September 13, 2010 12:25 ET

Noranda Income Fund Announces Resignation of Independent Trustees

VALLEYFIELD, QUÉBEC--(Marketwire - Sept. 13, 2010) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announces that after the close of business on September 10, 2010, without prior notice, it received written resignations with immediate effect from Lisa de Wilde, John Eby and Gérard Limoges, who had collectively served as the Independent Committee of the Noranda Operating Trust. No reasons for the resignations were given.

Canadian Electrolytic Zinc Limited, a subsidiary of Xstrata, will, in the normal course, continue to operate the CEZ refinery and manage and administer the Noranda Operating Trust and Noranda Income Fund in accordance with their constating documents and agreements. The remaining Noranda Operating Trust Board members will continue to act in the best interests of the Fund and its unitholders. In accordance with the terms of the Trust Indenture for the Noranda Operating Trust, the vacancies created by the resignations are required to be filled by the appointment or election of persons who are independent of Xstrata. 

The Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". The Noranda Income Fund owns the CEZinc processing facility and ancillary assets (the "CEZinc processing facility") located in Salaberry-de-Valleyfield, Quebec. The CEZinc 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 Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited.

Contact Information

  • For investor calls, please contact:
    Noranda Income Fund's Manager
    Michael Boone, Vice President and Chief Financial Officer
    For media calls, please contact:
    Louis-Philippe Gariepy
    Manager, Xstrata Corporate Affairs
    514-645-2311, ext. 2162