First Quantum Minerals Ltd announced the finalization of the acquisition of the Ravensthorpe Nickel Operation in Western Australia following the receipt of the relevant Government approvals. The acquisition will take effect on February 10th 2010.

The Company is planning to spend the next 12 months constructing two crushing plants in the modification of the crushing, conveying, stockpile and reclaim areas of the plant.

This is expected to be followed by approximately six months of commissioning and ramp-up.

The capital requirement for the modification is estimated at approximately USD150 million, depending on currency exchange rates.