To: E. Charters who wrote (81163 ) 3/28/2002 4:42:38 PM From: long-gone Respond to of 116759 Thursday March 28, 8:33 am Eastern Time Press Release SOURCE: Noranda Inc. Noranda to permanently close Gaspé copper smelter Options To Make Smelter Efficient Not Economically Feasible MURDOCHVILLE, QC, March 28 /CNW/ - Noranda Inc. announced today that it will permanently close its Gaspé copper smelter, located in Murdochville, Quebec, effective April 30, 2002. Noranda had previously announced on November 30, 2001, that it would temporarily close the smelter for at least a six-month period in response to extremely weak market and economic conditions. The decision to permanently close the smelter is based on a comprehensive study conducted by Noranda following the November 30th announcement. The goal of the study was to identify an economically feasible option that would enable the smelter to become more competitive and efficient for the longer term. "Unfortunately, after reviewing all of the options, we were not able to identify an economically feasible solution that would justify continuing the operation", stated Derek Pannell, President and Chief Operating Officer, Noranda Inc. "All of our findings were discussed with the Quebec and federal governments who provided us with exceptional co-operation and we are thankful for their support". Over the last two months, Noranda held several meetings with various provincial and federal government departments to review the status of the smelter. Approximately 300 employees will be affected by the permanent closure. Noranda, along with the Union - le syndicat des Métallos - and Emploi-Québec have implemented an Employment Adjustment Centre to assist employees in identifying job opportunities, providing skills assessment and relocation funding and support. In addition, employees will receive a comprehensive severance package from the company. "We would like to thank all of our employees and the Union for their cooperation, continued support and assistance in helping us to find a viable solution," said Marcel Faucher, General Manager, Gaspé smelter. "We are fully committed to ensuring that our employees have access to the right resources to enable them and their families to find new employment opportunities." The Gaspé smelter is a custom copper smelter that treats copper concentrate purchased from around the world, along with secondary copper materials. In 2001, the smelter produced 109,000 tonnes of copper in anodes and 220,000 tonnes of sulphuric acid. The smelter employs about 300 active employees. Noranda Inc. is a leading international mining and metals company with more than 48 mining and metallurgical operations and projects under development in nine countries. Noranda is one of the world's largest producers of zinc and nickel and is a significant producer of copper, primary and fabricated aluminum, lead, silver, gold, sulphuric acid and cobalt. Noranda is also a major recycler of secondary copper, nickel and precious metals. It is listed on The Toronto Stock Exchange and the New York Stock Exchange (NRD).biz.yahoo.com