SALABERRY-DE-VALLEYFIELD, Quebec, Nov. 23, 2017 (GLOBE NEWSWIRE) — Noranda Income Fund (TSX:NIF.UN) (the “Fund”) announces that an Agreement in Principle has been reached between Local 6486 of the United Steelworkers of America (Metallos) and the manager of the Fund to renew the collective agreement and terminate the strike initiated on February 12, 2017.
It is expected that the Agreement in Principle will be presented for ratification to the unionized workers in the coming days.
The Fund will provide an update after the result of the vote by the unionized workers is known. In the meantime, the Company continues to operate the processing facility with eligible staff.
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.
For further information, please contact:
Michael Boone
Vice President and Chief Financial Officer, Canadian Electrolytic Zinc Limited
Noranda Income Fund’s Manager
416-775-1561
[email protected]