NORANDA INCOME FUND
TSX : NIF.UN

NORANDA INCOME FUND

March 26, 2009 08:00 ET

The Noranda Income Fund Announces a Temporary Layoff

VALLEYFIELD, QUEBEC--(Marketwire - March 26, 2009) - The Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that it is temporarily cutting roughly 45 jobs, or 10% of its hourly workers, as a result of a 20% reduction in throughput at the zinc plant in Valleyfield.

On February 23, 2009, the Fund announced a 20% reduction to sulphuric acid and zinc production for the month of March in response to weakness in the sulphuric acid market. The Fund subsequently announced a continuation of the reduction for the month of April.

The duration of the layoff has not been determined and is dependent upon the Fund's ability to return production to full capacity.

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.

Further information about the Noranda Income Fund can be found at www.norandaincomefund.com.

Contact Information

  • Mario Chapados
    Chief Executive Officer
    of Canadian Electrolytic Zinc Limited,
    Noranda Income Fund's Manager
    (450) 373-9144 ext. 2655
    www.norandaincomefund.com