Noranda Income Fund
TSX : NIF.UN

Noranda Income Fund

December 22, 2011 08:00 ET

Noranda Income Fund Announces that the Employees of the Processing Facility Have Ratified a New Collective Agreement

SALABERRY-DE-VALLEYFIELD, QUÉBEC--(Marketwire - Dec. 22, 2011) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that the unionized employees at its Salaberry-de-Valleyfield processing facility, which is operated and managed by Canadian Electrolytic Zinc Limited, have voted 77% in favour of the new collective agreement. The processing facility's 393 unionized employees are members of the United Steelworkers of America, local 6486.

Effective November 1, 2011, the new three-year collective agreement provides for annual wage increases and improvements to the benefits and retirement programs.

"We are happy to announce the renewal of the collective agreement. The union and management have worked hard to arrive at an agreement and, in so doing, have contributed to the future success of the Fund," added Mario Chapados, President and Chief Executive Officer of the Noranda Income Fund's Manager.

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, Québec. 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 zinc customers are located. It produces refined zinc metal and various byproducts 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 www.norandaincomefund.com.

Contact Information

  • Financial information:
    Michael Boone, Vice President & Chief Financial Officer of
    Canadian Electrolytic Zinc Limited, Noranda Income Fund's
    Manager
    416-775-1561
    info@norandaincomefund.com