HAQUIRA PROJECT

Haquira is an undeveloped copper deposit in Apurimac region of southern Peru.

Overview

Haquira is one of the world’s major undeveloped copper deposits with excellent potential for a large-scale copper mine. It is located in the Peruvian Andes, in the Apurimac region of southern Peru.

First Quantum secured the Haquira deposit via its acquisition of Antares Minerals in 2010. In 2013, First Quantum secured titles over seven concessions (6400 ha) adjacent to Haquira that now form part of the Haquira project, adding to potential copper resources and to the potential to accommodate infrastructure for Haquira. When fully operational the Haquira Project has the potential to produce more than 200,000 tonnes of copper a year.

Mining and Processing

Mineralisation at Haquira is related to porphyry-copper systems. Mineralisation has been identified in enriched supergene copper blankets, copper sulfide-bearing stockworks and sheeted-vein systems in underlying primary copper porphyries.

Reported in 2010, measured and indicated resources were 3.7 million tonnes of contained copper equivalent, with inferred resources of 2.4 million tonnes of contained copper equivalent. These published Mineral Resources and Mineral Reserves are historical estimates, now superseded by First Quantum's own preliminary updates, based on more recent technical and economic analyses.

First Quantum’s vision is for Haquira to be a state-of-the-art remote site, with employees working on appropriate rotations suited to high-altitude work.

The Company aims to continue working closely with stakeholders and key organisations in the Apurimac region to ensure the mine is developed to the highest standards and delivers a range of tangible benefits for local communities.

Outlook

The focus continues on the community and environmental aspects. The Environmental Impact Assessment (“EIA”) studies continue and formal negotiations with the communities with respect to their resettlement have now commenced.