity during the wet season, there was no ore mined and approximately 230,000 tonnes of waste were mined from the Lonshi Mine.

After the end of the quarter, the Company closed a $6 million secured lease debt facility with Banque Belgolaise SA. The facility will be used to purchase equipment for COMISA's operations at Lonshi. Significant savings in mining costs at Lonshi are expected through the implementation of owner mining.

Kansanshi Copper-Gold Deposit (80%)

In December 2002 the Company completed a Definitive Feasibility Study ("DFS") for Phase One development of the Kansanshi copper-gold project. The study was carried out by GRD Minproc Limited of Perth, Western Australia. The following comments are based on results contained within the DFS.

It is proposed that the Kansanshi project will be developed in two phases of which only Phase One is considered in detail in the DFS. During the sixteen year Phase One mine life, it is expected that Kansanshi will produce 1.6 million tonnes of copper, approximately 44% as copper cathode and 56% as copper in concentrate. It is expected that owner mining cash costs will average $0.38 per pound of copper over the sixteen year life of Phase One

Pre-production capital costs have been estimated at $163.4 million, consisting of $122.5 million in process plant and infrastructure, $23.6 million in mining equipment, $6.5 million in mine services, $5.7 million in pre-production mining and $5.1 million in owner's costs. These costs exclude $20 million for a power line.

Standard Bank Group and WestLB AG are "Co-Lead Arrangers and Underwriters" for a limited recourse Export Credit and Commercial debt loan facility of a minimum of US $120 million (Loan Facility). It is intended that the loan facility be structured 50% as a commercial debt facility and 50% as an export credit facility through the Export Credit Insurance Corporation of South Africa. First Quantum is also in final discussions with the European Investment Bank (EIB), the financing institution of the European Union, who has expressed an interest in participating in financing of the Kansanshi project. The EIB has proposed that its participation in Kansanshi would be project financing in the form of subordinate debt. Furthermore, First Quantum has received expressions of interest from a number of development banks, national development banks, specialized equity funds and metal off takers who may be willing to provide funding, subordinated to the Loan Facility for the development of the Kansanshi project. The project financing is expected to close by June 2003.

Exploration

A wide-ranging grassroots exploration program for new major copper deposits is underway on wholly owned properties in Zambia and the Democratic Republic of the Congo (DRC), and in joint venture with BHP Billiton in Zambia.

After the end of the quarter, BHP Billiton Ltd. ("BHP Billiton") exercised its right under the Mwinilunga Joint Venture Agreement to earn a direct 51% participating interest in up to three separate project areas, each up to a maximum of 500 square kilometres in extent and contained within the Mwinilunga and Luamata Prospecting Licenses (8,630 square kilometers). BHP Billiton may earn its interest by advancing a total of $2.4 million for exploration expenditures over a four year period. BHP Biliiton can increase its interest to 70% by arranging financing (to be recovered from First Quantum's share of cash flow) of First Quantum's share of all additional expenditures necessary to bring any economic deposit found in the Project Areas to the commencement of commercial production.

First Quantum and BHP Billiton have agreed to a first year budget of $1,045,000 with $525,000 to be spent on follow up drill testing of geochemical targets and $520,000 to deploy BHP Billiton's proprietary FALCON(tm) airborne gravity system over the Mwinilunga license area. First Quantum and BHP Billiton anticipate that the use of this "state of the art" geophysical system at Mwinilunga will result in the improved definition of already identified target areas and in the location of additional targets for follow up drilling in the second year of the option. First Quantum will manage the exploration program at Mwinilunga.

Outlook

April's cathode copper production at Bwana Mkubwa was 2,008 tonnes. By June 2003 full operating capacity of 2,500 tonnes of cathode copper per month is expected at Bwana Mkubwa. The Company is projecting 28,700 tonnes of cathode copper production for 2003.

Final arrangements are being made to complete a financing package for the Kansanshi Project by the end of the second quarter. The Company has received support from our lending syndicate (Standard Bank Group and WestLB AG) as well as the European Investment Bank, Banque Belgolaise SA and a number of other European banks. The Company recently announced a term sheet with the AIG African Infrastructure Fund LLC for a private placement of 4 million shares at C$5.60 per share and a further $10 million standby debt facility. Based on the positive results of the DFS, the Company has conditionally decided to proceed with the development of the Kansanshi Project, subject to reaching agreement with the Government of Zambia ("GRZ") on certain matters relating to the development framework of the Kansanshi Project, obtaining all necessary approvals from the GRZ, and completion of financing arrangements, all of which the Company expects to complete by the end of the second quarter of 2003.

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 preceding discussion and analysis and financial review should be read in conjunction with management's discussion of critical accounting policies, risk factors and comments regarding forward looking statements contained in the audited consolidated financial statements for the period ended December 31, 2002. The following discussion and analysis of the Company's results of operations should also be read in conjunction with the unaudited consolidated financial statements and related notes.

PRODUCTION SUMMARY
For The Three Months Ended March 31, 2003
(All figures in United States dollars)
--------------------------------------------------------------------
                                                     2003       2002
Bwana Mkubwa Mine, Zambia (100%)                    First      First
                                                  Quarter    Quarter
                                                 (Jan-Mar)  (Dec-Feb)
--------------------------------------------------------------------
Finished Copper Production (tonnes)                4,359      2,080
Sulphuric Acid Sold (tonnes)                       23,432     21,502
C3 (Total) Cost Copper (US$/lb)                      0.69       0.36
C1 (Cash) Cost Copper (US$/lb)                       0.44       0.11

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OPERATION STATISTICS By QUARTER - 2003
(All figures in United States dollars)

Bwana Mkubwa Mine, Zambia
Copper & Acid Production
--------------------------------------------------------------------
                                                               First
                                                             Quarter
                                                            (Jan-Mar)
--------------------------------------------------------------------

Lonshi Ore Processed - (tonnes)                              110,875
Lonshi Copper Grade - (%)                                       4.6%
Lonshi Contained Copper - (tonnes)                             5,053
Average Recovery - (%)                                           86%

Finished Copper Production (tonnes)                            4,359
C3 (Total) Cost Copper ($/lb)                                   0.69
C1 (Cash) Cost Copper ($/lb)                                    0.44

Sulphuric Acid Produced (tonnes)                              34,385
Sulphuric Acid Sold (tonnes)                                  23,432

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Notes:

C1 - costs are cash operating costs, including mining, processing,
site administration and refining; net of by product credits.

C3 - costs are total production costs, including mining,
processing, site administration and refining; depreciation and
amortization charges; royalties, related head office, interest
costs and finance charges; net of by product credits.


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Consolidated Balance Sheets
(expressed in thousands of US dollars)
                                               March 31, December 31,
                                                   2003         2002
                                                 $000's       $000's
                                             (Unaudited)    (Audited)
Assets
Current assets
Cash and cash equivalents                         3,849        8,180
Accounts receivable and prepaid
 expenses                                         3,634        3,217
Inventory                                        12,222       11,864
                                                -------      -------
                                                 19,705       23,261

Deferred financing fees                              53          135
Deferred stripping costs (note 2)                   597            -
Investments (note 4)                             12,267       12,278
Deferred exploration and acquisition
 costs                                            1,056          994
Property, plant and equipment (note 5)           63,293       61,156
                                                -------      -------
                                                 96,971       97,824
                                                -------      -------
                                                -------      -------

Liabilities
Current liabilities
Accounts payable and accrued liabilities         10,656       11,828
Current portion of long-term
 debt (note 6)                                    8,044        6,020
                                                -------      -------
                                                 18,700       17,848

Long-term debt                                   17,708       20,139
Future income tax liability (note 7)              3,555        3,373
Environmental and closure provisions              1,062          747
                                                -------      -------
                                                 41,025       42,107
Non-controlling interest                          2,190        2,190
                                                -------      -------
                                                 43,215       44,297
                                                -------      -------
Shareholder's Equity
Equity Accounts (note 8)                         88,383       88,161
Deficit                                         (34,627)     (34,634)
                                                -------      -------
                                                 53,756       53,527
                                                -------      -------
                                                 96,971       97,824
                                                -------      -------

Approved by the Board of Directors

Martin R. Rowley, Director           G. Clive Newall, Director



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Consolidated Statements of Earnings and Deficit
(expressed in thousands of US dollars)
                                                 Three months ended
                                               March 31, February 28,
                                                   2003         2002
                                                      $            $

Revenues
Owned Operations
 Copper                                           6,851        2,983
 Acid                                             3,328        3,160
 Other                                               86           28
Carlisa Related Revenues (note 3)                     -       21,949
                                                -------      -------
                                                 10,265       28,120
                                                -------      -------

Costs and expenses
Cost of sales                                     8,061       28,296
Depletion and amortization                          998        1,674
Exploration                                         108           77
Foreign exchange loss (gain)                       (140)         (36)
General and administrative                          530          537
Interest and financing fees on long-term debt       586        1,109
                                                -------      -------
                                                 10,143       31,657
                                                -------      -------
Earnings (loss) before income taxes,
 non-controlling interest and equity losses         122       (3,537)
Tax expense (note 7)                                104        1,164
Non-controlling interest                              -         (218)
Equity loss (earnings)                               11           (7)
                                                -------      -------
Net earnings (loss) for the period                    7       (4,476)
Deficit - Beginning of period                   (34,634)     (30,843)
                                                -------      -------
Deficit - End of period                         (34,627)     (35,319)
                                                -------      -------

Earnings (loss) per common share
Basic and Diluted - $ per share (note 8)          $0.00       ($0.10)
Weighted average number of shares
 outstanding                                 43,560,841   43,095,905


--------------------------------------------------------------------
Consolidated Statements of Cash Flows
(expressed in thousands of US dollars)
                                                 Three months ended
                                               March 31, February 28,
                                                   2003         2002
                                                      $            $
Cash flows from operating activities
Net earnings (loss) for the period                    7       (4,476)
Items not affecting cash
 Depletion and amortization                         998        1,674
 Amortization of financing fees                      82           37
 Environmental and closure provisions               315            -
 Equity loss (earnings)                              11           (7)
 Net recognition of deferred revenue                  -         (750)
 Accrued interest on ZCCM facility                    -          406
 Non-controlling interest                             -         (293)
 Future income tax expense                          182        1,164
 Gain on equity dilution                              -       (1,834)
                                                -------      -------
                                                  1,595       (4,079)
                                                -------      -------

Change in non-cash operating working capital
 Decrease (increase) in accounts receivable
  and prepaids                                     (417)      (3,341)
 Decrease (increase) in inventory                  (358)       1,253
 Increase (decrease) in accounts payable and
  accrued liabilities                            (1,172)       2,809
                                                -------      -------
                                                   (352)      (3,358)
Cash flows from financing activities
Proceeds from long-term debt                      9,865        1,500
Repayments of principal on long-term debt       (10,272)      (3,020)
Proceeds from issue of common shares and
 warrants                                           222           73
                                                -------      -------
                                                   (185)      (1,447)
                                                -------      -------
Cash flows from investing activities
Net payments to acquire capital assets and
 investments                                     (3,134)      (6,293)
Proceeds on equity dilution                           -       10,045
Payments for deferred exploration and
 stripping costs                                   (660)         (14)
                                                -------      -------
                                                 (3,794)       3,738
                                                -------      -------

(Decrease) Increase in cash and cash
 equivalents                                     (4,331)      (1,067)
Cash and cash equivalents - Beginning of
 period                                           8,180        9,836
                                                -------      -------
Cash and cash equivalents - End of period         3,849        8,769
                                                -------      -------



The notes are an integral part of these consolidated financial
statements.  For a copy of the notes visit our website at
www.first-quantum.com

Listed in S&P's, 12g3-2b-82-4461; Sedar Profile #00006237

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