First Quantum Minerals Announces Final Variation and Extension of Offer: 61.45% of Inmet Shares Tendered to Date

First Quantum Minerals Announces Final Variation and Extension of Offer: 61.45% 
of Inmet Shares Tendered to Date 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/13 -- First
Quantum Minerals Ltd. ("First Quantum" or the "Company")
(TSX:FM)(LSE:FQM) today announced that, by delivery of a written
notice to Computershare Investor Services Inc. prior to 11:59 p.m.
(Eastern Daylight Time) on March 11, 2013, First Quantum varied and
extended its offer (the "Offer") to acquire all of the outstanding
shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"). The
Offer will now be open for acceptance until 11:59 p.m. (Eastern
Daylight Time) on March 21, 2013, unless further extended or
withdrawn. 
A Notice of Variation and Extension has been filed with the Canadian
securities regulators and will be available for review at
www.sedar.com. The Notice of Variation and Extension is also being
mailed to Inmet shareholders in accordance with applicable Canadian
securities laws. 
As at 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, a total
of 43,207,256 Inmet Shares, representing approximately 61.45% of the
outstanding Inmet shares (on a fully diluted basis), had been
tendered to the Offer. The Offer has been varied to allow the minimum
tender condition to be satisfied if more than 50% of the outstanding
Inmet shares (on a fully diluted basis) have been validly deposited,
prior to the new expiry time of the Offer. Accordingly, based on
tenders to date, First Quantum anticipates being in a position to
complete the Offer and begin taking up and paying for shares promptly
following the expiry of the Offer at 11:59 p.m. (Eastern Daylight
Time) on March 21, 2013.  
If as expected more than 66 2/3% of the outstanding Inmet shares (on
a fully diluted basis) have been validly deposited under the Offer as
at the new expiry time of the Offer, First Quantum will be
implementing a Subsequent Acquisition Transaction to acquire the
balance of the Inmet shares not deposited under the Offer, as more
fully described in the Offer circular. Since implementing a
Subsequent Acquisition Transaction could take as long as several
months, Inmet shareholders are strongly encouraged to tender their
Inmet shares to the Offer, to the extent they have not already done
so, prior to the expiry of the Offer at 11:59 p.m. (Eastern Daylight
Time) on March 21, 2013 in order to receive payment for their shares
sooner rather than later. 
The Offer has also been varied to allow eligible holders of Inmet
shares to make an election providing for a tax-free rollover for
Canadian income tax purposes in respect of the First Quantum shares
they receive as consideration under the Offer.  
Commenting upon the variation and extension, Mr. Philip Pascall, CEO
and Chairman of First Quantum, said: 
"We are delighted with the overwhelming support that Inmet
shareholders have shown for our Offer. We have varied our Offer such
that the minimum tender condition will now be satisfied if more than
50% of the Inmet shares have been tendered at the revised expiry time
of the Offer. Accordingly, with all regulatory approvals already
received, it is our expectation that we will be in a position to
complete the Offer and begin taking up and paying for shares shortly
following the expiry of the Offer on March 21, 2013. 
This is our best and now final Offer. We urge all Inmet shareholders
who haven't yet tendered to do so before 11:59 p.m. (Eastern Daylight
Time) on March 21, 2013 so that they can receive the consideration
for their shares sooner rather than later.  
We look forward to working with Inmet's management team and Board of
Directors to ensure a seamless change of ownership and management of
Inmet. We are excited at the prospect of being able to apply First
Quantum's experience and unique skills to Cobre Panama as soon as
possible." 
Bankers, Advisors and Information Agent 
First Quantum has engaged Jefferies International, Goldman, Sachs &
Co., and RBC Capital Markets to act as its financial advisors in
connection with the Offer. Fasken Martineau DuMoulin LLP is acting as
legal counsel to First Quantum in connection with the Offer. 
Financing for the Offer is being provided by Standard Chartered Bank. 
Georgeson Shareholder Communications Canada, Inc. has been retained
as information agent for the Offer. Shareholders may contact
Georgeson at: 
Toll Free (North America): 1-866-656-4120 
Outside North America Call Collect: 1-781-575-2421 
Email: askus@georgeson.com 
About First Quantum 
First Quantum is a leading international mining company with a global
portfolio of copper and nickel assets located in Africa, Australia,
South America and Europe. For the twelve months ended December 31,
2012, First Quantum generated revenue and adjusted EBITDA of US$2,950
million and US$1,143 million respectively and produced 307 kt of
copper, 38 kt of nickel and 202 koz of gold. A diverse portfolio of
profitable operating assets and quality growth projects makes First
Quantum one of the fastest-growing mining companies in the world.
First Quantum is listed on the Toronto, London and Lusaka Stock
Exchanges, with a market capitalization of approximately US$10
billion. 
First Quantum has earned a strong reputation as an industry leading
developer of high-quality base metals projects globally. Although a
significant copper producer currently, First Quantum is itself in a
phase of transformational growth, with an anticipated tripling of
copper production by the end of 2018. To achieve this growth, the
First Quantum team is building on its significant experience in
project development, with a proven record of successfully developing
resource assets. The capital intensity of our Kansanshi and Sentinel
developments, for example, at approximately US$5,000 / tonne and
US$6,000 / tonne, respectively, are among the lowest in the industry.
Importantly, First Quantum has consistently delivered superior
shareholder returns, averaging 32 percent per annum over the period
2000 to 2011. 
Forward Looking Information 
Certain statements and information in this press release, including
all statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or information
with respect to the anticipated completion of the proposed Offer and
the anticipated strategic and operational benefits of the Offer.
Often, but not always, forward-looking statements or information can
be identified by the use of words such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "projects", "anticipates" or "does not
anticipate" or "believes" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. 
With respect to forward-looking statements and information contained
in this press release, First Quantum has made numerous assumptions
including, among other things, assumptions about the price of copper,
gold, cobalt, nickel, PGE, and sulphuric acid, and other anticipated
costs and expenditures. Although management of First Quantum believes
that the assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that any forward-looking statement or information herein will prove
to be accurate. Forward-looking stateme
nts and information by their
nature involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from
any future results, performance or achievements expressed or implied
by such forward-looking statements or information. These risks,
uncertainties and other factors include, but are not limited to,
uncertainties surrounding the ability to realize operational
synergies following completion of the Offer, reliance on Inmet's
publicly available information which may not fully identify all risks
related to its performance, success in integrating the retail
distribution systems, and the integration of supply chain management
processes, future production volumes and costs, costs for inputs such
as oil, power and sulphur, political stability in Zambia, Peru,
Mauritania, Finland, Turkey, Spain, Panama and Australia, adverse
weather conditions in any of the foregoing countries, labour
disruptions, mechanical failures, water supply, procurement and
delivery of parts and supplies to the operations, and the production
of off-spec material. 
See First Quantum's annual information form for additional
information on risks, uncertainties and other factors relating to the
forward-looking statements and information. Although we have
attempted to identify factors that would cause actual actions, events
or results to differ materially from those disclosed in the
forward-looking statements or information, there may be other
factors, many of which are beyond the control of First Quantum, that
might cause actual results, performances, achievements or events to
differ from those anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking statements
or information. 
While First Quantum may elect to update the forward-looking
statements at any time, First Quantum does not undertake to update
them at any particular time or in response to any particular event,
other than as may be required by applicable securities laws.
Investors and others should not assume that any forward-looking
statement in this press release represent management's estimate as of
any date other than the date of this press release. 
Other 
This press release does not constitute an offer to buy or an
invitation to sell, or the solicitation of an offer to buy or
invitation to sell, any of the securities of First Quantum or Inmet.
Such an offer may only be made pursuant to an offer and take-over bid
circular filed with the securities regulatory authorities in Canada.  
First Quantum has also filed with the U.S. Securities and Exchange
Commission ("SEC") a Registration Statement, which includes the offer
and take-over bid circular relating to its offer to Inmet
shareholders. FIRST QUANTUM URGES INVESTORS AND SECURITY HOLDERS TO
READ THE REGISTRATION STATEMENT, THE OFFER AND TAKE-OVER BID CIRCULAR
AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC AND
CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors may obtain a free copy of the offer
and take-over bid circular and other documents filed by First Quantum
with the Canadian securities regulators at www.sedar.com and with the
SEC at the SEC's website at www.sec.gov. The offer and take-over bid
circular and other documents may also be obtained free of charge from
First Quantum's website at www.first-quantum.com or upon request made
to First Quantum at 8th Floor, 543 Granville Street, Vancouver,
British Columbia V6C 1X8. 
Contacts:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
sharon.loung@fqml.com 
First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com 
Jefferies International
Peter Bacchus
Managing Director
+44 778 994 3482 
Media: Harmony Communications
Brian Cattell
Senior Partner
+44 20 7016 9155
 
 
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