Noranda Income Fund Completes Internal Reorganization,
Noranda Income Fund Completes Internal Reorganization, Eliminating In-Kind Distributions
SALABERRY-DE-VALLEYFIELD, QUEBEC -- (Marketwire) -- 12/10/12 -- Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that it has completed the previously announced internal reorganization, which eliminates the requirement for in-kind distributions, commencing in fiscal 2012.
As a result of this reorganization, it is expected that unitholders will be taxed only on the income they receive as cash distributions.
The reorganization will not affect any of the arrangements between Xstrata Canada Corporation ("Xstrata Canada") and the Fund or the Noranda Income Limited Partnership (the "Partnership"), including the subordination of distributions on Xstrata Canada's units of the Partnership.
Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". Noranda Income Fund was created to acquire Noranda Inc.'s CEZ processing facility and ancillary assets (the "CEZ processing facility") located in Salaberry-de-Valleyfield, Quebec. The CEZ 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 zinc concentrates purchased from mining operations. The CEZ processing facility is operated and managed by Canadian Electrolytic Zinc Limited.
Further information about Noranda Income Fund can be found at www.norandaincomefund.com. Contacts: Michael Boone Vice President and Chief Financial Officer Canadian Electrolytic Zinc Limited Noranda Income Fund's Manager 416-775-1561 email@example.com