Hi Pat: Could you please give us your thoughts on Noranda Income Fund? Production and cash flow seem to be up. Any ideas on why unitholder payments have not yet been reinstated? Thanks.
Noranda Income Fund, $2.96, symbol NIF.UN on Toronto (Units outstanding: 37.5 million; Market cap: $111.0 million), was created in 2002 to buy the CEZ processing facility and some assets that belonged to Noranda Inc.
Falconbridge bought Noranda in 2005. Switzerland-based Xstrata Plc then bought Falconbridge. Xstrata Canada holds a 25% interest in Noranda Income Fund. The fund first sold units to the public for $10 each, and began trading on Toronto in May 2002.
The fund’s CEZ processing facility is located in Salaberry-de-Valleyfield, Quebec. It’s the second-largest zinc-processing facility in North America, and the largest in eastern North America, where the majority of its customers are located.
The fund has contracted Xstrata Canada to supply zinc concentrate to the facility until 2017. Most of the facility’s supply comes from Xstrata’s Brunswick, Antamina, Perseverance and Kidd Creek mines, as well as Teck Resources’ Duck Pond mine. Companies pay the fund a fee for refining the zinc, and it earns additional revenue…
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