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NORANDA ANNUAL REPORT 2004 Notes to Consolidated Financial Statements Cc2 Noranda

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NORANDA ANNUAL REPORT 2004 Notes to Consolidated Financial Statements Cc2 Noranda NORANDA ANNUAL REPORT 2004 Notes to Consolidated Financial Statements cc2 Noranda N nnual eport 2004 Strong Results, Excellent Performance oranda A R A nnual R Noranda is a leading copper and nickel company copper and nickel mining deposits. It employs eport with investments in fully-integrated zinc and 16,000 people at its operations and offices in 2004 aluminum assets. The Company’s primary focus is 18 countries and is listed on the New York Stock the identification and development of world-class Exchange and The Toronto Stock Exchange (NRD). A World of Resources A Wealth of Opportunities For the most up-to-date investor information visit our website: www.noranda.com Solid Strategy, Solid Returns A World of Resources Noranda is a leading international mining and metals company with a Operating Capital Assets A Wealth of Opportunities primary focus of identifying and developing world-class copper and by Business Noranda’s current business spans the globe and our quest for growth and development opportunities has nickel mineral deposits. We are one of the world’s largest producers of 1% equal breadth. With a winning strategy, a strong financial position, empowered employees and an attractive copper, nickel and zinc, and a significant producer of primary aluminum 15% 3% portfolio of development projects, we remain well positioned to further enhance value for all shareholders. and fabricated aluminum products, lead, silver, gold, cobalt, indium and 59% sulphuric acid. We employ 16,000 people at operations and offices in 22% 18 countries. Noranda is listed on the New York Stock Exchange and The Toronto Stock Exchange and trades under the symbol NRD. With a portfolio of geographically diverse assets and an outstanding Copper Aluminum Nickel Other pipeline of brownfield and greenfield projects, Noranda is well Zinc positioned to build on its excellent 2004 performance and to continue to grow. El Morro copper project, Chile – Sudbury nickel mines, Ontario – CEZ refinery, Quebec – zinc cell Noranda Aluminum rolling mill, exploration drill rig advancing underground tunneling with a house that produced a record Tennessee – total aluminum sheet resource determination. development drill rig. 277,000 tonnes in 2004. and foil sales increased 18% versus 2003. CONTENTS Financial Highlights 1 Consolidated Financial Statements 50 Noranda at a Glance 2 Notes to Consolidated Financial Statements 53 Letter to Shareholders 4 Five-Year Financial Review 86 2005 Goals 9 Production Volumes 87 Metals Outlook 2005 10 Sales Volumes 88 Growth Opportunities 11 Mineral Reserves and Resources 89 Exploration 16 Board of Directors 92 Management’s Discussion and Analysis 18 Shareholder and Corporate Information 96 Management’s Responsibility and Auditors’ Report 49 “The world is more connected than ever before. Whatever happens, wherever it happens, is known quickly around the globe. In a very positive way, Towards Sustainable Mining helps the mining industry put social responsibility into practice, Note bridging any gap between industry and community.” • All funds are in U.S. dollars and units of measurement are metric unless otherwise noted. Derek Pannell, President and CEO of Noranda Inc. and Chair of TSM Governance Team Forward-looking Statements: Noranda cautions that the statements made to describe the Company’s intentions, expectations or predictions may be “forward-looking statements” within the meaning of securities laws. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company’s actual results could differ materially from those TSM expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risks. NORANDA ANNUAL REPORT 2004 Financial Highlights 1 Financial Highlights CONSOLIDATED STATEMENT OF INCOME (US$ millions, except per share information) Year ended December 31 2004 2003 Revenues 6,978 4,657 Operating Expenses Cost of operations 2,094 1,948 Purchased raw materials 3,005 1,822 Depreciation, amortization and accretion 499 490 Total Operating Expenses 5,598 4,260 Income Generated by Operating Assets 1,380 397 Corporate and interest expense and other 232 238 Minority interest 297 88 (Gain) loss net of restructuring costs and other (33) 28 Taxes 333 20 Net Income 551 23 Basic Earnings Per Common Share $ 1.78 — 2004 Revenues by Business Average Metal Prices Earnings 2002 – 2004 Group (Realized) 2004 vs. 2003 ($ millions) 2% 59% 551 14% 45% 6% 52% 24% 26% 21% 23 02 03 04 Copper Aluminum Nickel Other Copper Zinc Zinc Nickel Aluminum -414 Copper and nickel operations The prices Noranda realized on Strong operational performance and represented 78% of total revenues. all of its main metals increased improved metal prices have helped substantially in 2004. deliver a dramatic turnaround in earnings. 2 Noranda at a Glance NORANDA ANNUAL REPORT 2004 Noranda at a Glance Our Business Our Operations COPPER The Copper Business comprises Antamina mine – Department of Ancash, Peru three mines in South America, one mine Collahuasi mine – Region I, Chile Lomas Bayas mine – Region II, Chile in Canada and smelting, refining Altonorte smelter – La Negra, Region II, Chile and recycling plants in North and Kidd Creek mine and smelter – Timmins, Ontario South America. Horne smelter – Rouyn-Noranda, Quebec CCR Refinery – Montreal, Quebec Noranda Recycling – Brampton, Ontario; East Providence, Rhode Island; LaVergne, Tennessee; Roseville, California; San Jose, California NICKEL The Nickel Business or Integrated Nickel Raglan mine – Nunavik Territory, Quebec Operations (INO) consists of five mines Sudbury mines, mill and smelter – Sudbury, Ontario Montcalm mine – Timmins, Ontario in Canada and metallurgical plants in Nikkelverk refinery – Kristiansand, Norway Canada and Norway. A laterite mine and Falcondo mine and processing plant – Bonao, Dominican ferronickel operation is located in the Republic Dominican Republic. ZINC The Zinc Business includes the Brunswick Brunswick mine – Bathurst, New Brunswick mine and smelter and Noranda’s interest Brunswick smelter – Belledune, New Brunswick General Smelting – Lachine, Quebec in the Noranda Income Fund, CEZ refinery. NorFalco LLC – Independence, Ohio All mining and metallurgical operations are Noranda Income Fund, CEZ refinery – Valleyfield, Quebec located in Canada. ALUMINUM The Aluminum Business comprises a bauxite Primary Aluminum smelter – New Madrid, Missouri mine in Jamaica plus five plants in the United Rolling Mills – Huntingdon, Tennessee; Newport, Arkansas; Salisbury, North Carolina States that produce alumina, primary Gramercy Alumina refinery – Gramercy, Louisiana aluminum products and aluminum rolled St. Ann Bauxite mine – Discovery Bay, Jamaica products. NORANDA ANNUAL REPORT 2004 Noranda at a Glance 3 End Uses Revenue Cash Cost Breakdown Buildings and construction Consumer products Raw materials 74% Electric and electronic products Contract and other 9% Infrastructure 52% Labour 7% Industrial machinery and equipment Supplies and consumables 6% Telecommunication equipment Energy 4% Transportation equipment Copper revenue increased 69% over 2003. Raw materials represent 74% of the total operating cash cost of the Copper Business. Consumer and household products Medical equipment Raw materials 32% 26% Power generation Hydro, oil and gas 20% Stainless steel Labour 21% Telecommunication equipment Supplies and materials 14% Transportation equipment Contracted services 12% Other 1% Nickel revenue increased 41% over 2003. Raw materials, labour and energy represent 73% of the total operating cash cost of the Nickel Business. Batteries 6% Buildings and construction Raw materials 50% Chemicals Energy 6% Consumer products Labour 23% Infrastructure Supplies 14% Pharmaceuticals Other 7% Transportation equipment Zinc revenue increased 14% over 2003. Raw materials and labour represent 73% of the total operating cash cost of the Zinc Business. Buildings and construction Consumer products 14% Containers and packaging Raw materials 54% Electrical products Energy 20% Machinery and equipment Labour 13% Transportation equipment General and other 13% Aluminum revenue increased 36% over 2003. Energy and raw materials represent 74% of the total operating cash cost of the Aluminum Business. 4 Letter to Shareholders NORANDA ANNUAL REPORT 2004 Dear Fellow Shareholders The year 2004 was an outstanding one for Noranda in terms of our financial results and operating performance. We delivered net income of $551 million and generated almost $1.5 billion in operating cash flow before changes in operating working capital, capital expenditures and dividends. We expanded key production facilities on schedule and below budget and advanced strategic projects at a time when commodity fundamentals are the strongest they have been in years. This level of performance has enabled Noranda to both invest in the future and enhance its financial flexibility. During 2004, leverage ratios improved substantially on the strength of our operating cash flow, a trend that is expected to continue. With a sound financial position, a portfolio of attractive assets and a disciplined strategy that is being well executed by skilled and motivated people, we anticipate 2005 will be another year of production increases, very strong earnings and cash flow and further advancement of our growth strategies. Noranda has a promising future. DEREK PANNELL Strong Performance, Excellent Results increased substantially, to $1,380 million from President
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