Teck Cominco Withdraw Bid for Inco

Teck Cominco Limited announced that its proposed equity offering announced yesterday will not proceed. Teck will not be amending its outstanding offer to acquire all of the outstanding common shares of Inco Limited. Teck’s offer for Inco will expire at midnight (Toronto time) on August 16, 2006.

Teck Cominco President and Chief Executive Officer Don Lindsay said: “While we received strong support from a large number of institutional investors, in the end we could not complete the proposed equity offering on terms that made sense for Teck Cominco. Accordingly, we will not amend or extend our bid for Inco. We will now pursue some of the many other opportunities we see to grow Teck Cominco and to add value for our shareholders, both through enhancements to our existing assets and through acquisitions.”