##### 



SECURITIES AND EXCHANGE COMMISSION      FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934    Date of report (Date of earliest event reported): May 25, 2004 Inco Limited  Canada
    
    1-1143
    
    98-0000676(State or other jurisdiction
    
    (Commission
    
    (I.R.S. Employerof incorporation or organization)
    
    file number)
    
    Identification Number)
 145 King Street West, Suite 1500
Toronto, Ontario M5H 4B7
(Address of Principal Executive Offices) Companys telephone number, including area code: (416) 361-7511 N/A
(Former name or former address, if changed since last report)




---



##### 



Item 5. Other Events and Regulation FD Disclosure On May 25, 2004, Inco Limited (the Registrant) issued a press release
covering the key preliminary findings to date of the second phase, or Phase 2,
of the comprehensive review of its approximately 85 per cent owned Goro nickel-cobalt
project located in the French overseas territorial community (collectivité
territoriale) of New Caledonia. This comprehensive review, being conducted in
two phases, had begun following the decision made by the Registrant to suspend
this project in December 2002. The Registrant indicated in the press release that, as a result of the
work undertaken as part of Phase 2 of the review and changes to the projects
planned process plant configuration and other changes to the project, certain
expenditures relating to the project which have been capitalized, principally
engineering and related work associated with the projects original
configuration and equipment purchased for the indirect heating of ore feed,
will no longer have any value for the project or otherwise and, accordingly,
the Registrant currently anticipates that it will take a non-cash charge in the
range of $180 to $210 million (U.S.) as of the end of the second quarter of
2004. The preliminary key findings of this second phase of the Goro project
review have also included an updated preliminary capital cost estimate of
approximately $1.85 billion (U.S.) taking into account the non-cash charge
referred to above, within a plus 20 per cent to minus 5 per cent reliability
range, changes to the projects planned process plant footprint, an increase in
the process plants annual nameplate capacity, certain changes to the project
schedule based upon certain assumptions relating to when a decision to proceed
would be made and other developments arising from work to date on this phase of
the project review. The Registrant currently expects to be in a position to
make a decision on whether to proceed with the Goro project, assuming certain
conditions are met, in the late September  October 2004 period. Item 9. Regulation FD Disclosure A copy of the press release, as indicated below, issued by the Registrant
and referred to under Item 5, is furnished as Exhibit 99.1 to this Form 8-K. The following Exhibit is furnished as part of this Report:  (1)
    
    Exhibit 99  (99.1)
    
    Press release of the Registrant dated May 25, 2004 covering
the Registrants update on the key preliminary findings to
date of Phase 2 of the review of its Goro nickel-cobalt
project in New Caledonia. - 2 -




---



##### 



SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized. INCO LIMITEDBy:
    /s/ Stuart F. FeinerStuart F. FeinerExecutive Vice-President
General Counsel and Secretary Date: May 25, 2004 - 3 -




---



##### 



EXHIBIT INDEX Exhibit No.
    
    
    
    Description99.1
    
    
    Press release of the Registrant dated May 25, 2004 covering
the Registrants update on the key preliminary findings to
date of Phase 2 of the review of its Goro nickel-cobalt
project in New Caledonia.
 - 4 -




---



##### 



EXHIBIT