Metals and Mining
Company Overview of Glencore Canada Corporation
Company Overview
100 King Street West
Suite 6900
Toronto, ON M5X 1E3
Canada
Founded in 1922
80,000 Employees
Phone:
416-775-1500
Fax:
416-775-1744
Key Executives for Glencore Canada Corporation
Glencore Canada Corporation Key Developments
Noranda Income Fund announced that it has received written notification from Glencore Canada indicating that it will renew the Supply and Processing Agreement of zinc concentrate for a period of five years through May 2, 2022. In accordance with the terms of the current Supply and Processing Agreement, under the renewed term commencing on May 3, 2017, Glencore Canada will arrange, as Agent on behalf of the Fund, for the purchase of the zinc concentrate required by the Fund. The Fund is expecting that such purchases will be at market terms. Purchase arrangements, including market terms, have yet to be agreed. The transition to market terms will represent a significant change from the fixed processing fee the Fund has benefited from since its inception. As a result of the change to market term pricing, the Fund's financial results will differ materially, beginning in the second quarter of 2017. Glencore Canada will continue to act as Manager of Noranda Operating Trust and of the Partnership and as Administrator of the Fund, in accordance with the Operating and Management Agreement, the Management and Services Agreement and the Administration Agreement, respectively, which have all been extended for a period of five years ending on May 2, 2022. With the renewal of the Supply and Processing Agreement, the main challenge now facing the Fund will be to continue to operate its Processing Facility at a profit once market terms take effect May 3, 2017. The Fund's Board of Trustees is mindful of the expected negative impact that the transition to market term pricing will have on the Fund's operations, including its ability to sustain its distribution policy. The Board of Trustees is carefully reviewing the Fund's reserves and will augment the reserves if necessary.
Glencore Canada Corporation Presents at Energy and Mines' 3rd Annual Toronto Summit, Oct-23-2015 01:40 PM. Venue: Toronto Marriott Downtown Eaton Centre Hotel, 525 Bay St, M5G 2L2, Toronto, Canada. Speakers: Marc Butler, Director of Regulatory affairs, Sudbury Nickel Operations.
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