October 08, 2010 08:00 ET

Noranda Income Fund Announces Appointment of Independent Trustees

VALLEYFIELD, QUEBEC--(Marketwire - Oct. 8, 2010) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that the existing trustees of Noranda Operating Trust (the "Trust") have (in accordance with the relevant procedures of the Trust indenture) appointed John Swidler, Jean-Pierre Ouellet, Barry Tissenbaum and Francois R. Roy to fill the vacancies and serve as independent trustees on the board of trustees of the Trust (the "Board"), effective immediately. "We are very pleased to welcome these four individuals of such high caliber and with extensive public company board experience to the Board of Noranda Operating Trust" stated Mr. Manuel Alvarez, a member of the Board. "We look forward to working with the new independent trustees, particularly on the immediate matters facing the Trust, including the refinancing of the Trust's credit facility and senior secured notes."

Mr. Swidler is a chartered accountant and an FCA. He has practiced as a chartered accountant and was a partner of the Montreal office of RSM Richter for more than 30 years. During this period, Mr. Swidler acted as Chairman of the Executive Committee and Managing Partner of the firm. Mr. Swidler currently serves on the board of directors of each of Dollarama Inc. and Reitmans (Canada) Limited. Mr. Swidler has been appointed as Chair of the Board of the Trust, effective immediately.

Mr. Ouellet worked as a corporate and commercial lawyer at one of Canada's leading law firms for over twenty years, prior to taking a position as an executive with Canadian National Railways in 1996. From 2000 to 2008, Mr. Ouellet served as a senior ranking executive with RBC Capital Markets, with overall responsibility for its activities in Quebec. Mr. Ouellet is currently a venture partner, investor and advisor to St-Lawrence Capital, a venture capital fund based in Montreal. Mr. Ouellet currently serves on numerous corporate and non-profit boards of directors, including the Caisse de depot et placement du Quebec, where he chairs the board's ethics and governance committee and also sits on the human resources committee, Richmont Mines Inc., where he chairs the board's governance committee, GBO Inc. and the MacDonald Steward Foundation. Effective immediately, Mr. Ouellet has been appointed to act as Chair of the Board's Governance and Nominating Committee.

Mr. Tissenbaum is a chartered accountant who previously worked with Ernst & Young LLP in its Toronto office for twenty-two years until 2005. He currently works as a consultant to numerous private companies, and serves on the board of directors of Medworxx Inc. and Corel Corporation. Effective immediately, Mr. Tissenbaum has been appointed to act as Chair of the Audit Committee of the Board.

Mr. Roy has extensive experience as a corporate director and executive in the private and public sectors, at not-for-profit organizations and in academia. He began his career at The Bank of Nova Scotia, where he held several positions in Canada and the United States, and then worked for Societe generale de financement du Quebec. Mr. Roy subsequently held the position of Chief Financial Officer at Quebecor Inc., Avenor Inc. and Telemedia Corporation. He has been a corporate director since 1998 and sits on the boards of Transcontinental Inc., Fibrek Inc., Macquarie Power & Infrastructure Income Fund and Caisse de depot et placement du Quebec. He was also Vice-Principal, Administration and Finance at McGill University from 2007 to 2010 and, in that capacity, was McGill's Chief Financial Officer and Chief Administration Officer.

Effective immediately, each of Messrs. Swidler, Ouellet, Tissenbaum and Roy have been appointed to serve on the Board's Audit Committee and Governance and Nominating Committee.

Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". Noranda Income Fund was created to acquire Noranda Inc.'s CEZ processing facility and ancillary assets (the "CEZ processing facility") located in Salaberry-de-Valleyfield, Quebec. The CEZ processing facility is the second-largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where the majority of its customers are located. It produces refined zinc metal and various by-products from zinc concentrates purchased from mining operations. The CEZ processing facility is operated and managed by Canadian Electrolytic Zinc Limited.

Further information about the Noranda Income Fund can be found at

Contact Information

  • Noranda Income Fund's Manager
    Michael Boone
    Vice President and Chief Financial Officer,
    Canadian Electrolytic Zinc Limited