Noranda Income Fund Unit T.NIF.UN

RE:RE:Same old - sell before ER, buyback cheaper

[Armcorp]

The effect, and you would have to think the intent, of Noranda keeping back pre-new TC concentrate (ie ore received prior to May 1) to process as desired through to the end of the year, is clearly to muddy the waters of the TC's they will be paid by Glencore.  It will make it impossible for us to calculate what TC's they will receive, if they don't tell us exactly what percentage of old ore vs new ore they will be processing....so they won't.  It will be an excuse they can pull out whenever they want to claim a lower profit. How tempting it must be to claim a higher old-ore content if they want to screw us out of profit!  More insidiously, this will happen every year there are higher TC's signed.  And when lower TC's are signed, all old ore will mysteriously vanish the day the contract comes into effect - watch for it.  Every time they have a report Glencore finds a new way to claim low or sero profit at the smelter, which means the mines must be conversely making more. How convenient that operation is not public.

I really think that Glencore has been acting throughout the time I have had shares at least, if not longer, in a totally morally and ethically reprehensible way.  I would add against the law too, if only it could be proved. I would warn potential shareholders, STAY AWAY!. DO NOT BUY NORANDA INCOME FUND!  I wish I hadn't.

In a way I welcome TD and Steven Green for at least attending conference calls and making comments and analysis, but a part of me knows this is a mistake since it lends a veneer of legitimacy to a company that is being operated to rip-off the non-Glencore shareholders,