Noranda Income Fund Unit T.NIF.UN

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

[Northforce13]

* Q3 was better than expected partially because they held back some old TC concentrate to process in Q4 (so they processed more new TC in Q3 than otherwise would be the case if you think about it).  My understanding is that they did this in order to mix different types of feed (overseas vs local) to help deal with higher impurities.  

* On that topic they said they expected old/new TC proportions in Q4 to be similar to Q3 (but probably a tad better).  Q1 2020 should be pretty much all new TC concentrate.

* Therefore Q4 could be a bit better than Q3 because a bit less old TC conc, plus the spot price might have moved up a bit in Q4, but zinc has moved down a bit.

* If they are making 10 mil/quarter in profits and are too cheap to send out a 1.5 mil div at the end of the year and decide to send me a tax bill instead, I will likely vote against every trustee and all things they bring forth to be voted on in the future.  This is supposed to be an income fund, not an income storage fund.

* My numbers show them making > 1.00 EPS per year at current TC/exchange/zinc prices.  They can pay up to 8.33c/month dividend at that rate of earnings, and still have money left over.  I don't want table scraps of 2.5c/month when they are making 8.33c/month and they are "supposed" to pay out all free cash flow.  

The company is run very conservatively, but possibly so much so that it alienates shareholders.

Still long and sitting.  

GLTA