Noranda Income Fund Unit T.NIF.UN

RE:Glencore's Smelter Warning

[ljp0101]

Article pegs NA physical premium at 900/t, 0.40/lb. Well done to our independent directors who seemingly hedged at 0.13/lb, although we won't have a completely clean number from the financials until Q3. Differential works out to the small sum of ~USD50m/year, CAD1.30/unit/year, of operating profit be redirected to Zug. Oops.