Falconbridge 6K Current report

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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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

For October 17, 2003

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

BCE Place, 181 Bay Street, Suite 200
Toronto, Ontario
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 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 ý No o

[If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-3920.

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)
October 17, 2003		By:		/s/ P.D. LAFRANCE P.D. Lafrance — Assistant Secretary


		FALCONBRIDGE FALCONBRIDGE LIMITED Suite 200 - 181 Bay Street PO Box 755 Toronto, Ontario CANADA M5J 2T3 Telephone: 416-982-7111 Fax: 416-982-7423 www.falconbridge.com

FALCONBRIDGE REPORTS NET EARNINGS OF US$21.3 MILLION
IN THIRD QUARTER 2003
Commences reporting financial results in US currency

FOR IMMEDIATE RELEASE

October 17, 2003, TORONTO, Ontario — Falconbridge Limited today reported consolidated earnings of US$21.3 million (11 cents US per common share) for the three months ended September 30, 2003. This compares with a loss of US$15 million (10 cents US per common share) for the corresponding period of 2002.

US Dollar Conversion

Falconbridge has changed the currency in which it reports its financial statements from Canadian dollars to US dollars. This change was effective as of July 1, 2003. As a result, the Company's financial results and the management discussion in this report will be reflected in US dollars unless otherwise noted.

Commentary

"Nickel prices continue to improve due to strong market fundamentals and have the potential to remain at high levels over the next few years. Demand is expected to remain strong with little new supply being forecast. Copper and zinc prices are also showing signs of recovery," stated Aaron W. Regent, President and Chief Executive Officer. "During the quarter we met many of our production targets but cost management continues to be a challenge due to a rising US/Canadian dollar exchange rate, high energy costs and increased mining intensity at our Sudbury and Kidd Creek operations. Cost management continues to be a top priority."

Management's Discussion & Analysis

Third Quarter 2003 Results

Third quarter operating income of US$36 million compared with an operating loss of US$14.1 million for the same period of 2002. Consolidated revenues of US $484.5 million increased from US$346.2 million in the third quarter of 2002. Both increases reflect higher average realized nickel and copper prices which were up 34 percent and 21 percent, respectively, and nickel volumes, which were partially offset by lower copper volumes and by the impact of a higher US/Canadian dollar exchange rate on Canadian operating costs. Corporate costs of US$21.4 million were US$6.5 million lower than the same period last year. Reduced general and administrative and exploration costs continue to be realized from the co-ordination of certain activities between Falconbridge and its parent Noranda Inc. These gains were offset by the impact of a stronger Canadian dollar on Canadian corporate expenditures. During the quarter, cash flow from operations after working capital improved to US$126.2 million as compared to US$33.8 million for the corresponding period of 2002.

Nine Months Earnings

For the nine months ended September 30, 2003, earnings were US$100.2 million (53 cents per common share), compared to earnings of US$26.8 million (12 cents per common share) for the first nine months of 2002. Year-to-date consolidated revenues of US$1,446.7 million were 34 percent higher than revenues of US$1,081.9 million in the three quarters of 2002 while operating income of US$148.6 million was significantly above the US$46.2 million realized in the first nine months of 2002. Both increases reflect significantly higher nickel prices that were up 30 percent and nickel volumes, higher copper prices offset by lower copper volumes and higher precious metal revenues.

During the period, cash flow from operating activities after working capital changes was US$304.3 million compared to US$145.1 million for the first nine months of 2002.

Operations

Nickel Operations

During the quarter, refined nickel production totaled 23,205 tonnes compared with 18,811 tonnes a year ago. Realized nickel and copper prices in the third quarter of 2003 increased by 34 percent and 21 percent, respectively, compared with the corresponding quarter in 2002. Operating income for the quarter increased to US$48.8 million from US$9.2 million a year ago as a result of these increased prices and sales volumes which offset the impact of higher operating costs.

Integrated Nickel Operations (INO)

Sudbury mines production was 5,170 tonnes during the quarter. Compared to last year, nickel production was 4 percent lower primarily due to reduced ore grades (1.32 percent vs. 1.46 percent). The increased costs were due to the impact of a strengthening Canadian dollar on operating costs and higher labour costs (pension and benefits), maintenance costs, and ground support costs.

At Raglan, nickel production in the quarter was 6,082 tonnes and copper production was 1,688 tonnes. Nickel and copper production improved over comparable period last year as higher ore grades offset the impact of lower mine tonnages. Operating costs in the quarter were higher than in 2002 due to the impact of a strengthening Canadian dollar on operating costs, higher contractor costs largely related to improving the performance at the mill and increased labour costs.

Nickel and copper production from the Sudbury smelter of 11,373 and 3,824 tonnes, respectively, was higher than the 10,371 and 3,702 tonnes, respectively, produced in the third quarter of 2002. Consistent with prior years, the smelter was closed for seven weeks for a maintenance and vacation shutdown during the quarter. The smelter had a record production month in September for matte and nickel. Operating costs for the quarter were higher than last year due to the strengthening of the Canadian dollar.

Nickel production at the Nikkelverk refinery of 15,912 tonnes and copper production of 8,882 tonnes were both well ahead of plan due to increased feed volumes being supplied from Sudbury. In addition, nickel production was 34 percent higher than in the corresponding quarter of the previous year and copper production increased by 51 percent. Operating costs in the quarter were also higher than the previous year due to the strengthening of the Norwegian kroner.

Falconbridge Dominicana, C. por A. (Falcondo)

Falcondo's operating income for the period of US$17.3 million compares with income of US$4.2 million for the three months ended September 30, 2002. The higher contribution reflects a 29 percent rise in realized ferronickel prices (US$4.15 vs. US$3.22) and increased sales volumes which offset the impact of higher oil prices.

In the quarter nickel production at Falcondo was 7,293 tonnes which exceeded plan and was 5 percent higher than a year ago. Cash operating costs were higher than in the corresponding quarter of 2002 essentially due to higher oil prices.

Copper Operations

During the quarter, mined copper production totaled 75,035 tonnes compared with 79,744 tonnes a year ago. Operating income increased from US$4.7 million a year ago to US$8.6 million due to the impact of higher copper prices offset in part by lower sales volumes.

Kidd Operations

Kidd incurred an operating loss of US$23.4 million in the quarter compared to an operating loss of US$10.1 million for the corresponding period of 2002. The loss reflects the impact of the 13-week shutdown of the zinc metallurgical operations and maintenance shutdowns at the copper smelter and refining operations. Lower treatment charges and the impact of a stronger Canadian dollar have also negatively impacted the results.

Copper and zinc production from the Kidd Mine was lower than for the corresponding period of 2002 due to rehabilitation work in the upper mine required by ground control issues. Grades improved and are expected to continue to do so with increased tonnage in the upper part of the mine. The copper and zinc mine production forecast for 2003 has been revised to approximately 46,000 tonnes and 85,000 tonnes, respectively.

Copper cathode production for the period was lower than the same period last year due to the completion of the smelter maintenance shutdown in July following a record 22-month campaign. As previously announced, zinc operations were down most of the quarter due to market-related reasons. The zinc operations were restarted early in October as planned. Manpower reductions announced in July are being implemented and the Metsite now has fewer than 800 employees. Copper cathode production for 2003 is now forecast at 128,000 tonnes, copper sales at 106,000 tonnes and zinc slab production at 96,000 tonnes.

Collahuasi

Collahuasi's mine production in the third quarter, at 40,477 tonnes, was on budget but below the previous year's production due to expected lower ore grades. Cathode production at 7,241 tonnes compared to 6,794 tonnes in the third quarter of 2002. Falconbridge's share of Collahuasi's operating income for the three months ended September 30, 2003 was US$23.8 million compared to US$12.3 million for the third quarter of 2002. The increase reflects higher copper prices, partially offset by lower copper volumes. The expansion project continues on budget and on schedule. More than 60 percent of the work has been completed.

Lomas Bayas

Production from Lomas Bayas of 15,663 tonnes was above plan for the quarter and represented a new quarterly record. Operating income for the three months ended September 30, 2003 was US$8.2 million. This compares with operating income of US$2.4 million for the corresponding 2002 period. The crusher expansion continues on schedule and on budget. A feasibility study of the adjacent Fortuna de Cobre deposit has been initiated. The Company has until 2006 to exercise an option to acquire the deposit for US$15 million.

Liquidity and Capital Resources

Cash generated from operations totaled US$126.2 million compared to US$33.8 million for the third quarter of 2002. Capital expenditures and deferred project costs were US$91.8 million, up from US$59.8 million for the same period in 2002. Dividends of US$10.9 million were paid during the quarter.

Cash resources stood at US$301.4 million at September 30, 2003. The net debt to net debt plus equity ratio fell to 38 percent at the end of September from 42 percent at the end of 2002.

Other Developments

Nickel Rim South

Additional surface drilling continues to define the resource which remains open to the north-east and also to finalize the location of the necessary exploration infrastructure for an underground definition program. A bankable feasibility study for this program is underway and will be presented to the Board of Directors early in the first quarter of 2004.

Montcalm

Work continues on securing the necessary operating permits to start the construction and operation of the Montcalm nickel project. The Company is in discussions with both the government and other groups and is optimistic that an agreement can be reached which addresses concerns that have been raised. The net capital cost to develop the project after pre-production revenues is estimated at CDN$100 million, and includes CDN$19 million for working capital.

Koniambo

Work on the Koniambo project in New Caledonia continues to advance. The project team is mobilized to begin the bankable feasibility study which is expected to begin shortly. Discussions with the French government about the financing structure of the project continues to progress.

Dividend Payment

On October 17, 2003 the Board of Directors declared dividends of 10 cents CDN per Common Share payable November 12, 2003 to shareholders of record October 29, 2003 and of 2 cents CDN per Preferred Share Series 1 payable December 1, 2003 to shareholders of record November 17, 2003. For Preferred Share Series 2, a dividend of 36.72 cents CDN per share was declared and is payable December 1, 2003 to shareholders of record November 17, 2003. The Company intends to continue paying the common share dividend in Canadian dollars but will review the situation on a periodic basis. The preferred share dividends will continue to be declared in Canadian dollars.

This press release contains forward-looking statements regarding Falconbridge's nickel, copper, zinc and precious metals production levels, sensitivity of financial results to changes in metals prices and exchange rates and other costs, and other issues and aspects relating to its business and operations. Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond Falconbridge's ability to control or predict. Actual results and developments may differ materially from those contemplated by these statements depending on, among others, such key factors as business and economic conditions in the principal markets for Falconbridge's products, the supply and demand for metals to be produced, deliveries, production levels, production and other anticipated and unanticipated costs and expenses, metals prices, premiums realized over London Metal Exchange cash and other benchmark prices, tax benefits, the Canadian – U.S. dollar and other exchange rates, the timing of the development of, and capital costs and financing arrangements associated with projects, the timing of the receipt of governmental and other approvals, political unrest or instability in countries where Falconbridge is active, risks involved in mining, processing and exploration activities, market competition and labour relations and other risk factors listed from time to time in Falconbridge's annual reports.

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

Log on towww.falconbridge.com to access Falconbridge's quarterly teleconference that is being held at 3 p.m. (EDT) today, October 17, 2003. A recording of the call will be posted on the site as soon as it is available.

– 30 –

For further information please contact:

Denis Couture, Vice-President, Investor Relations, Communications & Public Affairs
416-982-7020
denis.couture@toronto.norfalc.com

Michael Doolan, Senior Vice-President and Chief Financial Officer
416-982-7355
Michael.doolan@toronto.norfalc.com

FALCONBRIDGE LIMITED

CONSOLIDATED STATEMENTS OF EARNINGS

	Three months ended Sept. 30,					Nine months ended Sept. 30,
	2003		2002			2003		2002
	(unaudited — in thousands of US dollars)
Revenues	$	484,484	$	346,208		$	1,446,741	$	1,081,948

Operating expenses
Costs of metal and other product sales (note 3)		352,449		261,184			1,024,501		768,318
Selling, general and administrative (note 7)		19,582		21,156			63,349		64,305
Depreciation and amortization		60,160		58,236			182,859		178,255
Exploration		7,757		8,121			17,681		17,612
Research and process development		2,761		1,731			6,822		5,896
Other (income)/expense (note 4)		5,822		9,891			2,910		1,341

		448,531		360,319			1,298,122		1,035,727

Operating income (loss)		35,953		(14,111	)		148,619		46,221

Interest (note 6)		12,253		12,947			37,151		37,844
Earnings (loss) before taxes and non-controlling interest		23,700		(27,058	)		111,468		8,377

Income and mining taxes		1,179		(12,312	)		9,206		(18,530	)
Non-controlling interest in earnings of subsidiaries		1,194		269			2,097		96

Earnings for the period	$	21,327	$	(15,015	)	$	100,165	$	26,811
Dividends on preferred shares		2,212		2,013			6,294		5,973

Earnings (loss) attributable to common shares	$	19,115	$	(17,028	)	$	93,871	$	20,838

Basic and diluted earnings per common share	$	0.11	$	(0.10	)	$	0.53	$	0.12

FALCONBRIDGE LIMITED

EARNINGS (LOSS) CONTRIBUTIONS

		Three months ended Sept. 30,						Nine months ended Sept. 30,
		2003			2002			2003			2002
		(unaudited — in thousands of US dollars)
Principal operations —
	Integrated Nickel Operations (INO)	$	31,551		$	4,944		$	123,020		$	55,318
	Falconbridge Dominicana, C. por A.		17,260			4,235			29,737			3,051

	Nickel Operations		48,811			9,179			152,757			58,369

	Kidd Creek Operations		(23,418	)		(10,109	)		(54,156	)		(33,194	)
	Collahuasi		23,785			12,341			76,911			60,542
	Lomas Bayas		8,190			2,420			18,911			12,162

	Copper Operations		8,557			4,652			41,666			39,510

Corporate costs			(21,415	)		(27,942	)		(45,804	)		(51,658	)

Operating income (loss)			35,953			(14,111	)		148,619			46,221
Interest			12,253			12,947			37,151			37,844
Income and mining taxes			1,179			(12,312	)		9,206			(18,530	)
Non-controlling interest in earnings of subsidiaries			1,194			269			2,097			96

Earnings (loss) for the period			21,327			(15,015	)		100,165			26,811
Dividends on preferred shares			2,212			2,013			6,294			5,973

Earnings (loss) attributable to common shares		$	19,115		$	(17,028	)	$	93,871		$	20,838

FALCONBRIDGE LIMITED

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	September 30, 2003		December 31, 2002
			(As Restated. See note 2)
	(unaudited — in thousands of US dollars)
ASSETS
Current
Cash and cash equivalents	$	301,405	$	164,563
Accounts and metals settlements receivable		251,255		216,754
Inventories (note 3)		375,686		330,228

Total current assets		928,346		711,545

Property, plant and equipment (note 3)		2,852,170		2,561,015
Deferred expenses and other assets		176,245		125,846

Total assets	$	3,956,761	$	3,398,406

LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued charges	$	221,339	$	192,949
Income and other taxes payable		19,894		12,134
Long-term debt due within one year		70,637		63,137

Total current liabilities		311,870		268,220

Long-term debt (note 4)		1,142,517		991,020
Collahuasi project debt		226,253		226,253
Future income and mining taxes (note 3)		155,324		153,166
Employee future benefits		167,288		151,667
Other long-term liabilities		99,746		72,966
Non-controlling interest		24,284		18,984

Total liabilities		2,127,282		1,882,276

Shareholders' equity (note 3)		1,829,479		1,516,130

Total liabilities and shareholders' equity	$	3,956,761	$	3,398,406

FALCONBRIDGE LIMITED

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

				Nine months ended Sept. 30, 2003					Nine months ended Sept. 30, 2002
				Number		Amount			Number	Amount
				(unaudited — in thousands of US dollars)
Share capital
	Authorized
	Unlimited preferred shares
	Unlimited common shares
	Issued
	Common shares
	Balance, beginning of period			177,603,432		$	1,430,382		176,977,146	$	1,422,170
		Issued pursuant to employee stock options		112,700			7,855		40,900		479
		Repurchase of common shares		(600,000	)		(5,435	)

	Balance, end of period			177,116,132			1,432,803		177,018,046		1,422,649

	Preferred shares Series 1
		Balance, beginning and end of period		89,835			587		89,835		587

	Preferred shares Series 2
		Balance, beginning and end of period		7,910,165			129,209		7,910,165		129,209

Contributed surplus							2,617				2,262

Surplus (Deficit)
	Balance, beginning of period						(77,231	)			(69,911	)
		Adjustment for change in accounting policies
			Capitalisation of interest (Note 3)				37,821				32,012
			Costing of Inventory (Note 3)				33,669				35,590
			Stock based compensation				—				(152	)
		Earnings for the year					100,165				26,811
		Dividends
			— Common shares				(37,063	)			(33,875	)
			— Preferred shares				(6,294	)			(5,973	)
		Loss on repurchase of common shares					(1,511	)

	Balance, end of period						49,556				(15,499	)

Cumulative translation adjustment							214,707				(45,902	)

Total shareholders' equity						$	1,829,479			$	1,493,306

FALCONBRIDGE LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three months ended Sept. 30,						Nine months ended Sept. 30,
		2003			2002			2003			2002
		(unaudited — in thousands of United States dollars)
Operating activities
Earnings (loss) for the period		$	21,327		$	(15,015	)	$	100,165		$	26,811
Add (deduct) items not affecting cash
	Depreciation and amortization		60,170			58,236			182,868			178,255
	Future income and mining taxes		(9,605	)		(15,674	)		(12,212	)		(24,346	)
	Non-controlling interest in (loss) earnings of subsidiaries		(260	)		268			642			95
	Other		16,642			1,403			18,190			18,504
Contributions to pension fund in excess of provision			(3,988	)		(2,185	)		(9,166	)		(5,361	)

Cash provided by operating activities before working capital changes			84,286			27,033			280,487			193,958
	Net change in receivables, inventories and payables		41,886			6,770			23,792			(48,882	)

Cash provided by operating activities			126,172			33,803			304,279			145,076

Investing activities
Capital expenditures and deferred project costs			(91,740	)		(59,745	)		(232,526	)		(170,013	)
Proceeds on disposal of assets			14			3			565			133
Change in other assets			(19,605	)		(4,413	)		(34,051	)		(9,444	)

Cash used in investing activities			(111,331	)		(64,155	)		(266,012	)		(179,324	)

Financing activities
Long-term debt, including current portion:
	Issued		0			0			277,490			330,171
	Repaid		(19,606	)		(5,999	)		(138,060	)		(215,836	)
Dividends paid			(14,949	)		(13,668	)		(43,023	)		(39,848	)
Repurchase of common shares			0			0			(5,277	)
Issue of common shares			6,041			20			7,445			479

Cash used in (provided by) financing activities			(28,514	)		(19,647	)		98,575			74,966

Cash (used) provided during the period			(13,673	)		(49,999	)		136,842			40,718
Cash and cash equivalents, beginning of period			315,078			215,241			164,563			124,524

Cash and cash equivalents, end of period		$	301,405		$	165,242		$	301,405		$	165,242

FALCONBRIDGE LIMITED

SALES OF PRODUCTS AND AVERAGE REALIZED PRICES

			Three months ended September 30,				Nine months ended September 30,
			2003		2002		2003		2002
			(unaudited)
Metal sales (tonnes, except precious metals and silver) Integrated Nickel Operations (INO)
	Nickel			17,558		14,780		58,510		50,289
	Nickel purchased for resale			—		—		—		396

		Total		17,558		14,780		58,510		50,685

	Copper			12,093		11,470		42,702		40,731
	Precious metal revenues (US$ 000's)			22,686		20,075		67,400		57,687
Ferronickel				7,361		6,279		20,352		14,282
Kidd Creek Division
	Zinc (including metal in concentrate)			25,407		34,508		89,285		108,699
	Copper (including metal in concentrate)			26,098		29,699		81,246		79,205
	Silver (000's ounces)			1,550		986		4,307		2,488
Collahuasi
	Copper (including metal in concentrate)			37,281		42,390		128,508		137,767
Lomas Bayas
	Copper			15,601		14,402		44,996		44,665
Total Sales
	Nickel			24,919		21,059		78,862		64,967
	Copper			91,073		97,961		297,452		302,368
Average prices realized (U.S.$ per pound, except silver)
	Nickel		$	4.33	$	3.23	$	3.99	$	3.09
	Ferronickel			4.15		3.22		3.87		3.15
	Copper			0.81		0.67		0.78		0.72
	Zinc			0.41		0.38		0.40		0.39
	Silver (U.S.$ per ounce)			4.83		4.70		4.72		4.64
Exchange rate before hedge (US$1=Cdn$)			$	1.38	$	1.56	$	1.44	$	1.53
Exchange rate after hedge (US$1=Cdn$)			$	1.38	$	1.55	$	1.46	$	1.51

FALCONBRIDGE LIMITED

PRODUCTION DURING THE PERIOD

			Three months ended September 30,		Nine months ended September 30,
			2003	2002	2003	2002
			(unaudited)
Mine production (tonnes)
	Sudbury
		Nickel	5,170	5,379	18,473	21,200
		Copper	6,098	6,424	22,622	23,721
	Raglan
		Nickel	6,082	5,980	19,494	17,493
		Copper	1,688	1,604	5,110	4,678
	Falcondo
		Ferronickel	7,293	6,948	20,737	17,212
	Kidd Mining Division
		Copper	11,109	10,744	32,482	32,784
		Zinc	19,782	27,336	57,433	79,824
		Silver (000's ounces)	604	773	1,891	2,755
	Collahuasi
		Copper	40,477	46,279	128,203	139,291
	Lomas Bayas
		Copper	15,663	14,693	45,044	43,883
	Total mine output
		Nickel	18,545	18,307	58,704	55,905
		Copper	75,035	79,744	233,461	244,357
Metal production (tonnes)
	Sudbury — Smelter output
		Nickel	11,373	10,371	42,057	39,749
		Copper	3,824	3,702	14,479	14,073
	Nikkelverk — Refinery output
		Nickel	15,912	11,863	56,615	47,234
		Copper	8,882	5,886	26,260	21,352
	Falcondo
		Ferronickel	7,293	6,948	20,737	17,212
	Kidd Metallurgical Division
		Zinc plant output — zinc	5,301	34,278	74,202	106,717
		Copper Cathode — refinery output	24,448	39,327	99,431	110,467
		Blister Copper	22,487	35,436	95,531	108,139
	Collahuasi
		Copper	7,241	6,794	20,686	19,802
	Lomas Bayas
		Copper	15,663	14,693	45,044	43,883
	Total refined output
		Nickel	23,205	18,811	77,352	64,446
		Copper	56,234	66,700	191,421	195,504

FALCONBRIDGE LIMITED

CONSOLIDATED EARNINGS SEGMENTED

(US$ 000's)

		1999		2000		2001
Principal operations:
	Integrated Nickel Operations	76,269		194,756		54,535
	Falconbridge Dominicana	31,059		75,401		(11,515	)
	Kidd Creek	21,905		23,723		(40,959	)
	Collahuasi	97,884		139,235		79,344
	Lomas Bayas	0		0		4,912
Corporate costs		(26,767	)	(69,126	)	(69,036	)

Operating income (loss)		200,350		363,989		17,281
Interest		73,054		72,059		56,155
Taxes		21,469		36,421		(48,665	)
Non-controlling interest in earnings of subsidiaries		2,088		5,409		(749	)

Earnings (loss)		103,739		250,100		10,540
Dividends on preferred shares		7,803		7,959		7,798

Earnings (loss) attributable to common shares		95,936		242,141		2,742

Earnings (loss) per common share		0.54		1.37		0.02

FALCONBRIDGE LIMITED

CONSOLIDATED EARNINGS SEGMENTED

(US$ 000's)

		2002
		1st Qtr.		2nd Qtr.		3rd Qtr.		4th Qtr.		12 mos.
Principal operations:
	Integrated Nickel Operations	25,071		25,303		4,944		30,648		85,966
	Falconbridge Dominicana	(9,736	)	8,552		4,235		(1,654	)	1,397
	Kidd Creek	(13,062	)	(10,023	)	(10,109	)	(14,413	)	(47,607	)
	Collahuasi	20,378		27,823		12,341		21,903		82,445
	Lomas Bayas	5,511		4,231		2,420		5,155		17,317
Corporate costs		(10,998	)	(12,718	)	(27,942	)	(9,775	)	(61,433	)

Operating income (loss)		17,164		43,168		(14,111	)	31,864		78,085
Interest		11,620		13,277		12,947		12,742		50,586
Taxes		(7,853	)	1,635		(12,312	)	(3,934	)	(22,464	)
Non-controlling interest in earnings of subsidiaries		(733	)	560		269		(117	)	(21	)

Earnings (loss)		14,130		27,696		(15,015	)	23,173		49,984
Dividends on preferred shares		1,959		2,002		2,013		1,991		7,965

Earnings (loss) attributable to common shares		12,171		25,694		(17,028	)	21,182		42,019

Earnings (loss) per common share		0.07		0.14		-0.10		0.12		0.24

FALCONBRIDGE LIMITED

CONSOLIDATED EARNINGS SEGMENTED

(US$ 000's)

		2003
		1st Qtr.		2nd Qtr.		3rd Qtr.		9 mos.
Principal operations:
	Integrated Nickel Operations	44,419		47,050		31,551		123,020
	Falconbridge Dominicana	4,526		7,951		17,260		29,737
	Kidd Creek	(13,943	)	(16,795	)	(23,418	)	(54,156	)
	Collahuasi	27,660		25,466		23,785		76,911
	Lomas Bayas	5,935		4,786		8,190		18,911
Corporate costs		(6,573	)	(17,816	)	(21,415	)	(45,804	)

Operating income (loss)		62,024		50,642		35,953		148,619
Interest		12,065		12,833		12,253		37,151
Taxes		10,452		(2,425	)	1,179		9,206
Non-controlling interest in earnings of subsidiaries		328		575		1,194		2,097

Earnings (loss)		39,179		39,659		21,327		100,165
Dividends on preferred shares		2,043		2,039		2,212		6,294

Earnings (loss) attributable to common shares		37,136		37,620		19,115		93,871

Earnings (loss) per common share		0.21		0.21		0.11		0.53

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