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EXHIBIT 99.1

FALCONBRIDGE LIMITED
("Formerly Noranda Inc.")

CONSOLIDATED RESULTS

(US$ millions, unaudited)

	Third Quarter					Nine months ended September 30
	2005			2004		2005			2004
Revenues	$	2,006		$	1,703	$	6,074		$	5,030
Operating expenses
Cost of operations		617			535		1,895			1,493
Purchased raw materials		815			684		2,421			2,165
Depreciation, amortization and accretion		140			119		405			362
		1,572			1,338		4,721			4,020
Income generated by operating assets		434			365		1,353			1,010
Interest expense, net		50			35		126			104
Corporate and general administration		18			17		54			45
Research, development and exploration		16			14		43			33
Minority interest in earnings of subsidiaries		5			76		154			219
Income before undernoted		345			223		976			609
Other income		(5	)		7		(5	)		(10	)
Tax expense		136			98		389			241
Net Income	$	214		$	118	$	592		$	378
Dividends on preferred shares		5			3		12			9
Net Income attributable to common shares	$	209		$	115	$	580		$	369
Basic earnings per common share	$	0.57		$	0.39	$	1.76		$	1.24
Diluted earnings per common share	$	0.56		$	0.38	$	1.74		$	1.23
Basic weighted average number of shares — 000s		368,275			296,517		329,933			296,122
Diluted weighted average number of shares — 000s		375,597			303,702		336,646			303,399

FALCONBRIDGE LIMITED
("Formerly Noranda Inc.")

CONSOLIDATED BALANCE SHEETS

(US$ millions, unaudited)

		September 30 2005		December 31 2004
Assets
Current assets
	Cash and cash equivalents	$	692	$	884
	Accounts receivable		853		948
	Metals and other inventories		1,508		1,436
			3,053		3,268
Operating capital assets			6,751		4,870
Development projects			1,573		1,166
Investments and other assets			334		324
		$	11,711	$	9,628
Liabilities and Equity
Current Liabilities
	Accounts and taxes payable	$	1,137	$	1,265
	Debt due within one year		103		570
			1,240		1,835
Long-term debt			2,922		2,736
Preferred share liabilities			877		122
Future income taxes			1,151		304
Asset retirement obligation, pension and other provisions			695		595
Stockholders' interests:
	Interests of other shareholders		56		1,197
	Shareholders' equity		4,770		2,839
		$	11,711	$	9,628

FALCONBRIDGE LIMITED
("Formerly Noranda Inc.")

CONSOLIDATED STATEMENTS OF CASHFLOWS

(US$ millions, unaudited)

			Third Quarter						Nine months ended September 30
			2005			2004			2005			2004
Cash realized from (used for):
Operations
	Net income		$	214		$	118		$	592		$	378
	Charges (credits) not affecting cash:
	Depreciation and amortization			146			133			402			360
	Future taxes			32			93			156			146
	Minority interest			5			76			154			219
	Foreign exchange, and other			(5	)		15			(37	)		(27	)
				392			435			1,267			1,076
	Net change in accounts receivable, inventories and payables			(19	)		(146	)		(155	)		(274	)
Cash from operations				373			289			1,112			802
Investment activities
	Capital investments			(187	)		(189	)		(459	)		(459	)
	Investments and advances			(23	)		(3	)		(28	)		125
	Proceeds on dispositions			48			2			54			5
Cash used in investment activities				(162	)		(190	)		(433	)		(329	)
Financing activities
	Long-term debt, including current portion
		Issued		37			58			551			199
		Repaid		(1,056	)		(57	)		(1,335	)		(401	)
	Issue of shares — common			25			2			37			20
	Share purchase plan repayment			1			—			3			—
	Dividends paid			(43	)		(31	)		(107	)		(90	)
	Issue of shares — minority shareholders			—			1			18			15
	Dividends paid to minority shareholders			—			(8	)		(38	)		(25	)
				(1,036	)		(35	)		(871	)		(282	)
Increase (decrease) in cash and cash equivalents				(825	)		64			(192	)		191
Cash and cash equivalents, beginning of period				1,517			628			884			501
Cash and cash equivalents, end of period			$	692		$	692		$	692		$	692

FALCONBRIDGE LIMITED
SALES VOLUMES & REALIZED PRICES

							Nine months ended September 30
					Third quarter
				100% basis, except as noted
					2005	2004	2005	2004
Metal Sales (tonnes, except as noted)
	Copper
		Copper business
			CCR		79,826	65,533	215,436	216,205
			Kidd Creek		21,902	23,040	73,307	59,760
			Horne — (concentrates)		31,210	5,378	31,210	20,568
			Antamina — (concentrates)	(33.75%)	20,047	22,537	64,285	58,488
			Collahuasi — (concentrates)	(44%)	31,085	59,035	96,232	108,400
			Collahuasi	(44%)	6,217	1,510	19,997	18,538
			Lomas Bayas		15,534	16,271	49,369	44,952
			Altonorte — (anodes)		40,115	18,646	112,839	117,310
					245,936	211,950	662,675	644,221
		Nikkelverk			14,847	13,875	45,800	38,536
					260,783	225,825	708,475	682,757
	Nickel				21,592	15,432	64,860	51,575
	Ferronickel				4,783	6,247	18,036	20,832
	Zinc
		Copper business
			Kidd Creek		31,034	34,496	104,285	94,696
			Kidd Creek — (concentrates)		11,092	—	27,671	—
			Antamina — (concentrates)	(33.75%)	9,111	13,617	34,948	47,767
					51,237	48,113	166,904	142,463
		Zinc business
			Brunswick/Matagami — (concentrates)		63,808	82,596	179,641	227,727
					115,045	130,709	346,545	370,190
	Aluminum
		Primary Aluminum — shipments			60,915	60,890	184,559	187,315
		Norandal — shipments			45,545	43,658	134,707	131,842
		Alumina — shipments		(50%)	86,554	—	266,152	—
		Bauxite — shipments		(50%)	227,420	—	678,486	—
	Lead				10,053	9,581	54,211	60,055
	Molybdenum concentrate
		Antamina		(33.75%)	538	160	1,717	318
	Gold — 000 ounces				168	245	554	706
	Silver — 000 ounces
		CCR			7,676	8,868	25,156	28,387
		Kidd Creek			1,136	949	3,391	3,096
		Antamina		(33.75%)	308	624	1,071	1,702
					9,120	10,441	29,618	33,185
Average Realized Prices — (US$ per pound, except as noted)
		Copper			1.72	1.34	1.58	1.25
		Nickel			6.78	6.54	7.15	6.39
		Ferronickel			7.03	6.49	7.10	6.35
		Zinc			0.60	0.50	0.60	0.51
		Aluminum			0.86	0.84	0.90	0.82
		Lead			0.46	0.45	0.49	0.42
		Gold — (US$ per ounce)			435.07	395.12	429.31	397.81
		Silver — (US$ per ounce)			7.09	6.45	7.05	6.40
Exchange Rate (US$ = Cdn$1)					0.83	0.77	0.82	0.75
Exchange Rate (CLP = US$1)					556.08	627.72	564.33	614.97

FALCONBRIDGE LIMITED
PRODUCTION VOLUMES

							Nine months ended September 30
					Third Quarter
				100% basis, except as noted
					2005	2004	2005	2004
Mine Production (tonnes, except as noted)
	Copper
		Copper business
			Kidd Creek		11,070	8,563	32,168	32,151
			Antamina	(33.75%)	29,225	31,027	91,223	87,560
			Collahuasi	(44%)	44,046	65,067	134,248	146,869
			Lomas Bayas		15,583	15,719	48,108	46,361
					99,924	120,376	305,747	312,941
		Matagami			—	2,113	—	5,993
		Brunswick			1,683	1,447	4,508	4,646
		Sudbury			6,151	6,640	19,142	17,919
		Montcalm			1,611	181	3,775	358
		Raglan			1,761	1,795	4,663	5,133
		Other			205	3,165	7,485	10,538
					111,335	135,717	345,320	357,528
Nickel
		Sudbury			4,096	6,796	15,784	16,928
		Montcalm			2,585	348	6,738	628
		Raglan			6,406	6,972	17,623	19,869
					13,087	14,116	40,145	37,425
	Ferronickel				7,173	7,433	21,322	22,303
	Zinc
		Zinc business
			Brunswick		67,220	64,619	206,288	200,479
			Matagami		—	33,159	—	91,604
					67,220	97,778	206,288	292,083
		Kidd Creek			33,313	25,594	97,502	57,086
		Antamina		(33.75%)	18,635	15,186	57,121	55,964
		Other			889	2,570	6,016	6,961
					120,057	141,128	366,927	412,094
	Lead				19,340	17,383	58,682	54,808
	Silver — 000 ounces
		Copper business
			Kidd Creek		1,033	1,088	2,897	3,039
			Antamina	(33.75%)	714	770	2,468	2,159
					1,747	1,858	5,365	5,198
		Brunswick			1,603	1,383	4,692	4,348
		Matagami			—	129	—	362
		Other			10	56	179	179
					3,360	3,426	10,236	10,087
Metal Production (tonnes, except as noted)
	Refined copper
		Copper business
			CCR		80,905	63,180	215,115	209,628
			Kidd Creek		34,795	30,957	101,094	83,077
			Collahuasi	(44%)	6,737	6,894	20,001	18,715
			Lomas Bayas		15,583	15,719	48,108	46,361
					138,020	116,750	384,318	357,781
		Nikkelverk			9,987	7,857	28,639	26,837
					148,007	124,607	412,957	384,618
	Copper anodes
		Horne			41,253	27,611	105,738	112,044
		Kidd Creek			35,546	31,870	106,255	85,123
		Altonorte			79,458	56,469	218,853	187,561
					156,257	115,950	430,846	384,728
	Refined nickel
		Nikkelverk			21,447	15,994	64,084	50,952
		Falcondo			7,173	7,433	21,322	22,303
					28,620	23,427	85,406	73,255
	Refined zinc
		Kidd Creek			31,664	23,248	105,202	87,624
	Primary aluminum				60,245	62,308	183,323	185,170
	Fabricated Aluminum				45,545	43,658	134,707	131,842
	Alumina			(50%)	141,906	—	441,523	—
	Bauxite			(50%)	512,768	—	1,453,977	—
	Refined lead				7,690	4,549	52,234	57,937
	Molybdenum concentrate			(33.75%)	573	323	1,496	645
	Refined gold — 000 ounces				194	294	652	829
	Refined silver — 000 ounces				8,214	8,461	25,487	28,820

FALCONBRIDGE LIMITED
("Formerly Noranda Inc.")

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Millions of US dollars, except per share amounts and as otherwise indicated)
(Unaudited)

1.     ACCOUNTING POLICIES

        These unaudited interim consolidated financial statements have been prepared using disclosure standards appropriate for interim financial statements and do not contain all the explanatory notes, descriptions of accounting policies or other disclosures required by Canadian generally accepted accounting principles for annual financial statements. Such notes, descriptions of accounting policies and other disclosures have been included in Noranda Inc.'s ("Noranda's") 2004 annual consolidated financial statements except as discussed in Note 2 below. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with Noranda's audited annual consolidated financial statements and the accompanying notes included in the 2004 Annual Report.

        As is further described in Note 3, Noranda has acquired all of the issued and outstanding common shares of Falconbridge Limited ("the former Falconbridge") that it did not previously own. On June 30, 2005, Noranda amalgamated with the former Falconbridge and the newly amalgamated company ("Falconbridge" or the "Company") was continued under the name Falconbridge Limited.

2.     CHANGE IN ACCOUNTING STANDARDS

        Effective January 1, 2005, Falconbridge adopted the new Canadian Institute of Chartered Accountants (CICA) recommendations for presentation of convertible debentures and preferred shares (CICA 3860) and variable interest entities (AcG -15).

a)    Convertible Debentures

        The principal amount of Falconbridge's outstanding convertible debentures of Cdn$150 due on April 30, 2007 was previously classified as an equity instrument due to the Company's ability to settle principal payment by issuance of its shares. In accordance with the amended standard under CICA 3860, Falconbridge has presented the liability component of its convertible debentures as long term debt and the equity component as contributed surplus. The liability represents the present value of the principal payment of the debentures and the equity component represents the fair value of the holder's conversion feature. The stated interest payments and accretion expense from adjusting the time value of the principal of the debentures over time are recorded as interest expense in the consolidated statement of earnings.

        The cumulative impact of the adoption of the standard on January 1, 2005 was to decrease retained earnings by $43, increase the liability component of convertible debentures by $98, decrease equity by $46 and decrease the cumulative translation adjustment by $9. Adoption of the new standard reduced earnings by $8 for the three months ended September 30, 2005 (2004 — $7) and reduced earnings by $8 for the nine months ended September 30, 2005 (2004 — $8).

b)    Preferred Shares Series H

        The Company has $Cdn150 of cumulative preferred shares, series H, which provide the holders with an entitlement to convert the shares to the Company's common shares after a specified date and were previously reported as equity instruments in accordance with their legal form. As a result of the new accounting recommendations under CICA 3860 on presentation of financial instruments, the preferred shares have been reclassified as liabilities because their conversion feature represents a fixed obligation to the Company. The dividends paid are reported as interest expense in the consolidated statement of earnings.

        The cumulative impact of the adoption of the standard on January 1, 2005 was to decrease retained earnings by $14, increase liabilities by $122, decrease equity by $99 and decrease cumulative translation adjustment by $9. Adoption of the new standard reduced earnings by $8 for the three months ended September 30, 2005 (2004 — $8) and reduced earnings by $10 for the nine months ended September 30, 2005 (2004 — $8).

c)     Variable Interest Entities ("VIEs")

        Effective January 1, 2005, the Company adopted the recommendations of AcG-15 which details the requirements on the consolidation of VIEs. VIEs include entities where the equity invested is considered insufficient to finance the entity's activities without additional subordinated financial support from other parties. AcG-15 requires the Company to consolidate VIEs if the investment it holds in these entities and/or the relationship it has with them result in it being exposed to a majority of their expected losses, being able to benefit from a majority of their expected residual returns, or both.

        As a result of the new standard, the Company has consolidated a customer securitization vehicle, which has purchased trade accounts receivable from the Company. The cumulative impact of the consolidation of the vehicle on January 1, 2005 was to increase current assets by $17 and increase current liabilities by $17 with no impact on opening retained earnings. During the quarter, the customer securitization vehicle was terminated. The impact of the adopting AcG-15 on the balance sheet as at September 30, 2005 and the consolidated statement of earnings for the nine months ended September 30, 2005 is nominal.

3.     BUSINESS COMBINATION

        During the quarter, the Company completed the two-step acquisition of 41.5% of all the issued and outstanding common shares of the former Falconbridge that it did not previously own, pursuant to the offer to purchase dated March 9, 2005. The acquisition was done on a share-exchange basis with one common share of the former Falconbridge exchanged for 1.77 common shares of the Company. The former Falconbridge is a producer of nickel, copper, cobalt and platinum and has mining and metallurgical operations mainly in Canada and South America.

        The first step of the acquisition was completed on May 5, 2005 when the Company successfully acquired 32.3% of all the issued and outstanding common shares of the former Falconbridge, increasing its ownership to 90.8% of the outstanding former Falconbridge common shares.

        On June 30, 2005, the Company completed the second step of the acquisition by proceeding with its intent to acquire the remaining 9.2% of the former Falconbridge common shares and assumed 100% of the preferred shares and stock options obligations of the former Falconbridge. The second step of the acquisition was completed by way of an amalgamation of Noranda and the former Falconbridge ("the Amalgamation") and the newly amalgamated company is continued under the name Falconbridge Limited. The results of operation of the former Falconbridge from April 1, 2005 to May 4, 2005 have been included in the company's consolidated statements of earnings at 58.5% and from May 5, 2005 to June 30, 2005 at 90.8%. Beginning July 1, 2005, 100% of the results from operations have been included in the Company's consolidated statement of earnings.

        The allocation of the purchase price related to this acquisition is preliminary and will be refined as information relating to the valuation of operating capital assets and development projects is finalized. The preliminary fair values of the assets and liabilities of the former Falconbridge and the preliminary allocation of the purchase consideration are as follows:

		US$ millions except share price and number of shares
Calculation of preliminary allocation of purchase price:
Common shares of the Company issued to the former Falconbridge shareholders			132,840,681
The average closing market price of the Company's shares over the six trading days from March 4 through March 11, 2005 (the purchase offer announcement date was March 9, 2005)		$	19.07
Fair value of the Company's common stock issued		$	2,534
Fair value of vested options assumed by the Company			6
Direct acquisition costs incurred by the Company			22
Total purchase price		$	2,562
Preliminary fair value of assets acquired by the Company
	Cash and cash equivalents		353
	Accounts receivable		178
	Metals and other inventories		308
	Operating capital assets		3,099
	Development projects		588
	Investments and other assets		45
Preliminary fair value of liabilities assumed by the Company
	Accounts and taxes payable		(177	)
	Debt due within one year		(106	)
	Long-term debt		(480	)
	Future income taxes		(844	)
	Asset retirement obligation, pension and other provisions		(257	)
	Interests of other shareholders		(15	)
Preferred shares assumed by the Company			(130	)
Net assets purchased		$	2,562

4.     ISSUANCE OF DEBENTURES

        On June 8, 2005, the Company sold $250 aggregate principal amount of 12-year notes and $250 aggregate principal amount of 30-year notes under the Company's base shelf prospectus. The 12-year notes, which are unsecured, bear interest at the rate of 5.5% per annum and mature on June 15, 2017. The 30-year notes, which are also unsecured, bear interest at the rate of 6.2% per annum and mature on June 15, 2035. Both series of notes are redeemable in whole or in part at any time at a redemption price equal to 100% of their principal amount plus a make-whole premium.

5.     JUNIOR PREFERRED SHARES

        On May 5, 2005, 63.4 million common shares of the Company were repurchased in exchange for 50 million of three series of junior preferred shares with a fair value of $1,250. In accordance with the amended CICA 3860, these preferred shares are accounted for as liabilities and they are measured at their fair value which is the closing quoted market price on the their first trading day of May 5, 2005. The junior preference shares consist of 20 million Series 1 Shares, 20 million Series 2 Shares, and 10 million Series 3 Shares. The holders of Series 1 Shares are entitled to receive dividends in the amount of $1.50 per share, per annum, payable quarterly. The Series 1 Shares are redeemable by the Company at any time and must be redeemed by the Company on the date that is five years plus one day from the date of issue of the Series 1 Shares. The holders of Series 2 Shares are entitled to receive dividends in the amount of $1.5625 per share, per annum, payable quarterly. The Series 2 Shares are redeemable by the Company at any time and must be redeemed by the Company on June 30, 2012. The holders of Series 3 Shares are entitled to receive dividends in the amount of $1.625 per share, per annum, payable quarterly. The Series 3 Shares are redeemable by the Company at any time and must be redeemed by the Company on June 30, 2015.

        On August 11, 2005, the Company redeemed a total of $500 of 20 million of its outstanding Junior Preference Shares. The Company redeemed 8 million Junior Preference Shares, Series 1, 8 million Junior Preference Shares, Series 2, and 4 million Junior Preference Shares, Series 3. Each Junior Preference Share was redeemed at a price of CDN$25.25 plus accrued and unpaid dividends for the period from and including July 1, 2005 to and including August 10, 2005.

6.     STOCK-BASED COMPENSATION

        During the third quarter, the Company granted two series of stock options. They consisted of 120,000 and 339,997 stock options at a price of CDN$24.79 and CDN$ 26.91 per share respectively. These options have a 10-year term, vesting 20% per year over the first five years. The compensation expense associated with this stock option series was calculated using the Black-Scholes valuation model, assuming a 7-year term, 36% volatility, and weighted average expected annual dividend of 2.85% and 2.62% and interest rate of 3.73% and 3.81% respectively. The respective values of these two stock option series are being charged against net income over the vesting periods of the stock options.

        During the nine months ended September 30, 2005, a total of 1,301,197 stock options with an aggregate value of CDN$8.8 million were granted.

        Due to the amalgamation on June 30, 2005 (Note 3), the Company assumed the stock option obligations of the former Falconbridge. The stock options retained their original attributes with the exception that the number of stock options increased by a ratio of 1.77 and the exercise prices decreased by a ratio of 1.77 to reflect the acquisition price of one common share of the former Falconbridge exchanged for 1.77 common shares of the Company. The fair value of the unvested stock options as at June 30, 2005 amounted to $17. The value of the stock options was calculated using the Black Scholes valuation model, using the following weighted average assumptions: a 7-year term, 26% volatility and an expected dividend of 2.34%. The value is being charged against net income over the vesting periods of the stock options.

        Corporate and general administration, for the three months and nine months ended September 30, 2005, include compensation costs of $3 and $5 (2004 — $1 and $3 respectively), relating to outstanding options.

7.     EXCHANGE GAINS AND LOSSES ON HEDGES OF FOREIGN-DENOMINATED EXPOSURES

        The majority of the Company's products are denominated in US dollars or indexed to US dollar prices. In addition, operating costs of the Company's assets are also denominated in their local currency and exposed to exchange volatility. The Company hedges its Canadian dollar costs using foreign currency exchange contracts.

        The Company's operating costs for the three months and nine months ended September 30, 2005 include realized exchange gains from the settlement of various cost hedge contracts of $17 and $49 (2004 — $16 and $55, respectively).

        Hedges of other foreign currency denominated monetary assets and liabilities, generated gains of $24 and $14 for the three and nine months ended September 30, 2005 (2004 — $31 and $11, respectively).

8.     CAPITALIZED INTEREST

        During the three and nine months ended September 30, 2005, the Company capitalized $14 and $33, respectively, of interest costs associated with projects under development (2004 — $8 and $25, respectively).

9.     POST — EMPLOYMENT BENEFITS

        Post-employment benefit expenses for the three and nine months ended September 30, 2005 and 2004 are summarized as follows:

	Three months		Nine Months
Periods ending September 30,
	2005	2004	2005	2004
Defined benefit plans	5	13	30	40
Defined contribution plans	4	3	9	8
Other benefits plans	10	7	24	19
	19	23	63	67

10.   SHAREHOLDERS RIGHTS PLAN

        On September 22, 2005, the Company announced the adoption of the shareholder rights plan, designed to prevent a bidder from acquiring control of the Company in a manner detrimental to shareholders. The rights issued under the rights plan allows the rights holder (other than the acquiring person or related persons) to purchase common shares of the Company at half of the prevailing market price at the time when a person, together with any parties related to it, acquires or announces its intention to acquire 20% or more of the Company's outstanding common shares without a bid made to all holders of the Company's common shares for all of their shares that is open for acceptance for not less than 60 days.

11.   SHAREHOLDERS' EQUITY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(US$ millions)

					September 30, 2005					December 31, 2004
					Shares (000)		Amount			Shares (000)	Amount
Share capital
	Authorized — an unlimited number of:
			Preferred, Common and Participating shares
	Issued:
		Common Shares
			Balance, beginning of period		296,970		$	2,107		295,228	$	2,084
				Issued on exercise of stock options	2,656			40		1,704		22
				Issued under dividend re-investment	65			1		38		1
				Repurchased (Note 5)	(63,377	)		(451	)	—		—
				Issued under amalgamation (Note 3)	132,841			2,534		—		—
			Balance, end of period		369,155		$	4,231		296,970	$	2,107
		Preferred Shares, Series F
			Balance beginning and end of period		3,246			59		3,246		59
		Preferred Shares, Series G
			Balance beginning and end of period		8,754			137		8,754		137
		Preferred Shares, Series 1
			Balance, beginning of period		—			—		—		—
			Assumed through amalgamation (Note 3)		90			1		—		—
			Balance, end of period		90			1		—		—
		Preferred Shares, Series 2
			Balance, beginning of period		—			—		—		—
			Assumed through amalgamation (Note 3)		4,787			78		—		—
			Balance, end of period		4,787			78		—		—
		Preferred Shares, Series 3
			Balance, beginning of period		—			—		—		—
			Assumed through amalgamation (Note 3)		3,123			51		—		—
			Balance, end of period		3,123			51		—		—
Contributed Surplus
		Equity component of the convertible debentures						42				42
		Stock option valuation (Note 3)						10				3
								52				45
Basic weighted average number of shares — 000s								329,933				296,246
Diluted weighted average number of shares — 000s								336,646				304,122
Retained earnings (deficit):
	Balance beginning of period, as previously reported						$	288			$	(130	)
		Change in accounting policy:
		Reclassification of convertible debentures and
		preferred shares series H (Note 2)						(57	)			(38	)
		As restated					$	231			$	(168	)
		Net income						592				521
		Dividends:                                                   Common						(96	)			(110	)
				Preferred				(12	)			(12	)
	Cost of shares repurchased in excess of their stated values (Note 5)							(799	)			—
	Balance, end of period							(84	)			231
Currency translation and other at end of period								245				260
Total shareholders' equity							$	4,770			$	2,839

12.   SEGMENTED INFORMATION

        The Company has four operating segments: Copper, Nickel, Zinc and Aluminum. Inter-segment sales and purchases are made at market prices and trade terms. Operating results and identifiable assets are presented below:

	Third Quarter 2005
	Copper		Nickel	Zinc	Aluminum	Other		Total
Revenues	$	1,133	512	103	259	(1	)	$	2,006
Operating expenses
Cost of operations		241	184	48	145	(1	)		617
Purchase of raw materials		532	156	41	86	—			815
Depreciation, amortization and accretion		66	44	9	13	8			140
	$	839	384	98	244	7		$	1,572
Income (loss) generated by operating assets	$	294	128	5	15	(8	)	$	434
Interest expense, net									(50	)
Corporate and general administration									(18	)
Research, development and exploration									(16	)
Minority interest in earnings of subsidiaries									(5	)
Income before undernoted								$	345
Other income									5
Tax expense									(136	)
Net Income								$	214
Capital investments	$	73	71	10	17	16		$	187

	Third Quarter 2004
	Copper		Nickel	Zinc		Aluminum	Other		Total
Revenues	$	913	417	101		233	39		$	1,703
Operating expenses
Cost of operations		209	137	52		105	32			535
Purchase of raw materials		412	109	38		99	26			684
Depreciation, amortization and accretion		60	25	14		9	11			119
	$	681	271	104		213	69		$	1,338
Income (loss) generated by operating assets	$	232	146	(3	)	20	(30	)	$	365
Interest expense, net										(35	)
Corporate and general administration										(17	)
Research, development and exploration										(14	)
Minority interest in earnings of subsidiaries										(76	)
Income before undernoted									$	223
Other expense										(7	)
Tax expense										(98	)
Net income									$	118
Capital investments	$	71	104	2		7	5		$	189

	Nine Months ended September 30, 2005
	Copper		Nickel	Zinc	Aluminum	Other		Total
Revenues	$	3,145	1,657	349	833	90		$	6,074
Operating expenses
Cost of operations		747	575	135	421	17			1,895
Purchase of raw materials		1,482	443	152	291	53			2,421
Depreciation, amortization and accretion		189	117	26	36	37			405
	$	2,418	1,135	313	748	107		$	4,721
Income (loss) generated by operating assets	$	727	522	36	85	(17	)	$	1,353
Interest expense, net									(126	)
Corporate and general administration									(54	)
Research, development and exploration									(43	)
Minority interest in earnings of subsidiaries									(154	)
Income before undernoted								$	976
Other income									5
Tax expense									(389	)
Net Income								$	592
Total assets,excluding cash and short-term investments	$	5,350	3,563	383	1,028	695		$	11,019
Capital investments	$	183	202	13	32	29		$	459

	Nine Months ended September 30, 2004
	Copper		Nickel	Zinc	Aluminum	Other		Total
Revenues	$	2,595	1,329	296	678	132		$	5,030
Operating expenses
Cost of operations		576	430	113	318	56			1,493
Purchase of raw materials		1,348	342	127	272	76			2,165
Depreciation, amortization and accretion		168	88	47	28	31			362
	$	2,092	860	287	618	163		$	4,020
Income (loss) generated by operating assets	$	503	469	9	60	(31	)	$	1,010
Interest expense, net									(104	)
Corporate and general administration									(45	)
Research, development and exploration									(33	)
Minority interest in earnings of subsidiaries									(219	)
Income before undernoted								$	609
Other income									10
Tax expense									(241	)
Net income								$	378
Total assets,excluding cash and short-term investments	$	4,401	1,927	393	837	768		$	8,326
Capital investments	$	217	201	3	18	20		$	459

13.   SUBSEQUENT EVENTS

        On October 11, 2005, Inco Limited ("Inco") announced a takeover bid for all outstanding common shares of the Company. The offer is comprised of part cash and part Inco common shares, which when prorated would provide Cdn$7.50 and 0.524 Inco shares for each Falconbridge share. The Inco Offer to Purchase and the accompanying Directors' Circular were filed with regulators and mailed to the shareholders of the Company on October 24 2005. The completion of the takeover bid requires acceptance by of 66²/3% of all common shareholders of the Company on a fully diluted basis and is subject to regulatory approvals. The transaction is expected to be closed in the first quarter of 2006 if the stated conditions are satisfied or waived by Inco. The Company would be required to provide for the payment of a fee of up to $320 to Inco in the event that the acquisition is not completed for certain reasons.

14.   COMPARATIVE FIGURES

        The comparative consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the 2005 consolidated statements.

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FALCONBRIDGE LIMITED ("Formerly Noranda Inc.") CONSOLIDATED RESULTS (US$ millions, unaudited)
FALCONBRIDGE LIMITED ("Formerly Noranda Inc.") CONSOLIDATED BALANCE SHEETS (US$ millions, unaudited)
FALCONBRIDGE LIMITED ("Formerly Noranda Inc.") CONSOLIDATED STATEMENTS OF CASHFLOWS (US$ millions, unaudited)
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