Noranda Income Fund Unit T.NIF.UN

RE:RE:NORANDA AND TREVALI SHAREHOLDERS BEING SCREWED BY GLENCORE

[Paykel2]

Probably their Canadian subsidiary, you will find nothing in their financial statements. 

The only way to figure it out is to know what Trevali is paying for TC's and what Noranda is receiving.

Trevali’s concentrate off-take agreements reference the annual benchmark treatment charges as stated in their quarterly financial releases. In their financial statements they breakout the treatment charges that they pay and it can be proved beyond any doubt that they are paying something very close to benchmark. In the case of Noranda, they do not disclose what they receive for commercial reasons (i.e. they do not shareholders to know how badly they are being screwed).  They do say that the TC’s they receive are market related, which can only mean that they are related to the spot market.  They could be at a discount or a premium to the spot market, no way to tell.  It is however possible to estimate what they received in any quarter after results are posted.