CVRD Inco announces senior management appointments



    TORONTO, Jan. 30 /CNW/ - CVRD Inco, a subsidiary of Companhia Vale do Rio
Doce (CVRD), announces that its Board of Directors has appointed a new senior
management team.
    Murilo Ferreira has been appointed as President and Chief Executive
Officer of CVRD Inco. Mr. Ferreira will also retain his current position as
Executive Director, Companhia Vale do Rio Doce (CVRD). Leonardo Moretzsohn,
formerly Director Internal Controls Department CVRD, has been appointed
Executive Vice-President and Chief Financial Officer of CVRD Inco.
    Mr. Ferreira will lead a CVRD Inco management team also comprising Mark
Cutifani, Chief Operating Officer; Peter Goudie, Executive Vice-President
Marketing; Simon Fish, Executive Vice-President, General Counsel and
Secretary; Scott McDonald, Executive Vice-President Human Resources; and Phil
du Toit, Executive Vice-President Goro Nickel.
    "CVRD Inco is now the world's number one nickel producer and our new team
has a strong mandate to keep on building and expanding this great company,"
said Roger Agnelli, Chief Executive Officer of CVRD. "Our management group
combines the proven skill and experience of the former Inco team with seasoned
CVRD executives who understand the business culture and systems of CVRD, to
help ensure we get the very best of both organizations going forward."
    "Murilo Ferreira has proven his many strengths and great experience
during a distinguished and varied career at CVRD. He is a key member of our
executive team and a trusted personal advisor. I'm confident he will provide
the vision and leadership to expand CVRD Inco and establish it as a strong
platform for growth in our non-ferrous business in the coming years," Mr.
Agnelli said.
    Scott Hand, formerly President and Chief Executive Officer CVRD Inco, has
elected to retire from CVRD Inco. He will assume a part-time role as senior
advisor to CVRD. Bob Davies, formerly Chief Financial Officer, has elected to
leave CVRD Inco to pursue other opportunities.
    "We want to acknowledge the tremendous contribution made by Scott Hand
and Bob Davies," Mr. Agnelli said. "As CEO, Scott Hand has been respected by
the mining community worldwide. He has played a pivotal role in building a
great global mining company and we are the grateful beneficiaries of his
legacy."
    "During the past three months our people from both organizations have
learned a tremendous amount from one another," said Mr. Ferreira. "Now we're
ready to apply these lessons in order to optimize our existing business and
maximize our great opportunities for growth and new development."
    "By bringing the CVRD nickel assets into CVRD Inco, notably our Onça Puma
and Vermelho development projects, we significantly strengthen our position as
the world's undisputed nickel leader in the years ahead," Mr. Ferreira said.
"Together with our development project at Goro, our new operation at Voisey's
Bay, our strong base of operations at Sudbury, Thompson and PT Inco, and the
opportunity for expansions at these existing operations, we're uniquely
positioned to provide the nickel that society needs for decades to come."
    Mr. Ferreira added, "We will do so with a renewed commitment to the
environment and to the well-being of the communities where we work, and a
determination to set a high standard in social responsibility wherever we
operate."

    CVRD Inco is based in Toronto and has some 13,000 employees worldwide.





For further information:

For further information: Steve Mitchell, Media Relations, (416)
361-7950

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INCO LIMITED

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