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Exhibit 4.32  





  


News Release  


  
 

    NORANDA POSTPONES DEVELOPMENT OF PERSEVERANCE ZINC DEPOSIT
  Noranda Will Maintain $3.4 Million Exploration Program in the Matagami Region    
  


MATAGAMI, QUEBEC, December 16, 2002 — Noranda Inc. today announced that it is postponing the
development of its Perseverance zinc deposit, located near Matagami, in northern Quebec. The depressed zinc prices, fluctuating between US$0.33-US$0.36 per pound, coupled with Noranda's
current financial situation, do not permit the development of the deposit in the foreseeable market conditions. 


The
Perseverance deposit, which consists of three high-grade zones — Perseverance, Equinox and Perseverance West, was discovered by Noranda in 2000.
Total resources have been estimated at 5.1 million tonnes grading 15.82% zinc, 1.24% copper, 29.4 grams per tonne of silver and 0.38 grams per tonne of gold. 


"The
current zinc prices and Noranda's present financial situation prevent us from profitably developing the Perseverance deposit at this stage," said George Jones,
President — Zinc at Noranda. "The forecast for the zinc market over the next few years is for continuing oversupply; however, we believe that the economic climate
will be more favourable for the development of the mine in the 2005-2006 period. We will continue to evaluate the situation every quarter and will inform our employees and the community of
our decisions." 


Noranda
has been active in the Matagami region for a long time and, during the last 40 years, it has mined almost 43 million tonnes of zinc ore from nine different deposits in the
district. "Noranda
remains committed to finding more deposits around Matagami and we believe that the region still holds great mineral potential," said Tony Green, Noranda's General
Manager — Exploration. "That is why we are investing an additional $3.4 million on exploration programs in the region in 2002 and 2003." 



Noranda
currently operates the Bell-Allard zinc mine in Matagami. Its reserves will sustain operations for another two years. The mine is expected to close during the fourth quarter of
2004. 


"In
the current context, it appears unlikely that the go-ahead for Perseverance will be given in 2003, which leads us to believe that there will be a minimum 15-month delay
between the closure of the Bell-Allard mine and the commercial start-up of Perseverance," said Michel Boucher, General Manager of Noranda's Bell-Allard mine in
Matagami. "By making the announcement today, we hope to lessen the impact of our decision on our 255 employees and the community," added Mr. Boucher. 


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Noranda
lost 92 million dollars in 2001 and announced a 70 million dollars loss for the third quarter of 2002. 


The
Perseverance property is controlled under the terms of a joint venture agreement between Noranda and Société de Développement de la Baie James (SDBJ).
Under the terms of the agreement, Noranda holds a 90% interest and SDBJ has the right to participate after completion of a feasibility study at 10% or to convert its interest to a 2% net smelter
royalty (NSR). Should SDBJ elect to participate, it will fund its share of development costs. Should SDBJ convert its interest to a 2% NSR, Noranda will hold a 100% interest and will have the option
to reduce the royalty to a 1% NSR by making a payment of $1 million to SDBJ. 


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).


A
factsheet is available on Noranda's Website at www.noranda.com under "Newsroom". 


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Contact:


Dale
Coffin

Manager, External Communications

Noranda Inc.

416-982-7161

dale.coffin@toronto.norfalc.com 



Hélène
V. Gagnon

Director, Public and Corporate Affairs

Noranda Inc.

514-630-9342

gagonhv@ntc.noranda.com 









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NORANDA POSTPONES DEVELOPMENT OF PERSEVERANCE ZINC DEPOSIT Noranda Will Maintain $3.4 Million Exploration Program in the Matagami Region