Noranda Income Fund Unit T.NIF.UN

RE:RE:Noranda Income Fund Extends Terms of Agreements With Glencor

[Finalsay]

Lol yea I understand why its hard to take TD Waterhouse's price targets for Noranda too seriously, however I assure you the targets are based on sound analysis. Unfortunately prices dont always converge with value, especially when a stock is covered by so few analysts and firms. 2020 EBITDA is strong. Zinc prices have recovered and expected to remain at profitables levels in the future. Covid related costs seem to be in control. Production and productivity have not been affected by COVID. Expansion is on schedule. Agreements with Glencore have been extended for an additional three years, and despite the lack of details regarding this arrangement, the two most important sucess factors for a refiner are 1)output sold under contract and 2) guaranteed supply of inputs. This extension is a positive and provides more certainty for NIF unitholders, and is a bonus to have better terms (non renewal notice period extended from 180 to 540 days. Zinc demand is expected to decline which is a concern, but prices have not been impacted due to other non supply/demand factors like large stimulus measures being spent on big construction projects in the US.