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<P align="center" style="font-size: 10pt"><B>As filed with the
Securities and Exchange Commission on June&nbsp;20, 2005</B>



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">


<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B></DIV>


<P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>



<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000"></DIV>


<P align="center" style="font-size: 24pt"><B>INCO LIMITED</B>


<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Canada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0000676</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of incorporation or</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(IRS Employer Identification No.)</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>organization)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>145 King Street West, Suite&nbsp;1500<BR>
Toronto, Ontario M5H 4B7<BR>
(416)&nbsp;361-7511<BR>
(Address of Registrant&#146;s Principal Executive Offices and telephone number)</B>



<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center" color="#000000"></DIV>



<DIV align="center" style="font-size: 10pt"><B>2005 Key Employees Incentive Plan<BR>
(Full title of the plan)</B></DIV>



<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center" color="#000000"></DIV>



<P align="center" style="font-size: 10pt"><B>CT Corporation System<BR>
111 8</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Avenue</B><BR>
<B>New York, New York 10011<BR>
(212)&nbsp;894-8940<BR>
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B><I>Copy to:</I></B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
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    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Susan J. Krembs, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Carl DeLuca, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Osler, Hoskin &#038; Harcourt LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Associate General Counsel</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>280 Park Avenue, Suite&nbsp;30W</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>and Assistant Secretary</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>New York, New York 10017</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Inco Limited</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>145 King Street West, Suite&nbsp;1500</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Toronto, Ontario, Canada</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>M5H 4B7</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center" color="#000000"></DIV>



<DIV align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 0px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 0px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 0px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share(2)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B>(2)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee</B></TD>
    <TD width="1%" style="border-right: 0px solid #000000">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-left: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Shares and associated Common
Share Purchase Rights, without nominal
or par value
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000" nowrap>6,000,000 shares(1)
</TD>
    <TD valign="bottom" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="bottom" nowrap align="right" style="border-top: 1px solid #000000">$</TD>

<TD valign="bottom" align="right" style="border-top: 1px solid #000000">38.88</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="bottom" nowrap align="right" style="border-top: 1px solid #000000">$</TD>

<TD valign="bottom" align="right" style="border-top: 1px solid #000000">233,280,000</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="bottom" nowrap align="right" style="border-top: 1px solid #000000">$</TD>

<TD valign="bottom" align="right" style="border-top: 1px solid #000000">27,457.06</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>


<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">In addition, pursuant to Rule&nbsp;416 of the Securities Act of 1933, as amended, this
Registration Statement includes an indeterminate number of additional Common Shares which may
be issued as a result of the anti-dilution provisions of the 2005 Key Employees Incentive
Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for the purpose of calculating the amount of the registration fee, based on
the average of the high and low prices of the Common Shares on
June&nbsp;14, 2005, as quoted on the New
York Stock Exchange, pursuant to Rule 457(h) of the Securities Act of 1933, as amended.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt">PART I



<P align="center" style="font-size: 10pt">INFORMATION REQUIRED IN THE PROSPECTUS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is being filed for the purpose of registering an
additional 6,000,000 Common Shares of the Registrant issuable pursuant to the Registrant&#146;s 2005 Key
Employees Incentive Plan. Under the terms of the Registrant&#146;s 2005 Key Employees Incentive Plan,
up to 5,500,000 of such Common Shares may be issued upon the exercise of share options and share
appreciation rights and up to 500,000 of such Common Shares may be issued pursuant to long-term
incentive awards. All information specified by Part&nbsp;I of Form S-8 is omitted from this
Registration Statement in accordance with Rule 424(b) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;).



<P align="center" style="font-size: 10pt">I-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt">PART II



<P align="center" style="font-size: 10pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT



<P align="left" style="font-size: 10pt">Item&nbsp;3. <U>Incorporation of Documents by Reference</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents listed in (a)&nbsp;through (d)&nbsp;below have been filed with the Securities and Exchange
Commission and are incorporated herein by reference:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2004
(the &#147;2004 Form&nbsp;10-K&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Registrant&#146;s Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31,
2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 as amended (the &#147;Exchange Act&#148;) since the end of the fiscal year covered by the 2004 Form
10-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the description of the Registrant&#146;s Common Shares which is contained in the Registrant&#146;s
amended registration statement on Form F-10/A dated April&nbsp;29, 2003 (Registration No.&nbsp;333-104688).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed by the Registrant pursuant to Section&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which de-registers all securities then
remaining unsold, shall be deemed to be incorporated herein by reference and to be part hereof from
the date of filing of such documents. Any statement contained in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein, or in any subsequently
filed document which also is or is deemed to be incorporated by reference herein, modifies or
supersedes such statement.


<P align="left" style="font-size: 10pt">Item&nbsp;4. <U>Description of Securities</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant&#146;s Common Shares are registered under Section 12(b) of the Exchange Act.


<P align="left" style="font-size: 10pt">Item&nbsp;5. <U>Interests of
Named Experts and Counsel</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the Common Shares which are registered hereby and which may be issued by the
Registrant as incentive compensation or upon the exercise of options or share appreciation rights
granted under the 2005 Key Employees Incentive Plan will be passed upon by Jos&#233;e M. Guibord, Esq.,
Assistant General Counsel and Assistant Secretary of the Company. Jos&#233;e M. Guibord is regularly
employed by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
statements as to the Company&#146;s estimated ore reserves which appear in the 2004 Form 10-K rely
upon the authority, as experts, of Lawrence B. Cochrane, Director of Mines Exploration, Robert A.
Horn, former Vice-President, Exploration, Robert C. Osborne, Consulting Geologist, Laterites, S. Nicholas
Sheard, Vice-President of Exploration and Olivier Tavchandjian, Principal Geologist, Mineral
Reserves and Mineral Resources, to the extent described in the 2004
Form 10-K. Messrs. Cochrane,
Horn, Osborne, Sheard and Tavchandjian were employees of the Company
at the time they served as such experts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Company included in the 2004 Form 10-K, and
management&#146;s assessment of the effectiveness of, and the effectiveness of, the Company&#146;s internal
control over financial reporting as of December&nbsp;31, 2004 included therein, have been audited by
PricewaterhouseCoopers LLP, an independent accounting firm, as set forth in its reports thereon
included therein, and incorporated herein by reference. Such consolidated financial statements and
management&#146;s assessment have been incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in auditing and accounting.


<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Item&nbsp;6. <U>Indemnification of Directors and Officers</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12 of Part&nbsp;3 of By-Law No.&nbsp;1 of the Company provides in part as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnity and Insurance</B>. Subject to the limitations contained in the Canada Business
Corporations Act but without limit to the right of the Company to indemnify any person under the
Act or otherwise, the Company shall indemnify a Director or Officer, a former Director or Officer,
or a person who acts or acted at the Company&#146;s request as a director or officer of a body corporate
of which the Company is or was a shareholder or creditor, and his heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or
proceeding to which he is made a party by reason of being or having been a Director or Officer or a
director or officer of such body corporate, if,


<P align="left" style="margin-left:3%; font-size: 10pt">(a)&nbsp;he acted honestly and in good faith with a view to the best interests of the Company, and



<P align="left" style="margin-left:3%; font-size: 10pt">(b)&nbsp;in the case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, he had reasonable grounds for believing that his conduct was lawful.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Canada Business Corporations Act provides as of right that, in general, an officer or
director, as such, shall be entitled to indemnity if (i)&nbsp;he was not judged by a court or competent
authority to have committed any fault or omitted to do anything he ought to have done, (ii)&nbsp;he
acted honestly and in good faith with a view to the best interests of the corporation and (iii)
where a criminal or administrative action or proceeding that is enforced by a monetary penalty, he
had reasonable grounds for believing that his conduct was lawful. However, under the Act, no
officer or director of the Registrant may be indemnified with respect to any security holder&#146;s
derivative action brought pursuant to such Act unless a court of competent jurisdiction has
approved the terms of such indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has an insurance policy that indemnifies directors and officers against certain
liabilities incurred by them in their capacities as such, including among other things, certain
liabilities under the Securities Act of 1933.


<P align="left" style="font-size: 10pt">Item&nbsp;7. <U>Exemption
from Registration Claimed</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt">Item&nbsp;8. <U>Exhibits</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of the Registrant dated May
7, 2004 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&#146;s
Originally Filed Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
March&nbsp;31, 2004).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General By-Law No.&nbsp;1 of the Registrant as amended to February
3, 2004 (incorporated by reference to Exhibit&nbsp;3(ii)(a) to the Registrant&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standing Resolution of the Registrant as amended to February&nbsp;3,
2004 (incorporated by reference to Exhibit&nbsp;3(ii)(b) to the Registrant&#146;s Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Rights Plan Agreement dated as of September&nbsp;14,
1998, as amended and restated as of April&nbsp;20, 2005, between the Registrant and
CIBC Mellon Trust Company, as Rights Agent (incorporated by</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">reference to Exhibit&nbsp;A to the 2005 Proxy Statement attached
as Exhibit&nbsp;99 to the 2004 Form&nbsp;10-K).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Jos&#233;e M. Guibord, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23.1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jos&#233;e M. Guibord, Esq. (included in Exhibit&nbsp;5).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23.2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="top">23.3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consents of Lawrence B. Cochrane, Robert A. Horn, Robert C.
Osborne, S. Nicholas Sheard and Olivier Tavchandjian, each as a Qualified
Person named in the 2004 Form&nbsp;10-K pursuant to National Instrument 43-101
issued by the Canadian Securities Administrators.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="top">99</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registrant&#146;s 2005 Key Employees Incentive Plan (incorporated by
reference to Exhibit&nbsp;B to the Registrant&#146;s 2005 Proxy Statement attached as
Exhibit&nbsp;99 to the 2004 Form&nbsp;10-K).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Item&nbsp;9. <U>Undertakings</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this Registration Statement;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;


<P align="left" style="font-size: 10pt"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act
that are incorporated by reference in this Registration Statement.




<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at the time shall be
deemed to be the initial <U>bona</U> <U>fide</U> offering thereof.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new


<P align="center" style="font-size: 10pt">II-3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <U>bona</U> <U>fide</U> offering
thereof.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.



<P align="center" style="font-size: 10pt">II-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Toronto, Ontario, Canada, on the 20th day of June, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">INCO LIMITED<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/      <I>Stuart F. Feiner</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stuart F. Feiner, Executive Vice-President,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel &#038; Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities indicated, on
the 20th day of June, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">TITLE</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <I>Scott M. Hand</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer; Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scott M. Hand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <I>Farokh S. Hakimi</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Farokh S. Hakimi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <I>Ronald A. Letovaara</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President and Comptroller</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald A. Lehtovaara
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">II-5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">TITLE</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Glen A. Barton)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Angus A. Bruneau)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Ronald C. Cambre)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Scott M. Hand)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Janice K. Henry)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Chaviva M. Ho&#154;ek)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Peter C. Jones)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(John T. Mayberry)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(David P. O&#146;Brien)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Roger Phillips)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(James M. Stanford)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">INTERNATIONAL NICKEL INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Representative</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in the United States</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ <I>Edward A. Steen</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Edward A. Steen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title: Assistant General Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pursuant to powers-of-attorney executed by the directors named above whose names are
preceded by an asterisk, Stuart F. Feiner, as attorney-in-fact, does hereby sign this
registration statement on behalf of each such directors, in each case in the capacity of
director, on the 20th day of June, 2005.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ <I>Stuart F. Feiner</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Stuart F. Feiner, attorney-in-fact</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">II-6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of the Registrant dated May&nbsp;7, 2004 (incorporated by
reference to Exhibit&nbsp;3.1 to the Registrant&#146;s Originally Filed Quarterly Report on Form&nbsp;10-Q
for the quarterly period ended March&nbsp;31, 2004).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General By-Law No.&nbsp;1 of the Registrant as amended to February&nbsp;3, 2004 (incorporated by
reference to Exhibit&nbsp;3(ii)(a) to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2003).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standing Resolution of the Registrant as amended to February&nbsp;3, 2004 (incorporated by
reference to Exhibit&nbsp;3(ii)(b) to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2003).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Rights Plan Agreement dated as of September&nbsp;14, 1998, as amended and restated as
of April&nbsp;20, 2005, between the Registrant and CIBC Mellon Trust Company, as Rights Agent
(incorporated by reference to Exhibit&nbsp;A to the 2005 Proxy Statement attached as Exhibit&nbsp;99 to
the 2004 Form&nbsp;10-K).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Jos&#233;e M. Guibord, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jos&#233;e M. Guibord, Esq. (included in Exhibit&nbsp;5).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consents of Lawrence B. Cochrane, Robert A. Horn, Robert C. Osborne, S. Nicholas Sheard and
Olivier Tavchandjian, each as a Qualified Person named in the 2004 10-K pursuant to National
Instrument 43-101 issued by the Canadian Securities Administrators.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registrant&#146;s 2005 Key Employees Incentive Plan (incorporated by reference to Exhibit&nbsp;B to the
Registrant&#146;s 2005 Proxy Statement attached as Exhibit&nbsp;99 to the 2004 Form&nbsp;10-K).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-7
</DIV>

</BODY>
</HTML>
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{"company-data": {"conformed-name": "INCO LTD", "cik": "0000049996", "assigned-sic": "3330", "irs-number": "980000676", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125955", "film-number": "05904579"}, "business-address": {"street1": "145 KING ST WEST", "street2": "SUITE 1500", "city": "TORONTO ONTARIO CAN", "state": "A6", "zip": "M5H 4B7", "phone": "4163617511"}, "former-company": {"former-conformed-name": "INTERNATIONAL NICKEL CO OF CANADA LTD", "date-changed": "19770605"}}
sv8
As filed with the
Securities and Exchange Commission on June 20, 2005
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
INCO LIMITED
(Exact name of registrant as specified in its charter)
Canada
98-0000676
(State or other jurisdiction of incorporation or
(IRS Employer Identification No.)
organization)
145 King Street West, Suite 1500
Toronto, Ontario M5H 4B7
(416) 361-7511
(Address of Registrant's Principal Executive Offices and telephone number)
2005 Key Employees Incentive Plan
(Full title of the plan)
CT Corporation System
111 8
th
Avenue
New York, New York 10011
(212) 894-8940
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
Copy to:
Susan J. Krembs, Esq.
Carl DeLuca, Esq.
Osler, Hoskin & Harcourt LLP
Associate General Counsel
280 Park Avenue, Suite 30W
and Assistant Secretary
New York, New York 10017
Inco Limited
145 King Street West, Suite 1500
Toronto, Ontario, Canada
M5H 4B7
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Offering Price
Aggregate Offering
Amount of
Title of Securities to be Registered
Amount to be Registered
Per Share(2)
Price
(2)
Registration Fee
Common Shares and associated Common
Share Purchase Rights, without nominal
or par value
6,000,000 shares(1)
$
38.88
$
233,280,000
$
27,457.06
(1)
In addition, pursuant to Rule 416 of the Securities Act of 1933, as amended, this
Registration Statement includes an indeterminate number of additional Common Shares which may
be issued as a result of the anti-dilution provisions of the 2005 Key Employees Incentive
Plan.
(2)
Estimated solely for the purpose of calculating the amount of the registration fee, based on
the average of the high and low prices of the Common Shares on
June 14, 2005, as quoted on the New
York Stock Exchange, pursuant to Rule 457(h) of the Securities Act of 1933, as amended.
PART I
INFORMATION REQUIRED IN THE PROSPECTUS
This Registration Statement on Form S-8 is being filed for the purpose of registering an
additional 6,000,000 Common Shares of the Registrant issuable pursuant to the Registrant's 2005 Key
Employees Incentive Plan. Under the terms of the Registrant's 2005 Key Employees Incentive Plan,
up to 5,500,000 of such Common Shares may be issued upon the exercise of share options and share
appreciation rights and up to 500,000 of such Common Shares may be issued pursuant to long-term
incentive awards. All information specified by Part I of Form S-8 is omitted from this
Registration Statement in accordance with Rule 424(b) under the Securities Act of 1933, as amended
(the "Securities Act").
I-1
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The documents listed in (a) through (d) below have been filed with the Securities and Exchange
Commission and are incorporated herein by reference:
(a) the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2004
(the "2004 Form 10-K").
(b) the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended March 31,
2005.
(c) all other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 as amended (the "Exchange Act") since the end of the fiscal year covered by the 2004 Form
10-K.
(d) the description of the Registrant's Common Shares which is contained in the Registrant's
amended registration statement on Form F-10/A dated April 29, 2003 (Registration No. 333-104688).
In addition, all documents subsequently filed by the Registrant pursuant to Section 13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which de-registers all securities then
remaining unsold, shall be deemed to be incorporated herein by reference and to be part hereof from
the date of filing of such documents. Any statement contained in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein, or in any subsequently
filed document which also is or is deemed to be incorporated by reference herein, modifies or
supersedes such statement.
Item 4.
Description of Securities
The
Registrant's Common Shares are registered under Section 12(b) of the Exchange Act.
Item 5.
Interests of
Named Experts and Counsel
The validity of the Common Shares which are registered hereby and which may be issued by the
Registrant as incentive compensation or upon the exercise of options or share appreciation rights
granted under the 2005 Key Employees Incentive Plan will be passed upon by Josée M. Guibord, Esq.,
Assistant General Counsel and Assistant Secretary of the Company. Josée M. Guibord is regularly
employed by the Company.
Certain
statements as to the Company's estimated ore reserves which appear in the 2004 Form 10-K rely
upon the authority, as experts, of Lawrence B. Cochrane, Director of Mines Exploration, Robert A.
Horn, former Vice-President, Exploration, Robert C. Osborne, Consulting Geologist, Laterites, S. Nicholas
Sheard, Vice-President of Exploration and Olivier Tavchandjian, Principal Geologist, Mineral
Reserves and Mineral Resources, to the extent described in the 2004
Form 10-K. Messrs. Cochrane,
Horn, Osborne, Sheard and Tavchandjian were employees of the Company
at the time they served as such experts.
The consolidated financial statements of the Company included in the 2004 Form 10-K, and
management's assessment of the effectiveness of, and the effectiveness of, the Company's internal
control over financial reporting as of December 31, 2004 included therein, have been audited by
PricewaterhouseCoopers LLP, an independent accounting firm, as set forth in its reports thereon
included therein, and incorporated herein by reference. Such consolidated financial statements and
management's assessment have been incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in auditing and accounting.
II-1
Item 6.
Indemnification of Directors and Officers
Section 3.12 of Part 3 of By-Law No. 1 of the Company provides in part as follows:
"
Indemnity and Insurance
. Subject to the limitations contained in the Canada Business
Corporations Act but without limit to the right of the Company to indemnify any person under the
Act or otherwise, the Company shall indemnify a Director or Officer, a former Director or Officer,
or a person who acts or acted at the Company's request as a director or officer of a body corporate
of which the Company is or was a shareholder or creditor, and his heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or
proceeding to which he is made a party by reason of being or having been a Director or Officer or a
director or officer of such body corporate, if,
(a) he acted honestly and in good faith with a view to the best interests of the Company, and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, he had reasonable grounds for believing that his conduct was lawful."
The Canada Business Corporations Act provides as of right that, in general, an officer or
director, as such, shall be entitled to indemnity if (i) he was not judged by a court or competent
authority to have committed any fault or omitted to do anything he ought to have done, (ii) he
acted honestly and in good faith with a view to the best interests of the corporation and (iii)
where a criminal or administrative action or proceeding that is enforced by a monetary penalty, he
had reasonable grounds for believing that his conduct was lawful. However, under the Act, no
officer or director of the Registrant may be indemnified with respect to any security holder's
derivative action brought pursuant to such Act unless a court of competent jurisdiction has
approved the terms of such indemnification.
The Company has an insurance policy that indemnifies directors and officers against certain
liabilities incurred by them in their capacities as such, including among other things, certain
liabilities under the Securities Act of 1933.
Item 7.
Exemption
from Registration Claimed
Not applicable.
Item 8.
Exhibits
Exhibit No.
Description
4.1
Restated Articles of Incorporation of the Registrant dated May
7, 2004 (incorporated by reference to Exhibit 3.1 to the Registrant's
Originally Filed Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2004).
4.2
General By-Law No. 1 of the Registrant as amended to February
3, 2004 (incorporated by reference to Exhibit 3(ii)(a) to the Registrant's
Annual Report on Form 10-K for the year ended December 31, 2003).
4.3
Standing Resolution of the Registrant as amended to February 3,
2004 (incorporated by reference to Exhibit 3(ii)(b) to the Registrant's Annual
Report on Form 10-K for the year ended December 31, 2003).
4.4
Shareholder Rights Plan Agreement dated as of September 14,
1998, as amended and restated as of April 20, 2005, between the Registrant and
CIBC Mellon Trust Company, as Rights Agent (incorporated by
II-2
Exhibit No.
Description
reference to Exhibit A to the 2005 Proxy Statement attached
as Exhibit 99 to the 2004 Form 10-K).
5
Opinion of Josée M. Guibord, Esq.
23.1
Consent of Josée M. Guibord, Esq. (included in Exhibit 5).
23.2
Consent of PricewaterhouseCoopers LLP.
23.3
Consents of Lawrence B. Cochrane, Robert A. Horn, Robert C.
Osborne, S. Nicholas Sheard and Olivier Tavchandjian, each as a Qualified
Person named in the 2004 Form 10-K pursuant to National Instrument 43-101
issued by the Canadian Securities Administrators.
24
Powers of Attorney.
99
Registrant's 2005 Key Employees Incentive Plan (incorporated by
reference to Exhibit B to the Registrant's 2005 Proxy Statement attached as
Exhibit 99 to the 2004 Form 10-K).
Item 9.
Undertakings
(a) The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities
Act;
(ii) to reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this Registration Statement;
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act
that are incorporated by reference in this Registration Statement.
(2) that, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at the time shall be
deemed to be the initial
bona
fide
offering thereof.
(3) to remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new
II-3
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona
fide
offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Toronto, Ontario, Canada, on the 20th day of June, 2005.
INCO LIMITED
(Registrant)
By:
/s/
Stuart F. Feiner
Stuart F. Feiner, Executive Vice-President,
General Counsel & Secretary
Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities indicated, on
the 20th day of June, 2005.
SIGNATURE
TITLE
/s/
Scott M. Hand
Chairman and Chief Executive Officer; Director
(Principal Executive Officer)
Scott M. Hand
/s/
Farokh S. Hakimi
Executive Vice-President and Chief Financial Officer
(Principal Financial Officer)
Farokh S. Hakimi
/s/
Ronald A. Letovaara
Vice-President and Comptroller
(Principal Accounting Officer)
Ronald A. Lehtovaara
II-5
SIGNATURE
TITLE
*
Director
(Glen A. Barton)
*
Director
(Angus A. Bruneau)
*
Director
(Ronald C. Cambre)
*
Director
(Scott M. Hand)
*
Director
(Janice K. Henry)
*
Director
(Chaviva M. Hošek)
*
Director
(Peter C. Jones)
*
Director
(John T. Mayberry)
*
Director
(David P. O'Brien)
*
Director
(Roger Phillips)
*
Director
(James M. Stanford)
INTERNATIONAL NICKEL INC.
Authorized Representative
in the United States
By: /s/
Edward A. Steen
Name: Edward A. Steen
Title: Assistant General Counsel
*
Pursuant to powers-of-attorney executed by the directors named above whose names are
preceded by an asterisk, Stuart F. Feiner, as attorney-in-fact, does hereby sign this
registration statement on behalf of each such directors, in each case in the capacity of
director, on the 20th day of June, 2005.
/s/
Stuart F. Feiner
Stuart F. Feiner, attorney-in-fact
II-6
EXHIBIT INDEX
Exhibit No.
Description
4.1
Restated Articles of Incorporation of the Registrant dated May 7, 2004 (incorporated by
reference to Exhibit 3.1 to the Registrant's Originally Filed Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2004).
4.2
General By-Law No. 1 of the Registrant as amended to February 3, 2004 (incorporated by
reference to Exhibit 3(ii)(a) to the Registrant's Annual Report on Form 10-K for the year
ended December 31, 2003).
4.3
Standing Resolution of the Registrant as amended to February 3, 2004 (incorporated by
reference to Exhibit 3(ii)(b) to the Registrant's Annual Report on Form 10-K for the year
ended December 31, 2003).
4.4
Shareholder Rights Plan Agreement dated as of September 14, 1998, as amended and restated as
of April 20, 2005, between the Registrant and CIBC Mellon Trust Company, as Rights Agent
(incorporated by reference to Exhibit A to the 2005 Proxy Statement attached as Exhibit 99 to
the 2004 Form 10-K).
5
Opinion of Josée M. Guibord, Esq.
23.1
Consent of Josée M. Guibord, Esq. (included in Exhibit 5).
23.2
Consent of PricewaterhouseCoopers LLP.
23.3
Consents of Lawrence B. Cochrane, Robert A. Horn, Robert C. Osborne, S. Nicholas Sheard and
Olivier Tavchandjian, each as a Qualified Person named in the 2004 10-K pursuant to National
Instrument 43-101 issued by the Canadian Securities Administrators.
24
Powers of Attorney.
99
Registrant's 2005 Key Employees Incentive Plan (incorporated by reference to Exhibit B to the
Registrant's 2005 Proxy Statement attached as Exhibit 99 to the 2004 Form 10-K).
II-7