March 23, 2017 07:45 ET
SALABERRY-DE-VALLEYFIELD, QUÉBEC--(Marketwired - March 23, 2017) - Noranda Income Fund (TSX:NIF.UN) (the "Fund") provides an update on the status of production at its zinc processing facility located in Salaberry-de-Valleyfield, Québec.
On February 12, 2017 the unionized workers, affiliated with the United Steelworkers of America, initiated a strike. In response to the strike, management secured the operations in the days following and resumed partial production with staff operating the facility. The Fund can now confirm production of zinc metal has increased to the current level of 50% to 60% of normal operating levels which is materially in line with expectations under the contingency scenario. Zinc metal production is of special high grade quality.
Production of copper in cake and sulphuric acid by-products are at similar levels.
Management remains committed to operating the processing facility in a safe manner with eligible staff under the Québec labour code to minimize the impact to customers and other stakeholders.
The Fund's sales agent, Glencore Canada Corporation, is working with customers to minimize any disruption caused by the strike.
The Fund will provide further updates as appropriate.
Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets (the "Processing Facility") located in Salaberry-de-Valleyfield, Québec. The 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 by-products from sourced zinc concentrates. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation.
Further information about Noranda Income Fund can be found at www.norandaincomefund.com.
Michael BooneVice President and Chief Financial OfficerCanadian Electrolytic Zinc LimitedNoranda Income Fund's Manager416email@example.com
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