New Caledonia

Last fall, after nearly a two-year review to determine a reliable and acceptable capital cost estimate, Inco made the decision to proceed with the development of our Goro project, located on the South Pacific island of New Caledonia.

One of the world's highest-grade and largest undeveloped laterite properties, employing Inco's proprietary pressure acid leach hydrometallurgical process, our Goro project will have a significant positive economic and social impact on the people of New Caledonia.

  2004 PERFORMANCE HIGHLIGHTS

• Made the decision, after a two-year review, to proceed with the development of our Goro project.
• Further developed a framework known as the Forum of Initiatives (Carrefour des Initiatives) with our nearby communities in order to build enduring partnerships and ensure that local peoples have the opportunity to participate in and benefit from our Goro project.
• Invited a delegation from New Caledonia to Toronto, Canada, including Philippe Gomès, President of the Southern Province of New Caledonia, and representatives from the traditional areas, Hilarion Vendegou, President of Djubea Kapone, Valentin Agourere, President of the Elders Council of the Goro Tribe, Channel Atti, member of the Yaté Municipal Council, and Robert Attiti, member of the Yaté Municipal Council and son of the former High Chief of the Goro Tribe, to meet with the Inco Board of Directors.

  2005 GOALS

• Continue dialogue with our nearby communities and institutions in order to develop a working framework and strengthen mutually beneficial relationships, particularly to encourage local peoples to examine employment and new business opportunities during the construction phase of our project.
• Focus on recruitment as we move forward with construction of the Goro project, working towards a goal of creating a workforce that is 90 per cent New Caledonian.
• Pursue a variety of training programs to enhance the capabilities of potential employees in skilled trades.