Noranda Income Fund Unit T.NIF.UN

Re: Strike article

[Scotch12]

2017-02-27 07:55 ET - In the News

 

The Financial Post reports in its Saturday edition that a strike at Noranda Income Fund's zinc-processing plant in Quebec stretched into a 13th day on Friday, with no talks scheduled between management and the United Steelworkers of America union. A Reuters dispatch to the Post reports that Noranda's zinc-processing facility in Salaberry-de-Valleyfield is the second largest in North America. It is managed by a subsidiary of Glencore Canada. The plant's 371 unionized workers went on strike after the two sides could not agree on proposed changes to the pension plan. There have been no talks during the strike and none are currently scheduled, said Manon Castonguay, president of Steelworkers Local 6486. It was unclear whether the strike has severely impacted production at the facility. The union said output was likely very low. Noranda had previously said it would provide a production update March 1. Zinc prices have nearly doubled since January, 2016, due to mine closures and shutdowns. Zinc closed at $2,817 (U.S.) a tonne on Friday. Noranda said on Feb. 13 that the fund would be paying market prices starting May 3, replacing the previous fixed rate, a change that will substantially impact its results.