Falconbridge Limited

Falconbridge Limited
United Steelworkers of America, Local 9449

United Steelworkers of America, Local 9449

May 24, 2006 15:51 ET

Falconbridge and USW Ratify Five-Year Collective Agreement at Raglan Mine

TORONTO, ONTARIO--(CCNMatthews - May 24, 2006) - Falconbridge Limited (TSX:FAL.LV)(NYSE:FAL) and the United Steelworkers (USW), Local 9449, announced today that employees at Raglan Mine have voted in favour of a new collective agreement. The prior collective agreement expired on April 30.

The new collective agreement expires April 30, 2011. Highlights include:

- Wage increase of 2.2% each year of the collective agreement;

- Productivity and Profit Sharing program improvements;

- Signing bonus of Cdn$1,500 upon the execution of the collective agreement and an additional Cdn$375 in each remaining year of the collective agreement.

The Raglan Mine is located in Nunavik in Northern Quebec and employs approximately 500 people, with some 300 being members of Local 9449 of the USW.

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