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Inco Announces Selection of Prime Contractor for Goro Nickel-Cobalt Project

June 26, 2001

Inco Limited announced that its 85% owned subsidiary, Compagnie des Mines de Xéré (“CMX”), has reached an agreement in principle for a joint venture formed by Bechtel Overseas Corporation of the United States and Technip France S.A. of France to act as the prime contractor for construction of the Goro nickel-cobalt project in the French Overseas Territory of New Caledonia. The Bechtel-Technip joint venture expects to work in association with Hatch Associates Limited of Canada which will be a subcontractor to the joint venture. The selection is subject to finalization of the necessary definitive agreements and approval by the CMX Board of Directors. The remaining 15% interest in CMX is held by the French government agency, Bureau de Recherches Géologiques de Minères (BRGM).