Filed by Inco Limited
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Falconbridge Limited
Commission File No. 1-11284
Inco Limited Commission File No. 1-1143

OVERVIEW

The new Inco will be a world-class, metals and mining company.

NEW INCO

Production 2005 (estimated)

All figures in U.S. dollars unless otherwise stated.

A STRONGER, MORE DIVERSIFIED COMPANY

The new Inco will be a global Canadian-based mining and metals powerhouse.

•		The world’s largest nickel producer, eighth-largest copper producer, third largest zinc producer and a leading cobalt producer
•		U.S. $350 million annual pre-tax synergies by year-end 2007
•		One of the lowest cash costs in the global nickel and copper industries
•		Financial strength and flexibility to invest in growth
•		Excellent portfolio of global growth opportunities

POTENTIAL PRODUCTION INCREASES (estimated)

35% increase in nickel production by 2009		95% increase in copper production by 2011

GROWTH

The new Inco will have the world’s best pipeline of growth opportunities.

NICKEL GROWTH OPPORTUNITIES

NAME		LOCATION		DESCRIPTION
Voisey’s Bay		St. John's, Newfoundland and Labrador		•		Massive sulphide ore deposit, mine and concentrator in Labrador and demonstration processing plant in Argentia, Newfoundland
				•		First concentrate produced in September 2005
				•		100% ownership
Goro		New Caledonia		•		One of the best undeveloped nickel laterite orebodies in the world - first production from this nickel-cobalt project is expected in late 2007
				•		69% ownership
Koniambo		New Caledonia		•		Very good undeveloped laterite deposit - decision on development by January 1,2006
				•		49% ownership
Nickel Rim South		Sudbury, Ontario		•		One of the highest grade deposits in the Sudbury Basin with significant platinum-group metals
				•		Production scheduled to commence in 2009
				•		100% ownership
PT Inco		Sorowako, Indonesia		•		One of the lowest cost producers, with significant expansion potential within contract of work area
				•		61% ownership
Raglan		NunavikTerritory, Quebec		•		Expansion project for the Raglan nickel operation
				•		Drilling program underway
				•		100% ownership
Kabanga		Tanzania		•		Important nickel sulphide development project
				•		Drilling program and feasibility study underway
				•		50% ownership
Araguaia		Brazil		•		Attractive newly discovered nickel laterite property
				•		Extensive exploration program being conducted
				•		100% ownership
Fraser Morgan		Sudbury, Ontario		•		Encouraging results in this Sudbury area drilling program reaffirms local exploration and resource potential
				•		100% ownership
Kelly Lake		Sudbury, Ontario		•		Orebody located adjacent to existing Copper Cliff South Mine
				•		100% ownership
Onaping Depth		Sudbury, Ontario		•		Orebody located below previously operating Onaping mine
				•		100% ownership
I-D Lower		Thompson, Manitoba		•		Located at Thompson Mine, development of the first phase of the I-D Lower orebody is expected to commence in 2006, and production from the orebody should begin in 2008
				•		100% ownership
Totten Mine		Sudbury, Ontario		•		Orebody located at former operating site
				•		100% ownership

COPPER GROWTH OPPORTUNITIES

NAME		LOCATION		DESCRIPTION
El Pachón		Argentina		•		Attractive copper mine development project
				•		Feasibility study being updated based on results of extensive drilling program
				•		100% ownership
El Morro		Chile		•		A large copper porphyry with high gold co-product credits
				•		70% ownership
Collahuasi		Chile		•		Expansion project and new discoveries
				•		Scoping study underway
				•		44% ownership
Lomas Bayas		Chile		•		Reviewing adjacent Fortuna de Cobre deposit
				•		Exploration program ingoing
				•		100% ownership
Frieda River		Papua, New Guinea		•		One of the world's largest undeveloped copper and gold deposits
				•		Right to earn 72% ownership
Kidd Mine D		Timmins, Ontario		•		Deepest base metals orebody in the world
				•		100% ownership
West Wall		Chile		•		Significant copper porphyry
				•		Right to earn 50% ownership

Forward-Looking Statements

This fact sheet contains forward-looking information about Inco and the combined company after completion of the transactions described herein that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services and projects; statements regarding business and financial prospects; financial multiples and accretion estimates; statements regarding anticipated financial or operating performance and cash flows; statements regarding expected synergies and cost savings, including the timing, from the proposed combination of the two companies; statements concerning possible divestitures; and statements regarding strategies, objectives, goals and targets. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Inco, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed and identified in public filings with the U.S. Securities and Exchange Commission (“SEC”) made by Inco and include, but are not limited to: the possibility that approvals or clearances required to be obtained by Inco and Falconbridge from regulatory and other agencies and bodies will not be obtained in a timely manner; the possibility that divestitures required by regulatory agencies may not be acceptable or may not be completed in a timely manner; the possibility that the anticipated benefits and synergies and cost savings from the acquisition or related divestitures cannot be fully realized; the possibility that the costs or difficulties related to the integration of Falconbridge’s operations with Inco will be greater than expected; the level of cash payments to shareholders of Falconbridge who exercise their statutory dissenters’ rights in connection with the expected eventual combination of the two companies; the possible delay in the completion of the steps required to be taken for the eventual combination of the two companies; business and economic conditions in the principal markets for the companies’ products, the supply, demand, and prices for metals to be produced, purchased intermediates and substitutes and competing products for the primary metals and other products produced by the companies, production and other anticipated and unanticipated costs and expenses and other risk factors relating to the metals and mining industry as detailed from time to time in Falconbridge’s and Inco’s reports filed with the SEC. The forward-looking statements included in this fact sheet represent Inco’s views as of the date hereof. While Inco anticipates that subsequent events and developments may cause Inco’s views to change, Inco specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing Inco’s views as of any date subsequent to the date hereof. Readers are also urged to carefully review and consider the various disclosures in Inco’s various SEC filings, including, but not limited to, Inco’s Annual Report on Form 10-K for the year ended December 31, 2004, and Inco’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2005 and June 30, 2005.

Important Legal Information

This fact sheet may be deemed to be solicitation material in respect of Inco’s proposed combination with Falconbridge. Inco will prepare and file, if required, a registration statement on Form F-8, containing a share exchange take-over bid circular to be delivered to the shareholders of Falconbridge, and other documents with the SEC. Falconbridge, if required, will file other documents regarding the proposed merger with the SEC.

INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to receive the registration statement and Inco’s other SEC filings free of charge at the SEC’s web site, www.sec.gov, or from Inco’s media or investor relations departments.