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Exhibit 4.30 




  


 
 

news release    
  


 
 

NORANDA TO CURTAIL LEAD PRODUCTION
  AT ITS BRUNSWICK SMELTER
  Smelter to Operate on a Seasonal Basis    
  



BELLEDUNE, NEW BRUNSWICK, December 3, 2002 — Noranda's Brunswick Smelter announced today that due to low
treatment charges and the generally weak forecast for the lead market, the Company plans to operate its Belledune smelter on an eight-month seasonal basis while shutting down for four consecutive
months each year, beginning in July 2003. This will result in a 22% reduction in annual lead production. 


Benchmark
treatment charges, which are the smelter's revenues for treating lead concentrates, have decreased by 35% in the last 24 months. In response, the Brunswick smelter will withdraw from
custom smelting third-party concentrates in 2003 but will continue to treat lead concentrate from the Brunswick Mine and external sulphate residues. This change in the business model will allow the
smelter to maintain production on a seasonal basis. 


In
making today's announcement, Brunswick Smelter General Manager Thompson Hickey stated, "The weakening conditions in the marketplace, combined with the rapid decrease in
treatment charges over the last two years left us with very few alternatives. Our objective is to be able to maintain operations with a positive cash flow while significantly reducing our operating
costs."


Brunswick's
current average annual production is 100,000 tonnes of lead and twelve million ounces of silver. Under the revised seasonal operating plan, Noranda estimates that annual lead production
will be approximately 78,000 tonnes and silver production will be five million ounces. The revised operating plan for the smelter includes increasing the daily production rate in the sinter plant by
10% while reducing overall costs by 10%. 


In
the coming months, Noranda plans to work with management, employees and the union, as well as its customers on developing and implementing plans to become a seasonal operation. The Brunswick
Smelter currently employs 470 people. During the shutdown period, staff and hourly employees will be laid off, except for a minimum number required to keep the plant on care and maintenance.
Approximately 70 positions will be eliminated, however, the Company expects to achieve most of these reductions through attrition. 


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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).


Contact:


Dale
Coffin

Manager, External Communications

Noranda Inc.

416-982-7161

coffind@noranda.com 


www.noranda.com

Roger Clinch

Manager Communications

Noranda Inc.

506-547-6012 









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news release

NORANDA TO CURTAIL LEAD PRODUCTION AT ITS BRUNSWICK SMELTER Smelter to Operate on a Seasonal Basis