Noranda's CFO to retire but staying as Special Advisor

Noranda's CFO to retire but staying as Special Advisor
Company Announces Successor 


TORONTO, Nov. 11  /PRNewswire-FirstCall/ -- Noranda Inc. today announced that
Mr. Lars-Eric Johansson will be retiring from his position as the Company's
Executive Vice- President and Chief Financial Officer, effective November 11,
2003. Mr. Johansson will continue his relationship with the Noranda group and
will assist Falconbridge with the financing of the Koniambo nickel project
located in New Caledonia.

Over the past 18 months, Mr. Johansson led Noranda's recapitalization program,
which included raising over US$560 million of equity, US$350 million of term
financing and US$90 million of asset sales. This program is now complete and has
significantly enhanced Noranda's financial position.

Mr. Johansson has been involved in the Koniambo project since 1996 and will
bring extensive project financing experience. Mr. Johansson will also be
assisting the new Chief Financial Officer during the transition period.

"I would like to thank Lars-Eric for his contribution to the success of
Falconbridge during his 14-year career and his support at Noranda during the
last year and a half," said Derek Pannell, Noranda's President and Chief
Executive Officer.

Replacing Mr. Johansson as Executive Vice-President and Chief Financial Officer
will be Mr. Steven Douglas. Mr. Douglas until recently was Executive Vice
President and Chief Financial Officer of real estate company Brookfield
Properties Corporation, a position that he has held for more than six years. He
also held various senior management positions at Brookfield for three years
prior to being appointed Chief Financial Officer. Prior to joining Brookfield,
Mr. Douglas was affiliated with Ernst and Young in Toronto. He is a Chartered
Accountant and holds a Bachelor of Commerce degree from Laurentian University in
Sudbury, Ontario. A native of Timmins, Ontario, Mr. Douglas comes from a mining
background and briefly worked for Kidd Creek.

"We are pleased to welcome Steve Douglas at Noranda," added Pannell. President
and Chief Executive Officer of Noranda. "Not only did Steve work extensively on
audits at our affiliate Falconbridge Limited during his tenure at Ernst and
Young, acquiring important mining industry understanding, but during the last
few years, he was also one of the key players in the successful financial and
operational restructuring of Brookfield, whose market capitalization went from
US$400 million to US$4 billion in less than eight years."

Noranda Inc. is a leading international mining and metals company with more than
49 mining and metallurgical operations and projects under development in 17
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. Noranda employs over 15,000
people. It is listed on The Toronto Stock Exchange and The New York Stock
Exchange (NRD). 

DATASOURCE: Noranda Inc.



CONTACT: Denis Couture, Vice-President, Communications and Public

Affairs, [phone], ,

http://www.noranda.com/

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