The coupon will be determined through a bookbuilding process led by Jefferies, the bank which now owns the UK corporate broker Hoare Govett.
First Quantum was one of the long-standing clients of Jefferies’ Peter Bacchus, the firm’s global head of metals and mining, from when he used to work for Morgan Stanley.
First Quantum recently became a broking client for Jefferies.
Philip Pascall has been chairman and chief executive of First Quantum since November 1996.
Jefferies has lost some of the larger clients it inherited from Hoare Govett but it has won a number of other clients including Sirius, which is listed on the Alternative Investment Market, First Quantum and Nord Gold, the gold producing company spun off by the Russian group Severstal.