Lusaka Stock Exchange becomes the first African exchange to list depositary receipts

NEW YORK, July 27, 2011 — BNY Mellon, the global leader in investment management and investment services, has been appointed by First Quantum Minerals Limited (FQM) as the depositary bank for its Zambian Depositary Receipt (ZDR) program on the Lusaka Stock Exchange (LuSE).  The program is the first ever ZDR listing and the LuSE becomes the first stock exchange in Africa to list depositary receipts.  FQM's common shares are listed on both the Toronto Stock Exchange and London Stock Exchange.  Each FQM DR represents 140 ordinary shares and trades on the LuSE under the symbol "FQMZ."  FQM's ordinary shares trade in Toronto under the symbol "FM" and in London under the symbol "FQM."

First Quantum is engaged in mineral exploration, development and mining.  The company produces grade-A copper cathode, copper in concentrate, gold, and sulphuric acid.  FQM operates the Kansanshi copper-gold mine in Zambia and the Guelb Moghrein copper-gold mine in Mauritania.  In 2010, FQM produced more than 323,000 tons of copper and over 191,000 ounces of gold, generating revenues of $2.4 billion.  

"The ZDR listing recognizes that Zambians are important stakeholders of First Quantum and creates an important venue for Zambians to identify with and participate in the growth of the company," said First Quantum Minerals Chairman and CEO Philip Pascall.  

"Depositary receipts are the perfect mechanism for international companies to facilitate a local listing," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts business.  "We're proud to have established numerous DR market firsts, and providing an innovative solution for FQM to create the first Zambian DR shows our focus on connecting the world's equity markets, literally from ADRs to ZDRs."

"The LuSE is proud to be the first exchange in Africa to list a depositary receipt," said Beatrice Nkanza, CEO of the LuSE.  "This program offers Zambian investors the opportunity to buy FQM DRs and to receive dividend payments in Zambian Kwacha.  The ZDRs will trade freely, like any other equity security on the LuSE."

BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team.  It has $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Learn more at www.bnymellon.com and through Twitter @bnymellon.

This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.