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Falco optimistic about 2005

Falconbridge Limited is reporting consolidated earnings of $672 million (basic earnings per share of $3.71 and diluted earnings per share of $3.69) for 2004. This compares with earnings of $191 million (basic earnings per share of $1.

Falconbridge Limited is reporting consolidated earnings of $672 million (basic earnings per share of $3.71 and diluted earnings per share of $3.69) for 2004.

This compares with earnings of $191 million (basic earnings per share of $1.03 and diluted earnings per share of $1.02) for 2003.

Earnings of $194 million ($1.07 per common share on a basic and diluted basis) were reported for the fourth quarter 2004.

?We had a solid fourth quarter, capping an excellent year. Overall, we achieved strong operating results, which allowed us to maximize the benefits
from high metal prices and realize record earnings,? said Aaron Regent, president and CEO in a news release.

?The market fundamentals for nickel and copper continue to be very positive into 2005, with demand remaining strong and supply being constrained by the lack of new projects. With new production records anticipated for both nickel and copper, as a result of investments completed last year,
Falconbridge is well positioned to continue to benefit from high prices.?

In addition, our attractive pipeline of new Sudbury mines production was 5,700 tonnes of nickel and 6,800 tonnes of copper during the fourth quarter of 2004, which was the same as the fourth quarter of 2003.

For 2005, Sudbury mine production is forecast at 22,500 tonnes.

The company reports successful exploration programs at Raglan and Sudbury added 4.3 million tonnes of mineral resources.

For the fourth quarter of 2004, operating income for the nickel business totaled $157 million, compared to $134 million in the fourth quarter of 2003.

Refined nickel production was 27,600 tonnes in the fourth quarter of 2004, compared to 27,100 tonnes for the same period in 2003.

For 2004, operating income for the nickel business of $623 million compared to $283 million for the same period in 2003. Refined nickel production was 100,900 tonnes in 2004, compared to 104,400 tonnes in the same period in 2003.

The operating cash cost per pound of mined nickel for all of Falconbridge was $2.93 in 2004, compared with $2.78 in 2003.

At the Sudbury smelter, nickel in matte production in the fourth quarter of 2004 increased to 18,100 tonnes from 17,800 tonnes in the same period of 2003, as a result of the treatment of higher concentrate tonnages, partly offset by lower feed grades.

All dollar amounts are expressed in American dollars.



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