News Centre

FOR: NORANDA INCOME FUND

Noranda Income Fund Reports First Quarter Earnings of $16.4 Million

May 3, 2007 - 14:54 ET

VALLEYFIELD, QUEBEC--(Marketwire - May 3, 2007) -

Attention Business/Financial Editors:

The Noranda Income Fund (the "Fund") reported net earnings of $16.4 million for the first quarter of 2007, compared to $4.3 million in the same quarter a year ago. The increase in net earnings was due to significantly higher premiums, higher processing fee, the impact from month prior pricing in a period where prices declined, improved zinc recoveries and lower amortization and reclamation costs partially offset by lower sales, higher interest expense and lower byproduct revenues.

"The Fund benefited from strong premiums and a higher processing fee, the beneficial impact of month prior pricing and improved zinc recoveries during this quarter." said Mario Chapados, President and Chief Executive Officer of the Noranda Income Fund's Manager. "Higher interest expense and lower zinc metal sales negatively impacted first quarter results. Looking forward to 2007, production is forecast to be higher than 2006, and premiums and byproduct revenue are expected to remain strong."

The outlook for 2007 and the estimate for production, sales, premiums and byproduct revenue are subject to various risks and uncertainties. The assumptions can be found in the "forward-looking statements" below.

Financial Results

This analysis of the financial position and results of operations of the Fund should be read in conjunction with the unaudited interim consolidated financial statements of the Fund for the three months ended March 31, 2007 and with the audited consolidated financial statements of the Fund and the notes thereto for the period ended December 31, 2006.

This discussion is based on various assumptions (see "forward-looking statements" below.) All dollar amounts are shown in Canadian dollars unless otherwise specified.

The analysis has been prepared as of May 3, 2007. Additional information relating to the Fund, including the Fund's annual information form is available on SEDAR at www.sedar.com.



Q1 2007 Highlights

2007 2006
---- ----
Zinc metal production (tonnes) 62,947 61,684
Zinc metal sales (tonnes) 60,029 62,606
Processing fee (cents/pound) 37.0 36.5
Zinc metal premiums (US$/pound) 0.105 0.068
Byproduct revenues ($ millions) 6.3 8.5
Average US/Cdn. exchange rate 1.172 1.155

- Distributable Cash(1) by the Fund was $19.3 million and
distributions paid out were $12.8 million.
- All of the monthly distributions were paid at the 8.5 cents per unit
level.
- Realized premiums per pound were higher - 10.5 cents US in 2007 vs.
6.8 cents US in 2006.

 


RESULTS OF OPERATIONS

Consolidated Net Earnings (First quarter 2007 compared to first quarter 2006)

Revenues less raw material purchases ("Net Revenues") for the first quarter of 2007 totalled $72.7 million, compared to $60.8 million in the same period of 2006. The $11.9 million increase was due to higher premiums and processing fee, month prior pricing and higher zinc metal recoveries offset by lower byproduct revenue and sales volumes.

The Fund makes a portion of its sales based on the average price from the previous month (month prior pricing). This form of pricing is often used for those customers for whom cash-in-advance terms have been negotiated as a way to manage the Fund's liquidity position and credit exposure. In a market in which zinc prices are falling, a portion of the Fund's revenues will benefit from the higher zinc prices from the prior month. In a market where zinc prices are rising, a portion of the Fund's revenues will lag behind the higher zinc prices. In the first quarter of 2007, month prior pricing had a positive impact of approximately $5 million on the Fund's Net Revenues, as the average monthly zinc price fell from US $2.00 per pound in December 2006 to US $1.48 per pound in March 2007.

SG&A costs for the first quarter of 2007 were relatively stable at $4.9 million vs. $4.8 million in the first quarter of 2006.

The foreign exchange gain in the first quarter of 2007 of $0.6 million compared to a foreign exchange loss of $0.6 million for the same period in 2006. The Fund maintains cash and cash equivalents, accounts receivable and accounts payable in US dollars.

Amortization and reclamation costs in the quarter were a credit of $3.0 million, a decrease of $4.2 million from the same period in 2006. The decrease was due to a reduction in the expected future reclamation spending, which has resulted in a reduction in the present value of future site restoration and reclamation liabilities. During the quarter, the Fund completed a review of the site restoration and reclamation expenditures including work performed by a third party engineering firm. The reduction in the present value resulted from the Fund identifying a source for one of the main reclamation materials on its property, thereby significantly reducing the cost of sourcing and transporting the material. In addition, the timing of some of the expenditures was deferred based on current expectations relating to timing of projects.

In the first quarter of 2007, net interest expense was $6.3 million compared to $2.9 million in the first quarter of 2006 due to an increase in interest rates and debt outstanding as a result of higher working capital requirements, and higher interest expense related to delayed concentrate payments.

Minority interest in earnings of subsidiaries in the first quarter of 2007 was $5.5 million, up from $1.5 million in 2006 due to the higher earnings of the Fund.

PRODUCTION AND SALES

In the first quarter of 2007, zinc metal production was 62,947 tonnes, compared to 61,684 tonnes in the same period of 2006. Production in 2006 was negatively impacted by the breakdown of one of the electrolyte circulation pipes in the refinery. Production in the current quarter was under plan due to lead contamination at the cell house, low zinc metal content in feed and higher zinc dust consumption. Cathode inventory increased by 1,900 tonnes during the quarter and it is expected to be processed into zinc metal throughout the remainder of 2007. For 2007, production is forecast to be 275,000 tonnes.

In the second half of 2006, a new process to treat copper cake without arsenic was introduced which negatively impacted zinc metal production by requiring higher zinc dust consumption. Work progressed in the quarter to address this issue and will allow the zinc dust consumption to be reduced to more normal levels by the end of the second quarter.

With high zinc prices last year, an alternate processing method to recover zinc from our jarosite pond water generated additional revenue. In the first quarter of 2007, approximately $1.2 million of additional revenue was generated.

As mentioned last quarter, the slowdown, which began late last year in the automobile industry and at the steel industry, was expected to continue into the first quarter. Zinc sales in the first quarter of 2007 were 4% lower at 60,029 tonnes, compared to 62,606 from a year ago. The target for 2007 sales is 282,000 tonnes. The volume is greater than production because the Fund plans to reduce inventories to normal levels during the second half of 2007.

The preceding targets for production and sales are subject to various risks and uncertainties. The assumptions for them can be found in the "Forward-Looking Statements" below.

PREMIUMS

For the first quarter of 2007, premiums rose to 10.5 cents US per pound compared to 6.8 cents US per pound for the same period in 2006. The increase in realized premiums reflects a significant increase in the contract premiums in 2007.

The target for 2007 premiums is 10 cents US per pound, reflecting expected realizations from spot and contract sales.

BYPRODUCTS

Byproduct revenues in the first quarter of 2007 were $6.3 million, compared to $8.5 million in the first quarter of 2006. Both copper and sulphuric acid revenues were lower during the quarter. Copper sales volumes in 2007 were lower than 2006. Sulphuric acid netbacks were US $20 per tonne in the first quarter of 2007, compared to US $23.50 per tonne a year ago.

The Fund's target for premiums is subject to various risks and uncertainties. The assumptions can be found in the "Forward-Looking Statements" below.

CAPITAL EXPENDITURES

For 2007, capital spending is forecasted at $22 million - $16 million will be spent on sustaining capital and $6 million will be for revenue generating projects. The focus of these expenditures is to increase treatment of zinc concentrate towards the maximum available concentrate supply under the terms of the Supply and Processing Agreement with Falconbridge. The Fund currently processes approximately 535,000 tonnes, which are 15,000 tonnes below the Supply and Processing Agreement's maximum level. Closing the gap to 550,000 tonnes will increase processing fees, and revenue from zinc premiums and byproducts. The extra capital expenditures will be allocated toward de-bottlenecking the plant to increase capacity, potentially generating an additional $4 million in incremental cash flow starting in 2008. In the first quarter of 2007, $5.8 million was spent on plant and equipment, compared to $3.2 million in the first quarter of 2006.

In the first quarter of 2007, the Fund completed a number of capital spending projects that were started in 2006. The 2006 projects have the potential to generate an additional $4-6 million of cash flow in 2007.

The Fund's target for capital spending is subject to various risks and uncertainties. The assumptions can be found in the "Forward-Looking Statements" below.

Cash Flows, Liquidity and Capital Resources

For the first quarter of 2007, cash realized from operations, before changes in non-cash working capital was $25.2 million compared to $13.2 million for the same period in 2006. During the quarter, non cash working capital increased by $23.2 million as the Fund used the cash realized from operations to reduce its accounts payable balances.

In the first quarter of 2007, $5.8 million was spent on plant and equipment, compared to $3.2 million in the first quarter of 2006.

Distributions paid to unitholders in the first quarter of 2007 were $12.8 million, unchanged from the same period in 2006.

The Fund has a $100 million Revolving Facility in place that is used for general corporate purposes, including financing working capital. As a result of the high zinc price, the Fund is now operating at the limit of its credit facilities and is currently receiving credit from Falconbridge by way of delayed payment terms. The Fund continues to review its options with respect to financing its working capital as well as monitor the impact of the changing zinc pricing environment on its working capital requirements.

Fluctuations in working capital balances as a result of operations are generally funded by or used to repay the Revolving Facility. During the quarter, $161.2 million of debt was drawn and $156.4 million was repaid related to the fluctuations in working capital.

At March 31, 2007, the Fund's total debt was $248.4 million, up from $244.5 million at the end of December 2006.

Distribution Policy

The Fund makes monthly distributions to its Unitholders based on the monthly Distributable Cash (see "Distributable Cash" below) declarations. The Fund's goal is to provide stable monthly distributions and will seek to increase distributions through sustainable improvements, such as operating efficiencies and revenue enhancing opportunities.

The schedule below sets out the history of the Fund's cash distributions for the past six months:



-------------------------------------------------------------------------
RECORD DATE PAYMENT DATE DISTRIBUTION PER UNIT
-------------------------------------------------------------------------
April 30, 2007 May 25, 2007 8.5 cents
March 31, 2007 April 25, 2007 8.5 cents
February 28, 2007 March 26, 2007 8.5 cents
January 31, 2007 February 26,2007 8.5 cents
December 31, 2006 January 25, 2007 8.5 cents
November 30, 2006 December 27, 2006 8.5 cents
-------------------------------------------------------------------------

 


Distributable Cash

The computation and disclosure of Distributable Cash is, in all material respects, in accordance with the revised Staff Notice 52-306 issued by the Canadian Securities Administrators ("CSA") in August 2006. The CSA concluded that the most directly comparable measure calculated in accordance with generally accepted accounting principles ("GAAP") for Distributable Cash is cash flow from operating activities. We adopted their recommendations retroactive to January 1, 2005 and have presented in the table below a reconciliation of Distributable Cash to cash realized from operations.

Distributable Cash is not a measure defined by GAAP and should not be seen as a measurement of liquidity or be used as a substitute for other measures, in accordance with GAAP. Management believes that, in addition to net earnings, Distributable Cash is a useful supplemental measure for evaluating the Fund's performance as it provides investors with an indication of cash available for distributions and working capital needs. Investors are cautioned, however, that Distributable Cash should not be construed as an alternative to the statement of cash flows as a measure of liquidity and cash flows. The method of calculating Distributable Cash for the purposes of this press release may differ from that used by other issuers and, accordingly, Distributable Cash in this press release may not be comparable to distributable cash used by others. Fluctuations in working capital balances as a result of operations are generally funded by, or used to repay, the Revolving Facility.

A reconciliation of cash realized from operations to Distributable Cash is provided below:



($ thousands)

Three Three
months months
ending ending
March 31, March 31,
2007 2006
-------------------------------------------------------------------------

Cash realized from operations $ 2,076 $ 7,590

Increase in non cash working capital 23,170 5,570

Less:
Purchase of property plant and equipment (5,838) (3,199)
Amortization of deferred financing fees (63) (62)

-------------------------------------------------------------------------
Distributable Cash for the period 19,345 9,899
-------------------------------------------------------------------------

Decrease in capital and site restoration reserve - 781
(Increase) decrease in operating reserve (6,595) 2,070
-------------------------------------------------------------------------
Distributions declared to unitholders $ 12,750 $ 12,750
-------------------------------------------------------------------------

Weighed average number of units outstanding 49,997,975 50,000,000
Distributions declared per unit $ 0.255 $ 0.255
Payout ratio 66% 129%
-------------------------------------------------------------------------
-------------------------------------------------------------------------

 


In the first quarter of 2007, Distributable Cash was $19.3 million and distribution declared to unitholders was $12.8 million: $9.6 million paid to Priority Unitholders and $3.2 million paid to Ordinary Unitholders.

We periodically review cash distributions taking into account our current and prospective performance. Some of the factors considered in making decisions related to distributions include cash amounts to service debt obligations, maintenance capital expenditures, taxes, working capital requirements and other items considered to be prudent.

As we calculate the Fund's Distributable Cash, we take into consideration our debt management strategy and our productive capacity maintenance strategy.

Notional Operating Reserve and Capital and Site Restoration Reserve

In order to meet the Fund's goal to provide a stable, monthly distribution, a notional operating reserve is utilized. In a period in which Distributable Cash is greater than the distributions declared, the notional reserve will increase. In a period in which Distributable Cash is less than the distributions declared, the notional reserve will decrease. The notional operating reserve provides flexibility so that the Fund can maintain a stable, monthly distribution while adhering to the Fund's trust indentures and debt covenants. During the first quarter of 2007, the notional operating reserve increased by $6.6 million to $17.7 million. This compares to a reserve of $11.1 million at the end of 2006.

While the operating reserve is now above the Fund's target three-month payout level, the Fund's financial flexibility has been reduced. Higher zinc prices have significantly increased working capital requirements, resulting in higher leverage and interest expense. The Fund is now operating at the limit of its credit facilities and is currently receiving credit from Falconbridge by way of delayed payment terms. For these reasons, the Fund is not considering any increase in distributions or a special distribution at this time.

The Fund also utilizes a notional capital and site restoration reserve. In a period in which unexpected or unusually high capital expenditures are required, the Fund has the ability to reduce the notional capital and site restoration reserve, while adhering to the Fund's trust indentures and debt covenants. As of March 31, 2007, the capital and site restoration reserve was $5.0 million (December 31, 2006 - $5.0 million).

Revenue Recognition

The Fund recognizes revenue from the sale of refined metals and byproducts at the time of the sale, when the rights and obligations of ownership pass to the buyer. This generally occurs upon shipment. Prices for provisionally priced sales are based on market prices and exchange rates prevailing at the time of shipment and are adjusted based upon market prices and exchange rates until final settlement with customers, pursuant to the terms of sales contracts. Price changes for shipments waiting final pricing at quarter-end could have a material effect on future revenues. As of March 31, 2007, there was $6.7 million in revenues waiting final pricing.

The Fund makes a portion of its sales based on the average price from the previous month (month prior pricing). This form of pricing is often used for those customers where cash-in-advance terms have been negotiated as a way to manage the Fund's liquidity position and credit exposure. In a market where zinc prices are rising, a portion of the Fund's revenues will lag behind the higher zinc prices; while in a market where zinc prices are falling, a portion of the Fund's revenues will benefit from higher zinc prices from the month prior. With zinc prices coming off the December highs, month prior pricing has had a positive impact on the first quarter results.

CHANGES IN ACCOUNTING POLICIES

Effective January 1, 2007, the Fund adopted section 3855, Financial Instruments - Recognition and Measurement, section 3865, Hedges and section 1530, Comprehensive Income. Section 3855 contains comprehensive requirements for recognition and measurement of financial instruments. Section 3865 introduces new requirements for hedge accounting. Section 1530 describes how to report and disclose comprehensive income and its components.

The Fund periodically uses forward contracts to hedge the effect of price changes relating to its firm commitments on the commodities it sells. Hedge accounting is used when there is a high degree of correlation between price movements in the derivative instrument and the item designated as being hedged. As of December 31, 2006, the hedge was effective at 99.4%. The initial measurement of these contracts and the Fund's firm commitments resulted in an increase in the deficit by $100,000 and an increase in interests of Ordinary Unitholders of $34,000.

The Fund's commodity hedging program includes inventory management, which hedges the purchases and sales of zinc metal. The Fund has determined that these financial instruments do not meet the requirements for hedge accounting under the new requirements. The fair market value of these positions was an unrealized gain of $321,000, which pursuant to the transitional provisions of the section, is reported as an increase in the deficit by $241,000 and an increase in interests in Ordinary Unitholders of $80,000.

In accordance with the new sections the Fund reclassified its $1.0 million deferred financing fees from long-term assets to long-term debt as of January 1, 2007.

Outlook

The Fund's primary goal is to continue to provide stable monthly distributions.

The 2007 targets for the key drivers of the Fund are:



Zinc metal production: 275,000 tonnes
Zinc metal sales: 282,000 tonnes
Processing fee: 37 cents per pound
Zinc metal premiums: 10 cents US/pound
Capital expenditures: $22 million

 


The Manager's ability to provide for stable monthly distributions and meet the targets identified above is subject to the various risks and the assumptions that can be found in the "forward-looking statements" below.

Forward-Looking Statements

This news release contains Forward-Looking Statements concerning the Noranda Income Fund's ("Fund") objectives and 2007 general business outlook, zinc metal production and sales targets, estimated processing fee, zinc premium target, capital expenditures forecast and cash flow projections. Forward-Looking Statements can be identified by the use of words, such as "are expected", "is forecast", approximately or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-Looking Statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, or performance to be materially different from any future results or performance expressed or implied by the Forward-Looking Statements.

Examples of such risks, uncertainties and other factors include, but are not limited to, the following: (1) the Fund's ability to operate at normal production levels; (2) the dependence upon the continuing supply of zinc concentrates (terms of the Supply and Processing Agreement); (3) the enactment of the Tax Fairness Plan; (4) the demand for zinc metal, sulphuric acid and copper cake; (5) changes to the supply and demand for specific zinc metal products and the impact on the Fund's realized premiums; (6) the impact of month prior pricing; (7) the ability of the Fund to continue to service customers in the same geographic region; (8) the sensitivity of the Fund's Net Revenues to reductions in realized zinc metal prices including premiums, copper prices, sulphuric acid prices; the strengthening of the Canadian dollar vis-à-vis the US dollar; and increasing transportation and distribution costs; (9) the sensitivity of the Fund's production costs to increases in electricity rates, other energy costs, labour costs and operating supplies used in its operations, the sensitivity of the Fund's interest expense to increases in interest rates; (10) changes in recoveries and capital expenditure requirements; (11) the negotiation of collective agreements with its unionized employees; (12) general business and economic conditions; (13) transportation disruptions; (14) the legislation governing air emissions, discharges into water, waste, hazardous materials and workers' health and safety, as well as the impact of future legislation and regulations on expenses, capital expenditures, taxation and restrictions on the operation of the Processing Facility; (15) potential negative financial impact from regulatory investigations, claims, lawsuits and other proceedings; (16) loan default; and (17) reliance on Falconbridge Limited for the operation, maintenance and short-term financing of the Processing Facility. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied in the forward-looking statements contained herein.

These Forward-Looking Statements represent our views as of the date of this Report. The Fund anticipates that subsequent events and developments may cause the Fund's views to change. The Fund does not undertake to update any forward-looking statements, either written or oral, that may be made from time to time by or on behalf of the Fund subsequent to the date of this release.

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

-------------------------

(1) Distributable Cash excludes changes in non-cash working capital as the changes within the working capital components are often temporary by nature and, if needed, can be financed with the Fund's operating line of credit.



NORANDA INCOME FUND

CONSOLIDATED BALANCE SHEETS

(unaudited)
($ thousands)

March 31 Dec. 31
2007 2006
---------- ----------

ASSETS

Current assets:
Cash and cash equivalents 2,000 13,712
Accounts receivable
Trade 90,521 143,438
Falconbridge 59,884 35,817
Commodity financial instruments 1,769 -
Inventories 171,665 188,161
Prepaids and other assets 3,487 3,566
---------- ----------
329,326 384,694

Deferred financing fees - 1,009

Property, plant and equipment 321,959 324,063
---------- ----------
651,285 709,766
---------- ----------

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable and accrued liabilities
Trade 16,941 17,596
Falconbridge 149,820 218,780
Commodity financial instruments 26 -
Firm commitments 1,525 -
Distributions payable 4,250 4,250
---------- ----------
172,562 240,626

Future site restoration and reclamation 11,391 15,205

Long-term debt 248,354 244,500

Interests of Ordinary Unitholders 54,750 52,363

Unitholders' Interest:
Unitholders' equity 191,273 191,273
Deficit (27,045) (34,201)
---------- ----------
164,228 157,072
---------- ----------
651,285 709,766
---------- ----------



NORANDA INCOME FUND
CONSOLIDATED STATEMENTS OF EARNINGS
AND COMPREHENSIVE INCOME

(unaudited)
($ thousands)

Three months
ended March 31
------------------------
2007 2006
---------- ----------

Revenues
Sales 272,536 184,337
Transportation and distribution costs (3,261) (3,581)
---------- ----------
269,275 180,756
---------- ----------

Raw material purchase costs 196,592 119,916
---------- ----------
Revenues less raw material purchase costs 72,683 60,840
---------- ----------
Other expenses
Production 37,014 39,580
Selling, general and administration 4,937 4,781
Foreign exchange loss (gain) (605) 646
Commodity financial instruments loss 348 -
Commodity hedging gain (110) -
Amortization and reclamation 2,974 7,165
---------- ----------
44,558 52,172
---------- ----------
Earnings before interest expense &
minority interest 28,125 8,668
---------- ----------
Interest expense, net 6,289 2,889
---------- ----------
Earnings before minority interest 21,836 5,779

Minority interest in earnings for
Ordinary Unitholders 5,459 1,445
---------- ----------

Net earnings and comprehensive income 16,377 4,334
---------- ----------

Deficit as originally reported beginning
of period (34,201) (29,141)
---------- ----------
Adjustment for financial instruments 341 -
---------- ----------
Deficit after adjustment beginning of
period (33,860) (29,141)
---------- ----------
Distributions to Priority Unitholders (9,562) (9,563)
---------- ----------

Deficit end of period (27,045) (34,704)
---------- ----------

Net earnings per Priority Unit
(basic and diluted) $ 0.44 $ 0.12



NORANDA INCOME FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)
($ thousands)

Three months
ended March 31
------------------------
2007 2006
---------- ----------
Cash realized from (used for) operations:
Net earnings for the period 16,377 4,334
Items not affecting cash:
Amortization 6,775 6,866
Reclamation (3,801) 299
Minority interest 5,459 1,445
Mark-to-market loss on commodity
financial instruments 238 -
Amortization of deferred financing fees 63 62
Loss from sale of assets 148 163
Site restoration expenditures (13) (9)
---------- ----------
25,246 13,160
---------- ----------
Net change in non cash working capital items (23,170) (5,570)
---------- ----------
2,076 7,590
---------- ----------

Cash realized from (used for) investment
activities:
Purchases of property, plant and equipment (5,838) (3,199)
---------- ----------
(5,838) (3,199)
---------- ----------

Cash realized from (used for) financing
activities:
Distributions - Priority Unitholders (9,562) (9,563)
- Ordinary Unitholders (3,188) (3,187)
Long-term debt issued under the Revolving
Facility 161,200 120,700
Long-term-debt repaid under the Revolving
Facility (156,400) (112,700)
Change in bank indebtedness - 184
---------- ----------
(7,950) (4,566)
---------- ----------
Change in cash and cash equivalents
during the period (11,712) (175)
Cash and cash equivalents, beginning of period 13,712 175
---------- ----------
Cash and cash equivalents, end of period 2,000 -
---------- ----------

 




FOR FURTHER INFORMATION PLEASE CONTACT:

Noranda Income Fund
Michael Boone
Vice-President and Chief Financial Officer of Canadian Electrolytic Zinc Limited
Noranda Income Fund's Manager
(416) 982-7188
Email: MBoone@xstrata.ca
Website: www.norandaincomefund.com


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