Falconbridge $221 Million In First Quarter

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Falconbridge reported consolidated earnings of $221 million (basic earnings per share of $1.22 and diluted earnings per share of $1.21) for the first quarter 2005.

This compares with earnings of $184 million (basic earnings per share of $1.02 and diluted earnings per share of $1.01) for the first quarter of 2004.

“We have had a solid start to the year, increasing year over year production at most of our facilities, which enabled us to take full advantage of high metals prices and generate record earnings,” said Aaron Regent, President and Chief Executive Officer of Falconbridge. “In addition, the proposed merger with Noranda will simplify our ownership structure, provide a larger shareholder float and increase our critical mass, which will aid our ability to advance new large scale projects. As one of the world’s largest base metals companies, we will be well positioned to benefit from the expected continuation in high metal prices. With a high quality pipeline of growth initiatives in copper and nickel, the company is positioned to broaden its appeal to large institutions and further expand its shareholder base.”

On March 9, 2005, Falconbridge entered into an agreement to combine with its major shareholder, Noranda Inc. The merger would be completed by way of a share exchange take-over bid under which Falconbridge common shareholders (other than Noranda) would be offered 1.77 Noranda common shares for each Falconbridge common share. After the merger, Noranda would be renamed NorandaFalconbridge, creating one of North America’s largest base-metals companies.

Noranda’s offer to Falconbridge shareholders will expire on May 5, 2005.

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Falconbridge $221 Million In First Quarter
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