BNY Mellon Appointed as Depositary Bank by First Quantum Minerals Limited

Lusaka Stock Exchange becomes the first African exchange to list depositary receipts
By None

BNY Mellon, the investment management and investment services,group 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. FQMs 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. FQMs 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 MineralsChairmanandCEOPhilip Pascall.

Depositary receipts are the perfect mechanism for international companies to facilitate a local listing, said Michael Cole-Fontayn, CEO of BNY Mellons Depositary Receipts business. Were 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 worlds 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. 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.

(LB)

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