Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:RE:RE:RE:RE:RE:RE:Someone knows ...

[Bigbird9999]

Forget earnings and focus on free cash flow.  Frree cash flow is the cash left over after CAPEX , residue pond reserves and taxes.  In 2019 Q4 cash generated  was $20 million Q4 should be slightly better.  Q1 and Q2 had negative cash generation so year 2019 should generate $30+ million in cash which will be applied against debt and maybe pay us a year end dividend like last year.

All thing being equal, in 2020 the cash generated from operations will be $40 - $60 million higher than 2019.   Think $20 - $25 million per quarter.of cash generated  This is soley because the TC revenue for 2020 will be at least $100 per tonne higher than the old TC.  On 500,000 tonnes of con this is $50 million.  Year end debt (the ABL credit line) will be ~$100 million. 

They can use half of the cash to pay down the debt from $100 million to $50 million and distribute the other half.  Report is in USD so the $CAD cash available for distrbution could be $70 million CAD = $1.40 per share.
Obviously they will try and retain as much as possible by investing in plant upgrades etc but they can't hide the cash.  And as others have stated this is an income fund with a stated mission to distribute cash earnings each month.

As far as what you saw on the web regarding Chinese concentrate I assure you that this is not the case.  China is a black hole for metal.  It suck in concentrates, scrap metal, recycled metal and produces zinc metal which it sells back to us as refrigerators and car parts.  I can assure you that no mine in China is exporting concentrate.

BB