SHAREHOLDING STRUCTURE

VALE Inco, with 69%, has a majority shareholding in Vale Inco Nouvelle-Calédonie.  It is also technological partner.

Sumic Netherlands Nickel , a joint Japanese venture formed by Sumitomo Metal Miningand Mitsui & Co holds 21%.

The provincial authorities of New Caledonia have a 10% holding between them. 5% is held by the Southern Province and 5% by the Northern Province et Loyalty Islands.

Since May 2005, the share capital of Vale Inco Nouvelle-Calédonie SAS has been made up as follows: