Stock Symbol: N

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Business Description
Inco Limited is a mining and metals company primarily engaged in the production of nickel, copper, precious metals and cobalt. The Company's principal mines and processing operations are located in the Sudbury area of Ontario, the Thompson area of Manitoba and, through a subsidiary in which Inco has an equity interest of 61%, PT International Nickel Indonesia Tbk (PT Inco), on the island of Sulawesi, Indonesia. Inco has additional wholly owned metals refineries at Port Colborne, Ontario, and in the United Kingdom at Clydach, Wales, and Acton, England. It also has interests in nickel refining capacity in Japan, through contractual arrangements with Inco TNC Limited,; in Taiwan, through Taiwan Nickel Refining Corporation, and in South Korea, through Korea Nickel Company. Inco also has a 65% equity interest in Jinco Nonferrous Metals Co., Ltd., a company that produces nickel salts for plating and other applications at a plant near Shanghai in the People's Republic of China.et.

Financial Information
For the fiscal year ended 12/31/04, revenues rose 68% to $4.33 billion. Net income applicable to Common and before U.S. GAAP adj. rose from $125 million to $603 million. Revenues reflect strength in nickel demand leading to higher sales and prices, as well as higher prices for cobalt, copper, and platinum. Net income also reflects significantly improved margins.