-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H1r9IFzinKd6oP9dzw5R4sDku1gsm7Ppkudg6UvQPqW6oecQ3YlJ2Yvr2KdOdI1i y/S6DD+WfjdEuvEG91hzdA== 0001047469-06-008221.txt : 20060609 0001047469-06-008221.hdr.sgml : 20060609 20060609103816 ACCESSION NUMBER: 0001047469-06-008221 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20060609 FILED AS OF DATE: 20060609 DATE AS OF CHANGE: 20060609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FALCONBRIDGE LTD CENTRAL INDEX KEY: 0000889211 STANDARD INDUSTRIAL CLASSIFICATION: PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330] IRS NUMBER: 980359144 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11284 FILM NUMBER: 06895736 BUSINESS ADDRESS: STREET 1: BCE PLACE, 181 BAY STREET STREET 2: SUITE 200 CITY: TORONTO STATE: A6 ZIP: M5J 2T3 BUSINESS PHONE: 416-982-7115 MAIL ADDRESS: STREET 1: BCE PLACE, 181 BAY STREET STREET 2: SUITE 200 CITY: TORONTO STATE: A6 ZIP: M5J 2T3 FORMER COMPANY: FORMER CONFORMED NAME: NORANDA INC DATE OF NAME CHANGE: 19940224 6-K 1 a2171126z6-k.htm FORM 6-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
Under the
Securities Exchange Act of 1934

For the month of May, 2006
Commission File No. 1-11284

FALCONBRIDGE LIMITED
(Translation of registrant's name into English)

181 Bay Street, Suite 200, BCE Place,
Toronto, Ontario, Canada M5J 2T3
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   o   Form 40-F   ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes   o   No   ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes   o   No   ý

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes   o   No   ý

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):                                 




Furnished herewith are:


 

 

 

Exhibit 99.1

 

News Release dated May 5, 2006 of Falconbridge Limited regarding "All Noranda Recycling Facilities in North America Now Registered to International ISO 14001 Environmental Standard".

Exhibit 99.2

 

News Release dated May 6, 2006 of Falconbridge Limited regarding "Falconbridge Reaches an Agreement on Lomas Bayas Labour Contract".

Exhibit 99.3

 

News Release dated May 8, 2006 of Falconbridge Limited regarding "Falconbridge Comments on Inco-Falconbridge Combination".

Exhibit 99.4

 

News Release dated May 12, 2006 of Falconbridge Limited regarding "Ian Pearce Appointed Chief Operating Officer of Falconbridge — Peter Kukielski to Leave Company".

Exhibit 99.5

 

News Release dated May 13, 2006 of Falconbridge Limited regarding "Falconbridge Receives Improved Inco Offer".

Exhibit 99.6

 

News Release dated May 18, 2006 of Falconbridge Limited regarding "Falconbridge Announces April 2006 Net Income Increases 194% to $238 Million".

Exhibit 99.7

 

News Release dated May 19, 2006 of Falconbridge Limited regarding "Falconbridge Limited's Brunswick Mine Employees Ratify Collective Agreement".

Exhibit 99.8

 

News Release dated May 24, 2006 of Falconbridge Limited regarding "Falconbridge and USW Ratify Five-Year Collective Agreement at Raglan Mine".

Exhibit 99.9

 

News Release dated May 31, 2006 of Falconbridge Limited regarding "Falconbridge Board of Directors Reaffirms Support for Inco Offer".

Exhibit 99.10

 

News Release dated May 31, 2006 of Falconbridge Limited regarding "Inco and Falconbridge Identify US$550 Million in Synergies".


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 

 

 

FALCONBRIDGE LIMITED
(Registrant)
June 9, 2006   By: "Stephen K. Young"
Stephen K. Young — Corporate Secretary


Exhibit Index

Exhibit No.
  Description
Exhibit 99.1   News Release dated May 5, 2006 of Falconbridge Limited regarding "All Noranda Recycling Facilities in North America Now Registered to International ISO 14001 Environmental Standard".

Exhibit 99.2

 

News Release dated May 6, 2006 of Falconbridge Limited regarding "Falconbridge Reaches an Agreement on Lomas Bayas Labour Contract".

Exhibit 99.3

 

News Release dated May 8, 2006 of Falconbridge Limited regarding "Falconbridge Comments on Inco-Falconbridge Combination".

Exhibit 99.4

 

News Release dated May 12, 2006 of Falconbridge Limited regarding "Ian Pearce Appointed Chief Operating Officer of Falconbridge — Peter Kukielski to Leave Company".

Exhibit 99.5

 

News Release dated May 13, 2006 of Falconbridge Limited regarding "Falconbridge Receives Improved Inco Offer".

Exhibit 99.6

 

News Release dated May 18, 2006 of Falconbridge Limited regarding "Falconbridge Announces April 2006 Net Income Increases 194% to $238 Million".

Exhibit 99.7

 

News Release dated May 19, 2006 of Falconbridge Limited regarding "Falconbridge Limited's Brunswick Mine Employees Ratify Collective Agreement".

Exhibit 99.8

 

News Release dated May 24, 2006 of Falconbridge Limited regarding "Falconbridge and USW Ratify Five-Year Collective Agreement at Raglan Mine".

Exhibit 99.9

 

News Release dated May 31, 2006 of Falconbridge Limited regarding "Falconbridge Board of Directors Reaffirms Support for Inco Offer".

Exhibit 99.10

 

News Release dated May 31, 2006 of Falconbridge Limited regarding "Inco and Falconbridge Identify US$550 Million in Synergies".



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SIGNATURES
Exhibit Index
EX-99.1 2 a2171126zex-99_1.htm EXHIBIT 99.1
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EXHIBIT 99.1

LOGO   News Release   LOGO


ALL NORANDA RECYCLING
FACILITIES IN NORTH AMERICA NOW REGISTERED TO
INTERNATIONAL ISO 14001 ENVIRONMENTAL STANDARD

Brampton, Ontario, May 5, 2006 — Noranda Recycling Inc. is pleased to announce that the environmental management system at its end-of-life-electronics recycling facility in Brampton, Ontario has been registered as compliant with the International Standard ISO 14001(2004). All five of the company's North American facilities are now registered to this demanding environmental standard.

"We are extremely pleased to have achieved compliance with ISO 14001(2004) in Brampton," said Steve Skurnac, President, Noranda Recycling Inc. "This is truly a testament to the hard work of all employees to ensure that we have the right environmental policies and procedures in place and that we are able to meet the ever-growing demand for the highest level of environmental performance."

"More information about our environmental performance and end-of-life electronics recycling services can be found on our newly-launched website at www.norandarecycling.com," said Cindy Thomas Coutts, Director of End of Life Electronics for Noranda Recycling.

Certification of ISO environmental standards requires independent third-party verification that a company has met the six key elements of an internationally accepted environmental management system (EMS). Those elements are:

    An environmental policy, in which the organization states its intentions and commitment to environmental performance;

    Planning, in which the organization analyses the environmental impact of its operations;

    The development and putting into practice of processes that will bring about environmental goals and objectives;

    Monitoring and measurement to ensure environmental indicators are being met;

    Review of the EMS by the organization's top management to ensure its continuing suitability, adequacy and effectiveness; and

    Continual improvement.

The International Organization for Standardization (ISO) is a worldwide federation of national standards bodies from more than 140 countries. The ISO 14001 standard is a management tool that enables an organization of any size or type to control the impact of its activities, products or services on the environment. Compliance with ISO standards is certified by independent third-party auditors around the world. Bureau Veritas Quality International (BVQI) is the independent accreditation body that certified Noranda Recycling's compliance with the ISO 14001 standard for environmental management.


Noranda Recycling's Brampton facility, located in Brampton, Ontario, provides environmentally sound 100% end-of-life-electronics hardware recycling. It is the only fully-integrated operation of its kind in Canada, providing electronics recycling services to electronics manufacturers, Fortune 1000 companies, governments and municipalities.

Noranda Recycling Inc. is one of the largest recyclers of electronic components and operates three end-of-life electronics recycling facilities located in Roseville, California, La Vergne, Tennessee and Brampton, Ontario. It also operates two precious metals sampling facilities located in San Jose, California and in East Providence, Rhode Island, as well as an office in Penang, Malyasia. Approximately 15% (100,000 tonnes) of the raw material feed for Falconbridge Limited's primary Canadian copper and recycling operations is from recyclable materials. Gross value of recyclable raw materials is more than $300 million annually. Noranda Recycling is 100%-owned by Falconbridge Limited.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel mining deposits. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

-30-

For more information:
Ian Hamilton
Director, Communications & Public Affairs
(416) 982-7161
ian.hamilton@falconbridge.com

Steve Skurnac
President — Noranda Recycling Inc.
San Jose, California
(408) 998-4930

Cindy Thomas Coutts
Director, End of Life Electronics Recycling
Brampton, Ontario
(905) 874-6835




QuickLinks

EXHIBIT 99.1
ALL NORANDA RECYCLING FACILITIES IN NORTH AMERICA NOW REGISTERED TO INTERNATIONAL ISO 14001 ENVIRONMENTAL STANDARD
EX-99.2 3 a2171126zex-99_2.htm EXHIBIT 99.2
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EXHIBIT 99.2

LOGO   News Release


FALCONBRIDGE REACHES AN AGREEMENT ON
LOMAS BAYAS LABOUR CONTRACT

Santiago, Chile, May 6, 2006 — Falconbridge Limited is pleased to announce it has reached an agreement with the Sindicato de Empresa Compañía Minera Lomas Bayas for the renewal of the collective agreement at the Lomas Bayas copper mine located in Chile.

Employees voted in favour of the agreement this morning, and it will supersede the prior agreement which expired on April 30, 2006.

"Both parties worked diligently throughout the negotiations, and we are pleased to have successfully reached an agreement that balances the needs of the company and employees," said Marcelo Jo, General Manager of Lomas Bayas.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel mining deposits. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Ian Hamilton
Director, Communications and Public Affairs
(416) 982-7161
ian.hamilton@falconbridge.com
www.falconbridge.com




QuickLinks

EXHIBIT 99.2
FALCONBRIDGE REACHES AN AGREEMENT ON LOMAS BAYAS LABOUR CONTRACT
EX-99.3 4 a2171126zex-99_3.htm EXHIBIT 99.3
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EXHIBIT 99.3

LOGO   News Release


FALCONBRIDGE COMMENTS ON INCO-FALCONBRIDGE COMBINATION

Toronto, Ontario, May 8, 2006 — Falconbridge Limited (TSX: FAL.LV; NYSE: FAL) today said that Inco and Falconbridge continue to believe there is a strong value proposition in the Inco and Falconbridge transaction and the companies are determined to complete it in accordance with the existing agreement.

"Our agreement with Inco is an excellent transaction and offers compelling value to shareholders of both our companies, with the potential for a re-rating in the capital markets," said Derek Pannell, Falconbridge's Chief Executive Officer. "The transaction would result in the creation of the world's number one nickel producer and a leading copper producer. Furthermore, it would have a portfolio of world-class growth projects."

"We are surprised that Teck Cominco has taken this step to interfere in our transaction and will review the implications of what they have done," added Pannell.

Synergies of Inco-Falconbridge Transaction Are Real and Unique to These Two Companies

Inco and Falconbridge have conservatively estimated synergies stemming from their transaction of at least US$350 million per year, based on lower commodity prices prevailing in 2005. The estimated synergies were the result of a rigorous review by the companies' respective teams and derived from in-depth discussions and analysis. The companies believe they are better equipped than any other party to achieve significant operating and other synergies, especially given Falconbridge's recent experience at merging companies.

Update on Regulatory Approvals

The following is an update on the regulatory process by the European Commission ("EC") and the U.S. Department of Justice ("DOJ").

Falconbridge and Inco understand that the EC will be issuing its Statement of Objections ("SO") shortly. This is part of their normal procedures in their second phase review of pending acquisitions like our transaction. The companies have been discussing with the EC the competitive concerns they have identified and which they expect will be in the SO. They will be submitting their responses to the SO in the time provided for in this process. Inco and Falconbridge also plan to submit a remedy intended to address the competitive concerns of the EC. They look forward to continuing to work with the EC as they move through their second phase process. This element of the process is one of the standard steps leading to a decision by July 12th, 2006.

The companies continue to have constructive discussions with the DOJ in anticipation of approval.


FORWARD-LOOKING INFORMATION

Certain statements contained in this News Release are forward-looking statements (as defined in applicable securities legislation). Examples of such statements include, but are not limited to, statements concerning (i) our assessment of the outlook for metal markets in 2006, (ii) Inco's offer to acquire all of the common shares of Falconbridge Limited and the benefits of such combination, (iii) our future financial requirements and funding of those requirements, (iv) our expectations with respect to our development projects, (v) our production forecast for 2006 and (vi) our dividend schedule. Inherent in forward-looking statements are risks and uncertainties well beyond our ability to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this News Release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the timing, steps to be taken and completion of Inco's offer to acquire all of our common shares, the ability to successfully compete against global metals and mining and exploration companies by creating through such a combination an enterprise of increased scale; strong demand for nickel, copper and other metals in emerging markets such as China; approximately $350 million per annum in pre-tax operating and other synergies and cost savings, and other benefits being realized based on the achievement of operational efficiencies from restructuring, integration and other initiatives relating to the combination of Falconbridge and Inco; the approvals or clearances required to be obtained by Inco and Falconbridge from regulatory and other agencies and bodies being obtained in a timely manner; divestitures required by regulatory agencies being acceptable and completed in a timely manner; there being limited costs, difficulties or delays related to the integration of the Falconbridge's operations with those of Inco; the timely completion of the steps required to be taken for the eventual combination of the two companies; business and economic conditions generally; exchange rates, energy and other anticipated and unanticipated costs and pension contributions and expenses; the supply and demand for, deliveries of, and the level and volatility of prices of, nickel, copper, aluminum, zinc and other primary metals products and other metal products Inco and Falconbridge produce; the timing of the receipt of remaining regulatory and governmental approvals for the development projects and other operations; the continued availability of financing on appropriate terms for development projects; Falconbridge's costs of production and production and productivity levels, as well as those of its competitors; market competition; mining, processing, exploration and research and development activities; the accuracy of ore/mineral reserve estimates; premiums realized over LME cash and other benchmark prices; tax benefits/charges; the resolution of environmental and other proceedings and the impact on the combined company of various environmental regulations and initiatives; assumptions concerning political and economic stability in countries or locations in which Falconbridge operates or otherwise and the ability to continue to pay quarterly cash dividends in such amounts as Falconbridge's Board of Directors may determine in light of other uses for such funds and other factors.

2


Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company's ability to control or predict. Some of these known risks and uncertainties are outlined in filings by Falconbridge with applicable securities regulatory authorities, including in Falconbridge's annual information form. Readers are encouraged to consult such filings. While Falconbridge anticipates that subsequent events and developments may cause Falconbridge's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Falconbridge and the combination of Inco and Falconbridge.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Denis Couture, Senior Vice-President, Investor Relations,
Communications and Public Affairs
(416) 982-7020
(416) 982-7242 (FAX)
denis.couture@falconbridge.com

3




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EXHIBIT 99.3
FALCONBRIDGE COMMENTS ON INCO-FALCONBRIDGE COMBINATION
EX-99.4 5 a2171126zex-99_4.htm EXHIBIT 99.4
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EXHIBIT 99.4

LOGO   News Release


IAN PEARCE APPOINTED CHIEF OPERATING OFFICER OF FALCONBRIDGE
Peter Kukielski to Leave Company

TORONTO, May 12, 2006 — Falconbridge Limited (TSX: FAL.LV; NYSE: FAL) today announced that Ian Pearce has been appointed Chief Operating Officer, effective immediately. Ian will be reporting to Derek Pannell, Falconbridge's Chief Executive Officer. Reporting to Ian are the five Business Unit Presidents for Nickel, Copper South America, Canadian Copper and Recycling, Zinc and Aluminum.

Ian Pearce joined Falconbridge in August 2003 as Senior Vice-President, Projects & Engineering. In this capacity, Ian has provided exceptional leadership in the advancement and completion of major projects such as Koniambo and Nickel Rim.

Ian holds a bachelor degree in Science from University of Witwatersrand in South Africa. He also attended the Management advancement Program at the same institution.

Ian has over 26 years of professional experience in metallurgy and mining. Prior to joining Falconbridge, Ian acquired extensive project management experience in the United States, Indonesia, Chile and South Africa. Among numerous assignments, he worked as the Executive Project Director of Muskeg River Oil Sands Project in Alberta (Fluor Daniel Canada Inc.).

The previous incumbent, Peter Kukielski, has resigned his position of Chief Operating Officer and will be leaving the Company July 1, 2006. Peter has accepted the position of Chief Operating Officer at Teck Cominco and will be moving with his family to Vancouver. Peter joined Noranda in September 2001 as Senior Vice-President, Projects and Engineering and was subsequently appointed Executive Vice-President, Projects and Aluminum in August 2003. Peter became COO of Falconbridge in July 2005.

Falconbridge wishes to thank Peter for his contribution to our success over the last five years.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

-30-


Contact:

Ian Hamilton
Director, Communications & Public Affairs
(416) 982-7161
ian.hamilton@falconbridge.com

2




QuickLinks

EXHIBIT 99.4
IAN PEARCE APPOINTED CHIEF OPERATING OFFICER OF FALCONBRIDGE Peter Kukielski to Leave Company
EX-99.5 6 a2171126zex-99_5.htm EXHIBIT 99.5
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EXHIBIT 99.5

LOGO   News Release

For Immediate Release


FALCONBRIDGE RECEIVES IMPROVED INCO OFFER

Toronto, Ontario, May 13, 2006 — Falconbridge Limited ("Falconbridge") announced today that it has amended the terms of its Support Agreement with Inco Limited ("Inco") whereby it has agreed to recommend an increased offer from Inco to acquire all outstanding common shares of Falconbridge. Under the revised terms, Inco's take-over offer will be amended to increase the amount of cash to be received by Falconbridge shareholders by Cdn$5.00 per share, assuming full pro-ration.

"We continue to believe in the compelling strategic and economic rationale of combining Falconbridge with Inco and the revised offer terms reflect Falconbridge's excellent financial results and tremendous prospects given the increases in metal prices and very strong market fundamentals," said Derek Pannell, Chief Executive Officer of Falconbridge.

"The added cash will provide our shareholders with about Cdn$1.9 billion more in value compared with the original deal negotiated with Inco. In addition, the tangible synergies available to the combined company are much greater under current metals prices than previously estimated and are focused directly on enhancing our operating platform, rather than simply eliminating corporate overlap and jobs. Assuming completion of this deal, Falconbridge shareholders will own approximately 47% of the combined company and will continue to benefit from increased earnings due both to higher metals prices and to the very significant operating synergies that will result from combining our two great companies."

Inco and Falconbridge have amended the Support Agreement to revise the terms of Inco's offer such that each Falconbridge common shareholder may elect to receive either 0.6927 Inco common shares plus Cdn$0.05 or Cdn$51.17 per share, subject to a maximum number of shares and cash, and subject to pro-ration. The maximum amount of cash available is approximately Cdn$4.8 billion and the maximum amount of Inco common shares available is unchanged at approximately 201 million. Assuming all shareholders tender for the cash option or all shareholders tender for the share option, each shareholder would be entitled to receive 0.524 Inco shares plus Cdn$12.50. Among other amendments to the Support Agreement, Falconbridge has agreed to a "break fee" in the amount of US$450 million, payable to Inco if a competing offer is recommended by Falconbridge and in certain other events.


"We have always believed that combining Falconbridge with Inco makes the best strategic and economic sense for Falconbridge and its shareholders. The pro forma balance sheet of the combined company will not be stressed by the increased cash payment to our shareholders given the continued improvements in metal prices. We remain confident that regulatory approval will be received soon and look forward completing this outstanding transaction," said Pannell. "The Falconbridge management team is committed to this deal and to ensuring that the synergies identified can be delivered by the new Inco."

Inco and Falconbridge continue to work with the U.S. Department of Justice and the European Commission in connection with their respective reviews of our pending transaction.

Conference Call and Webcast

Interested investors can listen to our presentation to the investment community on Inco's planned acquisition of Falconbridge Limited, on a live, listen-only basis, or access the archival webcast or the recording of the presentation through the Internet or by calling the toll-free telephone number in North America as indicated below.

The presentation is scheduled for Monday, May 15 at 8:30 a.m. E.S.T. and can be accessed by visiting the Falconbridge website at www.falconbridge.com.

A recording of the presentation can be listened to by dialing 1-800-558-5253 in North America and by entering the reservation number 21292245. This recording is also available outside North America by dialing 416-626-4100 and by entering the same reservation number.

2


FORWARD-LOOKING INFORMATION

Certain statements contained in this News Release are forward-looking statements (as defined in applicable securities legislation). Examples of such statements include, but are not limited to, statements concerning (i) our assessment of the outlook for metal markets in 2006, (ii) Inco's offer to acquire all of the common shares of Falconbridge Limited and the benefits of such combination, (iii) our future financial requirements and funding of those requirements, (iv) our expectations with respect to our development projects, (v) our production forecast for 2006 and (vi) our dividend schedule. Inherent in forward-looking statements are risks and uncertainties well beyond our ability to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this News Release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the timing, steps to be taken and completion of Inco's offer to acquire all of our common shares, the ability to successfully compete against global metals and mining and exploration companies by creating through such a combination an enterprise of increased scale; strong demand for nickel, copper and other metals in emerging markets such as China; approximately $350 million per annum in pre-tax operating and other synergies and cost savings, and other benefits being realized based on the achievement of operational efficiencies from restructuring, integration and other initiatives relating to the combination of Falconbridge and Inco; the approvals or clearances required to be obtained by Inco and Falconbridge from regulatory and other agencies and bodies being obtained in a timely manner; divestitures required by regulatory agencies being acceptable and completed in a timely manner; there being limited costs, difficulties or delays related to the integration of the Falconbridge's operations with those of Inco; the timely completion of the steps required to be taken for the eventual combination of the two companies; business and economic conditions generally; exchange rates, energy and other anticipated and unanticipated costs and pension contributions and expenses; the supply and demand for, deliveries of, and the level and volatility of prices of, nickel, copper, aluminum, zinc and other primary metals products and other metal products Inco and Falconbridge produce; the timing of the receipt of remaining regulatory and governmental approvals for the development projects and other operations; the continued availability of financing on appropriate terms for development projects; Falconbridge's costs of production and production and productivity levels, as well as those of its competitors; market competition; mining, processing, exploration and research and development activities; the accuracy of ore/mineral reserve estimates; premiums realized over LME cash and other benchmark prices; tax benefits/charges; the resolution of environmental and other proceedings and the impact on the combined company of various environmental regulations and initiatives; assumptions concerning political and economic stability in countries or locations in which Falconbridge operates or otherwise and the ability to continue to pay quarterly cash dividends in such amounts as Falconbridge's Board of Directors may determine in light of other uses for such funds and other factors.

Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company's ability to control or predict. Some of these known risks and uncertainties are outlined in filings by Falconbridge with applicable securities regulatory authorities, including in Falconbridge's annual information form. Readers are encouraged to consult such filings.    While Falconbridge anticipates that subsequent events and developments may cause Falconbridge's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Falconbridge and the combination of Inco and Falconbridge.

3


Important Legal Information

This communication is being made in respect of the share exchange takeover bid by Inco Limited for common shares of Falconbridge Limited. Inco has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form F-8 containing a share exchange take-over bid circular. Inco, if required, will file other documents regarding the transaction with the SEC. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain the documents filed with the SEC free of charge at the SEC's website (www.sec.gov). Canadian investors will also be able to obtain information filed in respect of this bid at www.sedar.com.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Denis Couture, Senior Vice-President, Investor Relations,
Communications and Public Affairs
(416) 982-7020
(416) 982-7242 (FAX)
denis.couture@falconbridge.com
www.falconbridge.com

4




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EXHIBIT 99.5
FALCONBRIDGE RECEIVES IMPROVED INCO OFFER
EX-99.6 7 a2171126zex-99_6.htm EXHIBIT 99.6
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EXHIBIT 99.6

LOGO   FOR IMMEDIATE RELEASE
ALL NUMBERS IN U.S. DOLLARS UNLESS OTHERWISE NOTED


FALCONBRIDGE ANNOUNCES APRIL 2006 NET INCOME
INCREASES 194% TO $238 MILLION

TORONTO, Ontario, May 18, 2006 — Falconbridge Limited (TSX: FAL.LV; NYSE: FAL) today reported April 2006 net income of $238 million (earnings per share of $0.64 basic; $0.63 diluted). This compares with April 2005 net income of $81 million (earnings per share of $0.27 basic; $0.27 diluted).

April 2006 HIGHLIGHTS

Financial Results (unaudited)

$ millions, except per share information

  April
2006

  April
2005

  Q1
2006

  Q1
2005

Revenues   1,288   663   2,858   1,894
Income generated by operating assets*   422   165   739   459
Net income   238   81   462   176
Basic earnings per common share   0.64   0.27   1.23   0.58
Diluted earnings per common share   0.63   0.27   1.21   0.57

*
Please see the detailed definition provided under Supplemental Performance Measures on page 4

Revenues almost doubled to $1.3 billion from the month ended April 30, 2005

Achieved income from operating assets of $422 million, a 156% increase from April 2005

Realized net income of $238 million, a 194% increase from April 2005

April 2006 realized prices were significantly higher (vs. April 2005): copper was up 87%, nickel up 6%, zinc up 118%, aluminum up 22%

In light of the strong cash generation, will redeem the remaining outstanding Junior Preference Shares for approximately $253 million

LME Prices/lb. — April 2006 Average versus Current

LME Official Cash Price

  Copper
  Nickel
  Zinc
  Aluminum
April 2006 Avg.   $ 2.90   $ 8.14   $ 1.40   $ 1.19
Current *   $ 3.70   $ 9.63   $ 1.59   $ 1.29

*
As at May 18, 2006

COMMENTARY

"Falconbridge's performance for the month of April further demonstrates our leverage to strong metals prices," said Derek Pannell, Chief Executive Officer of Falconbridge. "Our operations again capitalized on the higher prices with their strong performance. Our earnings leverage to current metals prices is creating the backdrop for impressive earnings and free cash flow generation. While we realize that the release of monthly results is unusual, and we will not make a habit of it, we felt it was important that shareholders understand the magnitude of the earnings that we are generating at this crucial time."


CORPORATE DEVELOPMENTS

Xstrata Offer

On May 18, 2006, Xstrata PLC made its unsolicited offer to purchase for cash all of the outstanding common shares of Falconbridge. The Xstrata offer is conditional on the approval by Xstrata shareholders and on the receipt of all required regulatory clearances. The Falconbridge Board of Directors will evaluate the terms of the offer and provide Falconbridge shareholders with a formal response.

Inco Offer

On May 13, 2006, Inco Limited announced an improved offer to acquire all outstanding common shares of Falconbridge. The improved offer is comprised of part cash and part Inco common shares, which when pro-rated subject to the maximum amounts offered would provide Cdn$12.50 and 0.524 of an Inco common share for each Falconbridge common share. Assuming the full pro-ration, the amended Inco offer provides Falconbridge shareholders with an additional Cdn$5.00 per common share or a total of Cdn$1.9 billion more in value compared to the original offer. Both Boards of Directors unanimously endorsed the Inco offer and the Falconbridge Board has recommended that the Company's shareholders tender their shares to the offer, which remains open for acceptance to June 30, 2006.

The combined organization, which would be known as Inco Limited, would be one of the world's premier mining and metals companies. It would be the world's largest producer of nickel and eighth-largest producer of copper, and would also operate integrated zinc and aluminum businesses. The new company would have one of the mining industry's most attractive portfolios of low-cost, profitable growth projects and would benefit from estimated annual synergies of approximately $390 million — a revised higher estimate than the original $350 million synergies estimate due to the impact of higher metals prices.

Inco and Falconbridge continue to work with the U.S. Department of Justice and the European Commission in connection with their respective reviews of the pending transaction.

Statements regarding the combination of Falconbridge and Inco are subject to various risks and assumptions. See "Forward-looking Information" on page 7.

Redemption of Junior Preference Shares

Today, Falconbridge announced its intention to redeem the remaining balance of its 9,999,701 outstanding Junior Preference Shares for a total of approximately $253 million. The Junior Preference Shares will be redeemed on June 28, 2006 under a notice of redemption to be sent to shareholders of record on May 25, 2006. Falconbridge intends to utilize its internal cash resources to fund the redemption and will have no Junior Preference Shares outstanding upon redemption.

2


In accordance with the terms of the Junior Preference Shares, Falconbridge will redeem the remaining balance of shares of each series of the Junior Preference Shares as follows: 3,999,899 Junior Preference Shares, Series 1 (TSX: FAL.PR.X), 3,999,899 Junior Preference Shares, Series 2 (TSX: FAL.PR.Y), and 1,999,903 Junior Preference Shares, Series 3 (TSX: FAL.PR.Z). Each Junior Preference Share will be redeemed at a price of US$25.25 plus accrued and unpaid dividends for the period from and including March 31, 2006 to and including June 27, 2006.

Statements regarding the redemption of Junior Preference Shares of Falconbridge are subject to various risks and assumptions. See "Forward-looking Information".

FINANCIAL RESULTS

Revenues for the month of April of 2006 were $1,288 million, 94% higher than revenues of $663 million in the same month of 2005. The increase was mainly due to higher realized metal prices and product premiums and higher copper sales volumes and increased revenue contribution from by-product credits. Business unit revenues were 147% higher for copper, 11% higher for nickel, 278% higher for zinc and 27% higher for aluminum.

Operating expenses were higher at $866 million in April 2006, compared to $498 million in the same month last year, primarily due to the higher value of raw material feeds and continual pressure on costs from energy and supply costs, as well as the effects of the weakening U.S. dollar. Mining, processing and refining costs increased to $275 million from $194 million in April of 2005 due to higher levels of mined and refined copper production, higher energy and supplies/consumables costs, and the impact of a weaker U.S. dollar on operating costs at all Canadian and South American operations. The average value of the Canadian dollar increased 7% to US$0.87 from US$0.81 in April of 2005.

The value of raw material feed purchases was $537 million, compared to $260 million in April 2005, due to higher metal prices and increased custom feed processing at copper operations. Higher purchased raw materials values are recovered at the time of sale of the metals contained in the materials treated and are generally hedged at the time of purchase.

Depreciation, amortization and accretion expense increased to $54 million from $44 million in April 2005, with $10 million of the increase being attributable to the amortization of the fair value increment related to the purchase of the former Falconbridge minority shareholders' interest and the resulting increase in the book value of the assets acquired. Net interest expense increased to $15 million from $9 million in April of last year due mostly to the impact of the junior preferred share liabilities issued pursuant to the issuer bid completed in early May 2005. Interest expense included a one-time early redemption premium of $5 million paid to the holders at the time of the partial redemption of the junior preference shares in April 2006. Minority interest in earnings of subsidiaries decreased to $1 million from $35 million largely as a result of the elimination of the former Falconbridge minority share ownership. Tax expenses recorded increased to $155 million from $24 million in April of 2005, due to the overall increase in profitability.

3


Income generated by operating assets for April 2006 was $422 million, 156% higher than $165 million generated in April of 2005. Income generated by operating assets increased $242 million to $300 million in the copper business, decreased $17 million to $69 million in the nickel business, increased $47 million to $59 million in the zinc business and increased $7 million to $20 million in the aluminum business.

For April 2006, net income totaled $238 million, or $0.64 per basic common share and $0.63 per diluted common share, 194% higher than net income of $81 million or $0.27 per basic and $0.27 per diluted common share in April 2005. Higher net income reflects higher realized metal prices, higher treatment and refining charges received at copper smelters and refineries and the impact of increased by-product revenue credits.

Supplemental Performance Measures

The press release contains a number of measures that are not defined by generally accepted accounting principles ("GAAP"). The measures, as calculated by the Company, may not be comparable to similar measures presented by other issuers.

Income generated from operating assets is defined as follows: net income before interest expense, net; corporate and general administration; research, development and exploration; minority interest in earnings of subsidiaries; gain, net of restructuring costs and other; and tax expense. Since this measure captures the Company's key revenues and operating expenses of assets currently in operation, income generated from operating assets is a key performance measurement that management uses to evaluate the performance of both individual assets and business units.

Net-debt-to-capitalization ratio is calculated as follows:

(US$ millions)

   
  April 30, 2006
  Dec. 31, 2005
 
Long-term debt       2,545   2,598  
Preferred share liabilities(1)       381   876  
Debt due within one year(2)       353   353  
Cash and cash equivalents       (465)   (886 )
   
 
 
 
  Net debt   (1)   2,814   2,941  
   
 
 
 
Interests of other shareholders       57   54  
Shareholders' equity       5,715   5,031  
   
 
 
 
  Stockholders' interests (equity)   (2)   5,772   5,085  
   
 
 
 
Net debt plus capitalization   (3)=(1)+(2)   8,586   8,026  
   
 
 
 
Net-debt-to-capitalization ratio   (1)/(3)   32.8%   36.7%  
   
 
 
 

(1)
April 30, 2006, includes the current portion of $250 million of preferred share liabilities which will be redeemed on June 28, 2006, as announced.

(2)
April 30, 2006, excludes the current portion of $250 million of preferred share liabilities which will be redeemed on June 28, 2006, as announced.

Management believes the presentation of this measure is relevant and useful for investors when assessing the Company's liquidity and its ability for growth and investment. This measure should not be considered an alternative to liquidity as determined under generally accepted accounting principles.

4


Realized Prices

(US$/lb.)

  April
2006

  April
2005

  Q1
2006

  Q1
2005

Copper   2.98   1.59   2.29   1.54
Nickel   8.02   7.54   6.84   7.03
Zinc   1.42   0.65   1.07   0.63
Aluminum   1.17   0.96   1.13   0.92

NET EARNING SENSITIVITY TO METALS PRICES

 
  April 2006 Realized Prices*
(US$/lb.)

  May 18 Current LME Prices
(US$/lb.)

  Change in Realized Price
(US$/lb.)

  Estimated Impact on Annualized 2006 Net Earnings**
(US$ millions)

  Estimated Impact on Annualized 2006 EPS**
(US$)

Copper   $ 2.98   $ 3.70   $ 0.05   $ 37   $ 0.10
Nickel     8.02     9.63   $ 0.50     63   $ 0.17
Zinc     1.42     1.59   $ 0.05     38   $ 0.10
Aluminum     1.17     1.29   $ 0.05     19   $ 0.05
Lead     0.61     0.54   $ 0.05     6   $ 0.02

*
realized prices are comprised of the LME price plus the producer premium

**
based upon expected production levels and current operating costs


LIQUIDITY AND CAPITAL INITIATIVES

Long-term debt was $2.5 billion at the end of April excluding preferred share liabilities. Falconbridge's net-debt-to-capitalization ratio stood at 32.8% at the end of April 2006, a reduction of almost 400 basis points since the end of 2005.

Today, Falconbridge announced its plan to redeem for cash of $253 million, its remaining outstanding Junior Preference Shares on June 28, 2006. Falconbridge has benefited from high earnings and cashflow generation and will utilize existing cash balances to fund the redemption.

For 2006, the Company's projected capital investments are approximately $315 million for sustaining capital expenditures and other smaller projects and approximately $435 million in new copper and nickel investments.

Falconbridge maintains long-term credit arrangements and relationships with a variety of financial institutions and investors in order to facilitate its ongoing access to domestic and international financial markets to meet its funding needs. Falconbridge's future financial requirements related to debt maturities, operating costs, the projects currently under development and other capital investments will be funded primarily from a combination of existing cash balances, committed bank lines, operating cash flows, project financing and new long — and short-term borrowings. The Company's committed bank facilities, which expire in 2010, total $780 million. At April 30, 2006, these lines were essentially undrawn.

Statements regarding future financial requirements and funding of those requirements are subject to various risks and assumptions. See "Forward-looking Information".

5


REVIEW OF OPERATIONS

Copper: Production of mined copper in concentrate for the month was 42,800 tonnes versus 35,000 tonnes during April 2005, an increase of 22% due to increased output at Antamina, Collahuasi and Kidd Creek. Refined copper production for the month was 53,200 tonnes versus 41,400 tonnes during April 2005, an increase of 29% from a year ago.

Sales of copper in concentrate to third parties in April was 16,100 tonnes versus 18,000 tonnes during April 2005, a decrease of 11% from a year ago. Sales of refined copper for the month was 50,400 tonnes versus 37,900 tonnes during April 2005, an increase of 33% from a year ago. Realized copper premiums above LME prices were greater than $0.07/lb.

Nickel: Production of mined nickel in concentrate for the month was 4,100 tonnes versus 4,000 tonnes during April 2005, an increase of 3% from a year ago. Refined nickel production for the month was 7,200 tonnes versus 7,100 tonnes during April 2005. Ferronickel production for the month was 2,500 tonnes versus 2,400 tonnes during April 2005, an increase of 4% from a year ago.

Total nickel sales for the month were 2% higher at 10,000 tonnes. Sales of refined nickel for the month was 6,900 tonnes versus 7,600 tonnes during April 2005. Sales of ferronickel for the month was 3,100 tonnes versus 2,200 tonnes during April 2005. Stainless steel production has been particularly robust in the U.S. and China, resulting in nickel cathode and melting grade premiums having risen to $0.35/lb.

Zinc: Production of mined zinc in concentrate for the month was 33,200 tonnes versus 41,100 tonnes during April 2005, a decrease of 19% from a year ago. Mined zinc production and sales are lower year over year due to mostly to higher copper versus zinc grades at Antamina and the closure of the Louvicourt mine in the second half of 2005. Kidd Creek refined zinc production for the month was 12,400 tonnes versus 10,900 tonnes during April 2005, an increase of 14% from a year ago. Refined lead production for the month was 7,500 tonnes versus 7,900 tonnes during April 2005.

Sales of zinc in concentrate for the month was 56,100 tonnes versus 31,600 tonnes during April 2005, an increase of 78% from a year ago. Sales of zinc concentrate were higher during the month due to the timing of vessel shipments. Sales of refined zinc for the month was 12,300 tonnes versus 12,900 tonnes during April 2005, a decrease of 5% from a year ago. Zinc sales in North America are experiencing strong demand after the closure of a U.S. zinc smelter earlier this year and the rise in spot market premiums to US$0.08/lb. have reflected this tightness.

Aluminum: Primary aluminum production for the month was 20,800 tonnes versus 20,500 tonnes during April 2005, an increase of 1% from a year ago.

Sales of primary aluminum for the month was 16,700 tonnes versus 17,700 tonnes during April 2005, a decrease of 6% from a year ago. Fabricated aluminum shipments were 15,800 tonnes versus 14,300 tonnes during the month of April 2005, an increase of 10% from a year ago. Primary aluminum and fabricated aluminum sales continue to benefit from strong mid-West U.S. demand.

6


SHARES OUTSTANDING

Shares Outstanding (as at May 16, 2006)

Name of Falconbridge Security

  Trading Symbol
  Shares Outstanding
Common Shares(1)   FAL.LV, FAL   372,619,079
Preferred Shares, Series 1   N/A   89,835
Preferred Shares, Series 2   FAL.PR.A   4,787,283
Preferred Shares, Series 3   FAL.PR.B   3,122,882
Preferred Shares, Series F   FAL.PR.F   3,246,057
Preferred Shares, Series G   FAL.PR.G   8,753,943
Preferred Shares, Series H   FAL.PR.H   6,000,000
Junior Preference Shares, Series 1(2)   FAL.PR.X   3,999,899
Junior Preference Shares, Series 2(2)   FAL.PR.Y   3,999,899
Junior Preference Shares, Series 3(2)   FAL.PR.Z   1,999,903

(1)
Falconbridge common shares trade on the Toronto and New York Stock Exchanges under the symbols FAL.LV and FAL, respectively. Falconbridge common shares also trade in U.S. dollars on the Toronto Stock Exchange under the symbol FAL.LV.U.

(2)
The Company has given notice that all outstanding junior preference shares, series 1(FAL.PR.X), series 2 (FAL.PR.Y) and series 3 (FAL.PR.Z) will be redeemed on June 28, 2006.

FORWARD-LOOKING INFORMATION

Certain statements contained in this News Release are forward-looking statements (as defined in applicable securities legislation). Examples of such statements include, but are not limited to, statements concerning (i) our assessment of the outlook for metal markets in 2006, (ii) Inco's offer to acquire all of the common shares of Falconbridge Limited and the benefits of such combination, (iii) Xstrata's offer to acquire all of the common shares of Falconbridge Limited and the effects of such combination (iv) our future financial requirements, including to redeem the junior preference shares, and funding of those requirements, (v) our expectations with respect to our development projects, and (vi) our production forecast for 2006. Inherent in forward-looking statements are risks and uncertainties well beyond our ability to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this News Release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the timing, steps to be taken and completion of Inco's offer to acquire all of our common shares, the ability to successfully compete against global metals and mining and exploration companies by creating through such a combination an enterprise of increased scale; strong demand for nickel, copper and other metals in emerging markets such as China; approximately $390 million per annum in pre-tax operating and other synergies and cost savings, and other benefits being realized based on the achievement of operational efficiencies from restructuring, integration and other initiatives relating to the combination of Falconbridge and Inco; the approvals or clearances required to be obtained by Inco and Falconbridge from regulatory and other agencies and bodies being obtained in a timely manner; divestitures required by regulatory agencies being acceptable and completed in a timely manner; there being limited costs, difficulties or delays related to the integration of the Falconbridge's operations with those of Inco; the timely completion of the steps required to be taken for the eventual combination of the two companies; business and economic conditions generally; exchange rates, energy and other anticipated and unanticipated costs and pension contributions and expenses; the supply and demand for, deliveries of, and the level and volatility of prices of, nickel, copper, aluminum, zinc and other primary metals products and other metal products Inco and Falconbridge produce; the timing of the receipt of remaining regulatory and governmental approvals for the development projects and other operations; the continued availability of financing on appropriate terms for development projects; Falconbridge's costs of production and production and productivity levels, as well as those of its competitors; market competition; mining, processing, exploration and research and development activities; the accuracy of ore/mineral reserve estimates; premiums realized over LME cash and other benchmark prices; tax benefits/charges; the resolution of environmental and other proceedings and the impact on the combined company of various environmental regulations and initiatives; assumptions concerning political and economic stability in countries or locations in which Falconbridge operates or otherwise and the ability to continue to pay quarterly cash dividends in such amounts as Falconbridge's Board of Directors may determine in light of other uses for such funds and other factors.

7


Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company's ability to control or predict. Some of these known risks and uncertainties are outlined in filings by Falconbridge with applicable securities regulatory authorities, including in Falconbridge's annual information form. Readers are encouraged to consult such filings.    While Falconbridge anticipates that subsequent events and developments may cause Falconbridge's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Falconbridge and the combination of Inco and Falconbridge.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel mining deposits. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

Note: All dollar amounts are expressed in U.S. dollars unless otherwise noted. Condensed consolidated financial statements are attached.

8


Important Legal Information

This communication is being made in respect of Inco Limited's proposed combination with Falconbridge Limited. Inco has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form F-8 (containing an offer to purchase and a share exchange take-over bid circular) and amendments thereto, and, if required, will file other documents with the SEC in connection with the proposed combination. Falconbridge has filed a Schedule 14D-9F with the SEC in connection with Inco's offer and has filed and, if required, will file other documents regarding the proposed combination with the SEC.

INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors and security holders may obtain copies of the registration statement and Inco's and Falconbridge's SEC filings free of charge at the SEC's website (www.sec.gov). In addition, documents filed with the SEC by Inco may be obtained free of charge by contacting Inco's media or investor relations departments. Documents filed with the SEC by Falconbridge may be obtained free of charge by contacting Falconbridge's investor relations department.

Filings made by Inco and Falconbridge with Canadian securities regulatory authorities, including filings made in connection with the offer, are available at www.sedar.com.

-30-

Contacts:

Denis Couture
Senior Vice-President, Investor Relations,
Communications & Public Affairs
(416) 982-7020
denis.couture@falconbridge.com

Steve Douglas
Executive Vice-President and Chief Financial Officer
(416) 982-3554
steve.douglas@falconbridge.com

9



FALCONBRIDGE LIMITED

CONSOLIDATED STATEMENT OF INCOME

(US$ millions)

 
  Month ended April 30(1)
 
  2006
  2005
Revenues   $ 1,288   $ 663
   
 

Operating expenses

 

 

 

 

 

 
Mining, processing and refining costs     275     194
Purchased raw materials     537     260
Depreciation, amortization and accretion     54     44
   
 
      866     498
   
 

Income generated by operating assets

 

 

422

 

 

165
Interest expense, net     15     9
Corporate and general administration     8     7
Research, development and exploration     5     6
Minority interest in earnings of subsidiaries     1     35
   
 
Income before undernoted     393     108
Other expense         1
Tax expense     155     24
   
 
Net income from continuing operations   $ 238   $ 83
Discontinued operations, net of tax         2
   
 
Net income   $ 238   $ 81
Dividends on preferred shares         2
   
 
Net income attributable to common shares   $ 238   $ 79
   
 

Net income per common share — Basic

 

 

 

 

 

 
  Continuing operations   $ 0.64   $ 0.27
  Discontinued operations        
   
 
  Net income   $ 0.64   $ 0.27
   
 

Net income per common share — Diluted

 

 

 

 

 

 
  Continuing operations   $ 0.63   $ 0.27
  Discontinued operations        
   
 
  Net income   $ 0.63   $ 0.27
   
 
Basic weighted average number of shares — 000s     372,361     297,557
Diluted weighted average number of shares — 000s     379,774     304,535

(1)
The 2005 consolidated statement of income represents the consolidated results of Noranda Inc. which was renamed to "Falconbridge Limited" after the Amalgamation on June 30, 2005.


FALCONBRIDGE LIMITED

CONSOLIDATED BALANCE SHEETS

(US$ millions, unaudited)

 
  Apr. 30
2006
(Unaudited)

  Mar. 31
2006
(Unaudited)

  Dec. 31
2005
(Audited)

Assets                  
Current assets                  
  Cash and cash equivalents   $ 465   $ 1,000   $ 886
  Accounts receivable     1,706     1,269     1,007
  Metals and other inventories     2,087     1,788     1,708
   
 
 
      4,258     4,057     3,601

Operating capital assets

 

 

6,712

 

 

6,728

 

 

6,803
Development projects     1,848     1,794     1,707
Investments and other assets     292     297     307
   
 
 
    $ 13,110   $ 12,876   $ 12,418
   
 
 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 
Current Liabilities                  
  Accounts and taxes payable   $ 2,033   $ 1,668   $ 1,691
  Debt and preferred share liabilities due within one year (Note 1)     603     853     353
   
 
 
      2,636     2,521     2,044

Long-term debt

 

 

2,545

 

 

2,534

 

 

2,598
Preferred share liabilities     131     376     876
Future income taxes     1,361     1,264     1,156
Asset retirement obligation, pension and other provisions     665     651     659
Stockholders' interests:                  
  Interests of other shareholders     57     56     54
  Shareholders' equity     5,715     5,474     5,031
   
 
 
    $ 13,110   $ 12,876   $ 12,418
   
 
 
Note
1: April 30, 2006 includes $250 million of junior preferred shares to be redeemed on June 28, 2006 as announced.

Note
2: The Company has not yet finalized the allocation of the purchase cost for the acquisition of the former Falconbridge. The allocation of the purchase price related to the acquisition is still preliminary and subject to finalization.


FALCONBRIDGE PRODUCTION AND SALES VOLUMES SUMMARY FOR MONTH ENDING APRIL 30

 
  Copper Bus. Unit
  Nickel Bus. Unit
  Zinc Bus. Unit
  Aluminum Bus. Unit
  TOTAL
  TOTAL
(tonnes or thousands of ounces)
  2006
April

  2005
April

  2006
April

  2005
April

  2006
April

  2005
April

  2006
April

  2005
April

  2006
April

  2005
April

PRODUCTION (contained basis)                                        
  Mine                                        
    Copper   39,964   31,728   1,948   2,861   842   416       42,754   35,005
    Nickel       4,087   3,986           4,087   3,986
    Ferronickel       2,462   2,446           2,462   2,446
    Zinc   12,031   17,632       21,144   23,486       33,175   41,118
    Lead           5,735   6,533       5,735   6,533
    Bauxite               194,247   113,700   194,247   113,700
    Alumina               49,271   46,504   49,271   46,504
    Molybdenum   338   134               338   134
    Cobalt       90   97           90   97
    Silver   506   701       550   537       1,056   1,238
 
Smelter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    Copper — anodes   51,054   50,412               51,054   50,412
 
Refined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    Copper — cathodes   49,939   38,415   3,255   2,977           53,194   41,392
    Nickel       7,206   7,118           7,206   7,118
    Ferronickel       2,462   2,446           2,462   2,446
    Zinc   12,410   10,877               12,410   10,877
    Lead           7,499   7,881       7,499   7,881
    Aluminum               20,811   20,487   20,811   20,487
    Molybdenum                    
    Cobalt       455   437           455   437
    Silver   1,950   2,939               1,950   2,939
    Gold   59   87               59   87
 
Fabricated Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    Aluminum Sheet and Foil               15,815   14,250   15,815   14,250
 
  Copper Bus. Unit
  Nickel Bus. Unit
  Zinc Bus. Unit
  Aluminum Bus. Unit
  TOTAL
  TOTAL
(tonnes or thousands of ounces)
  2006
April

  2005
April

  2006
April

  2005
April

  2006
April

  2005
April

  2006
April

  2005
April

  2006
April

  2005
April

SALES1 (payable basis)                                        
  Mine                                        
    Copper   16,053   16,093     1,952           16,053   18,045
    Nickel                    
    Zinc   788   4,659       55,316   26,919       56,104   31,578
    Lead           2,186   1,302       2,186   1,302
    Bauxite               78,968   75,818   78,968   75,818
    Alumina               27,872   28,898   27,872   28,898
    Molybdenum   295   159               295   159
    Cobalt                    
    Silver   112   102       117   88       229   190
 
Smelter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    Copper — anodes   12,402   12,706               12,402   12,706
 
Refined

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    Copper — cathodes   47,144   34,107   3,231   3,765           50,375   37,872
    Nickel       6,930   7,613           6,930   7,613
    Ferronickel       3,117   2,201           3,117   2,201
    Zinc   12,345   12,924               12,345   12,924
    Lead           6,663   7,271       6,663   7,271
    Aluminum               16,719   17,724   16,719   17,724
    Cobalt       387   458           387   458
    Silver   2,194   2,991               2,194   2,991
    Gold   43   69               43   69
 
Fabricated Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    Aluminum Sheet and Foil               15,816   14,250   15,816   14,250
 
  2006
April

  2005
April

  Louvicourt Mine Production — 2005

REALIZED PRICES2                    
  Copper (US$/lb)   2.98   1.59   Not included in the above totals are Falconbridge's share of production from the now closed
  Nickel (US$/lb)   8.02   7.54   Louvicourt copper/ zinc mine. The Louvicourt mine produced the following volumes
  Ferronickel (US$/lb)   6.96   7.44   of metal contained in concentrate that was transferred to the Horne smelter.
  Zinc (US$/lb)   1.42   0.65            
  Lead (US$/lb)   0.61   0.50   (Falconbridge's equity share of contained tonnes or millions of ounces
  Aluminum (US$/lb)   1.17   0.96   Production:   April 2005    
  Molybdenum (US$/lb)   31.47   22.34   Copper   1,335    
  Cobalt (US$/lb)   13.72   15.87   Zinc   758    
  Silver (US$/oz)   11.18   7.47   Silver   26    
  Gold (US$/oz)   600.77   416.22            
REALIZED EXCHANGE RATE                    
  US$ equivalent of Cdn$1.00   0.87   0.81            
Note:
Production and sales figures have been restated to conform to the current year's presentation.

Note
1: Sales are defined as sales to third parties and are net of all intra-company transfers.

Note
2: Realized prices are the average from all sales across all business units



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EXHIBIT 99.6
FALCONBRIDGE ANNOUNCES APRIL 2006 NET INCOME INCREASES 194% TO $238 MILLION
LIQUIDITY AND CAPITAL INITIATIVES
FALCONBRIDGE LIMITED CONSOLIDATED STATEMENT OF INCOME (US$ millions)
FALCONBRIDGE LIMITED CONSOLIDATED BALANCE SHEETS (US$ millions, unaudited)
FALCONBRIDGE PRODUCTION AND SALES VOLUMES SUMMARY FOR MONTH ENDING APRIL 30
EX-99.7 8 a2171126zex-99_7.htm EXHIBIT 99.7
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EXHIBIT 99.7

LOGO   News Release


FALCONBRIDGE LIMITED'S BRUNSWICK MINE EMPLOYEES
RATIFY COLLECTIVE AGREEMENT

Bathurst, New Brunswick, May 19, 2006 — Falconbridge Limited (TSX:FAL.LV) (NYSE:FAL) announced today that employees at Brunswick Mine, members of United Steelworkers of America, Local 5385, have voted in favour of a new collective agreement.

The new agreement will be in effect up to and including closure of the Brunswick mine scheduled for early 2010. Highlights of the agreement include:

    A downsizing provision at closure that defines how seniority will apply, how termination will be carried out and how pensions and severances will be provided to workers.

    Wage increases of Cdn$0.25 per hour for each year of the agreement.

    An increase in the basic pension from Cdn$47 per month per year of service to Cdn$52 at closure.

The Brunswick mine, located 30 kilometres south of Bathurst, New Brunswick, employs over 800 people, with approximately 670 being members of the USWA-Local 5385.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel mineral deposits. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

-30-

Contact:

Ian Hamilton
Director, Communications and Public Affairs
(416) 982-7161
ian.hamilton@falconbridge.com
www.falconbridge.com

Roger Clinch
Manager, Communications
Brunswick Mine
(506) 547-6012
clinchr@bms.ca




QuickLinks

EXHIBIT 99.7
FALCONBRIDGE LIMITED'S BRUNSWICK MINE EMPLOYEES RATIFY COLLECTIVE AGREEMENT
EX-99.8 9 a2171126zex-99_8.htm EXHIBIT 99.8
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EXHIBIT 99.8

LOGO   News Release   LOGO


FALCONBRIDGE AND USW RATIFY FIVE-YEAR
COLLECTIVE AGREEMENT AT RAGLAN MINE

Toronto, Ontario, May 24, 2006 — Falconbridge Limited (TSX:FAL.LV) (NYSE:FAL) and the United Steelworkers (USW), Local 9449, announced today that employees at Raglan Mine have voted in favour of a new collective agreement. The prior collective agreement expired on April 30.

The new collective agreement expires April 30, 2011. Highlights include:

    Wage increase of 2.2% each year of the collective agreement;

    Productivity and Profit Sharing program improvements;

    Signing bonus of Cdn$1,500 upon the execution of the collective agreement and an additional Cdn$375 in each remaining year of the collective agreement.

The Raglan Mine is located in Nunavik in Northern Quebec and employs approximately 500 people, with some 300 being members of Local 9449 of the USW.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Falconbridge Limited
Dominique Dionne
Vice-president, Public Affairs
(514) 745-9370
dominique.dionne@falconbridge.com
www.falconbridge.com

or

United Steelworkers of America
Marc Thibodeau
Local Representative
(819) 762-3001




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EXHIBIT 99.8
FALCONBRIDGE AND USW RATIFY FIVE-YEAR COLLECTIVE AGREEMENT AT RAGLAN MINE
EX-99.9 10 a2171126zex-99_9.htm EXHIBIT 99.9
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EXHIBIT 99.9

LOGO   News Release

FOR IMMEDIATE RELEASE


FALCONBRIDGE BOARD OF DIRECTORS
REAFFIRMS SUPPORT FOR INCO OFFER

Toronto, Ontario, May 31, 2006 — Falconbridge Limited (TSX: FAL.LV; NYSE: FAL) today announced that its Board of Directors has conducted its assessment of the offer by Xstrata plc ("Xstrata") to acquire the outstanding common shares of Falconbridge.

The assessment was completed with the assistance of external legal and financial advisors and focused on both the financial and non-financial aspects of the offer from Xstrata. Falconbridge's Board has decided to continue to endorse the Inco offer and recommends that Falconbridge shareholders tender their shares to the Inco offer.

Given the conditional nature of Xstrata's offer, including both the requirement for Xstrata to receive the approval of its own shareholders, which will not be obtained until the end of June at the earliest, and Investment Canada approval, significant conditions have yet to be satisfied that would permit the offer to proceed.

In addition, though Xstrata's bid is expressed to be for all Falconbridge shares, Xstrata has reserved the right to take up any number of shares tendered to it. When combined with its current holding of 20% of Falconbridge, the acquisition of a further small number of shares may well result in Xstrata acquiring effective control of Falconbridge without acquiring all of the shares.

The Falconbridge Board of Directors determined that Xstrata's offer is not a "superior proposal" under the terms of the Support Agreement entered into with Inco and will reaffirm its recommendation of the Inco bid in a Directors Circular responding to the Xstrata offer. The Directors Circular will be sent to shareholders in the near future.

"Clearly, one of the strengths of the Inco offer is that it gives Falconbridge shareholders almost 50% participation in the growth of the New Inco, a company that would have one the best portfolios of development projects in the base metals industry at a time when the fundamental outlook is so positive," said Derek Pannell, Falconbridge's Chief Executive Officer.

The Board remains committed to pursue the combination proposed by Inco and will be seeking the outstanding regulatory approvals from the U.S. Department of Justice and the European Commission.


FORWARD-LOOKING INFORMATION

Certain statements contained in this News Release are forward-looking statements (as defined in applicable securities legislation). Examples of such statements include, but are not limited to, statements concerning (i) our assessment of the outlook for metal markets in 2006, (ii) Inco's offer to acquire all of the common shares of Falconbridge Limited and the benefits of such combination, (iii) Xstrata's offer to acquire all of the common shares of Falconbridge Limited and the effects of such combination, (iv) our future financial requirements, including to redeem the junior preference shares, and funding of those requirements, (v) our expectations with respect to our development projects, and (vi) our production forecast for 2006. Inherent in forward-looking statements are risks and uncertainties well beyond our ability to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this News Release.

Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the timing, steps to be taken and completion of Inco's offer to acquire all of our common shares, the ability to successfully compete against global metals and mining and exploration companies by creating through such a combination an enterprise of increased scale; strong demand for nickel, copper and other metals in emerging markets such as China; the estimated pre-tax operating and other synergies and cost savings, and other benefits being realized based on the achievement of operational efficiencies from restructuring, integration and other initiatives relating to the combination of Falconbridge and Inco; the approvals or clearances required to be obtained by Inco and Falconbridge from regulatory and other agencies and bodies being obtained in a timely manner; divestitures required by regulatory agencies being acceptable and completed in a timely manner; there being limited costs, difficulties or delays related to the integration of the Falconbridge's operations with those of Inco; the timely completion of the steps required to be taken for the eventual combination of the two companies; business and economic conditions generally; exchange rates, energy and other anticipated and unanticipated costs and pension contributions and expenses; the supply and demand for, deliveries of, and the level and volatility of prices of, nickel, copper, aluminum, zinc and other primary metals products and other metal products Inco and Falconbridge produce; the timing of the receipt of remaining regulatory and governmental approvals for the development projects and other operations; the continued availability of financing on appropriate terms for development projects; Falconbridge's costs of production and production and productivity levels, as well as those of its competitors; market competition; mining, processing, exploration and research and development activities; the accuracy of ore/mineral reserve estimates; premiums realized over LME cash and other benchmark prices; tax benefits/charges; the resolution of environmental and other proceedings and the impact on the combined company of various environmental regulations and initiatives; assumptions concerning political and economic stability in countries or locations in which Falconbridge operates or otherwise and the ability to continue to pay quarterly cash dividends in such amounts as Falconbridge's Board of Directors may determine in light of other uses for such funds and other factors.

2


Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company's ability to control or predict. Some of these known risks and uncertainties are outlined in filings by Falconbridge with applicable securities regulatory authorities, including in Falconbridge's annual information form. Readers are encouraged to consult such filings. While Falconbridge anticipates that subsequent events and developments may cause Falconbridge's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Falconbridge and the combination of Inco and Falconbridge.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel mining deposits. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

Note: All dollar amounts are expressed in U.S. dollars unless otherwise noted.

Important Legal Information

This communication is being made in respect of Inco Limited's proposed combination with Falconbridge Limited. Inco has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form F-8 (containing an offer to purchase and a share exchange take-over bid circular) and amendments thereto, and, if required, will file other documents with the SEC in connection with the proposed combination. Falconbridge has filed a Schedule 14D-9F with the SEC in connection with Inco's offer and has filed and, if required, will file other documents regarding the proposed combination with the SEC.

INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors and security holders may obtain copies of the registration statement and Inco's and Falconbridge's SEC filings free of charge at the SEC's website (www.sec.gov). In addition, documents filed with the SEC by Inco may be obtained free of charge by contacting Inco's media or investor relations departments. Documents filed with the SEC by Falconbridge may be obtained free of charge by contacting Falconbridge's investor relations department.

Filings made by Inco and Falconbridge with Canadian securities regulatory authorities, including filings made in connection with the offer, are available at www.sedar.com.

3


FOR FURTHER INFORMATION PLEASE CONTACT:

Falconbridge Limited
Denis Couture, Senior Vice-President, Investor Relations,
Communications & Public Affairs
(416) 982-7020
denis.couture@falconbridge.com
www.falconbridge.com

4




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EXHIBIT 99.9
FALCONBRIDGE BOARD OF DIRECTORS REAFFIRMS SUPPORT FOR INCO OFFER
EX-99.10 11 a2171126zex-99_10.htm EXHIBIT 99.10
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EXHIBIT 99.10

LOGO   News Release


INCO AND FALCONBRIDGE IDENTIFY US$550 MILLION IN SYNERGIES

TORONTO, ONTARIO — (CCNMatthews — May 31, 2006) — Falconbridge Limited (TSX:FAL.LV)(NYSE:FAL) announced today that Inco Limited today has indicated that Inco and Falconbridge operations personnel have now jointly identified the potential to realize estimated average annual pre-tax operating and corporate synergies of approximately US$550 million, an increase of US$200 million from the estimated synergies at the time of the announcement of the Falconbridge transaction.

This increase in the synergies estimate is attributable to developed improvements in the Inco-Falconbridge integration plan and to changes in commodity price assumptions as a result of the improved commodity market outlook since October 2005. The net present value of the estimated annual average pre-tax run-rate operating and corporate synergies of US$550 million, using a 7% discount rate, is approximately US$3.5 billion on an after-tax basis.

For more information, visit www.inco.com/newscentre/newsreleases/ to view Inco's press release.

FORWARD-LOOKING INFORMATION

Certain statements contained in this News Release are forward-looking statements (as defined in applicable securities legislation). Examples of such statements include, but are not limited to, statements concerning (i) our assessment of the outlook for metal markets in 2006, (ii) Inco's offer to acquire all of the common shares of Falconbridge Limited and the benefits of such combination, (iii) Xstrata's offer to acquire all of the common shares of Falconbridge Limited and the effects of such combination (iv) our future financial requirements, including to redeem the junior preference shares, and funding of those requirements, (v) our expectations with respect to our development projects, and (vi) our production forecast for 2006. Inherent in forward-looking statements are risks and uncertainties well beyond our ability to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this News Release.


Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the timing, steps to be taken and completion of Inco's offer to acquire all of our common shares, the ability to successfully compete against global metals and mining and exploration companies by creating through such a combination an enterprise of increased scale; strong demand for nickel, copper and other metals in emerging markets such as China; approximately $550 million per annum in pre-tax operating and other synergies and cost savings, and other benefits being realized based on the achievement of operational efficiencies from restructuring, integration and other initiatives relating to the combination of Falconbridge and Inco; the approvals or clearances required to be obtained by Inco and Falconbridge from regulatory and other agencies and bodies being obtained in a timely manner; divestitures required by regulatory agencies being acceptable and completed in a timely manner; there being limited costs, difficulties or delays related to the integration of the Falconbridge's operations with those of Inco; the timely completion of the steps required to be taken for the eventual combination of the two companies; business and economic conditions generally; exchange rates, energy and other anticipated and unanticipated costs and pension contributions and expenses; the supply and demand for, deliveries of, and the level and volatility of prices of, nickel, copper, aluminum, zinc and other primary metals products and other metal products Inco and Falconbridge produce; the timing of the receipt of remaining regulatory and governmental approvals for the development projects and other operations; the continued availability of financing on appropriate terms for development projects; Falconbridge's costs of production and production and productivity levels, as well as those of its competitors; market competition; mining, processing, exploration and research and development activities; the accuracy of ore/mineral reserve estimates; premiums realized over LME cash and other benchmark prices; tax benefits/charges; the resolution of environmental and other proceedings and the impact on the combined company of various environmental regulations and initiatives; assumptions concerning political and economic stability in countries or locations in which Falconbridge operates or otherwise and the ability to continue to pay quarterly cash dividends in such amounts as Falconbridge's Board of Directors may determine in light of other uses for such funds and other factors.

Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company's ability to control or predict. Some of these known risks and uncertainties are outlined in filings by Falconbridge with applicable securities regulatory authorities, including in Falconbridge's annual information form. Readers are encouraged to consult such filings. While Falconbridge anticipates that subsequent events and developments may cause Falconbridge's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Falconbridge and the combination of Inco and Falconbridge.

Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL.LV). Falconbridge's website can be found at www.falconbridge.com.

Note: All dollar amounts are expressed in U.S. dollars unless otherwise noted.

2


Important Legal Information

This communication is being made in respect of Inco Limited's proposed combination with Falconbridge Limited. Inco has filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form F-8 (containing an offer to purchase and a share exchange take-over bid circular) and amendments thereto, and, if required, will file other documents with the SEC in connection with the proposed combination. Falconbridge has filed a Schedule 14D-9F with the SEC in connection with Inco's offer and has filed and, if required, will file other documents regarding the proposed combination with the SEC.

INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors and security holders may obtain copies of the registration statement and Inco's and Falconbridge's SEC filings free of charge at the SEC's website (www.sec.gov). In addition, documents filed with the SEC by Inco may be obtained free of charge by contacting Inco's media or investor relations departments. Documents filed with the SEC by Falconbridge may be obtained free of charge by contacting Falconbridge's investor relations department.

Filings made by Inco and Falconbridge with Canadian securities regulatory authorities, including filings made in connection with the offer, are available at www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Falconbridge Limited
Denis Couture, Senior Vice-President, Investor Relations,
Communications & Public Affairs
(416) 982-7020
denis.couture@falconbridge.com

3




QuickLinks

EXHIBIT 99.10
INCO AND FALCONBRIDGE IDENTIFY US$550 MILLION IN SYNERGIES
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-----END PRIVACY-ENHANCED MESSAGE-----