Noranda Income Fund Unit T.NIF.UN

RE:Comparing to China smelters

[Finalsay]

I'm looking at Q3 income statement. There are separate line items for transportation and distribution costs, raw material purchase costs, and then a bunch of different line items under other costs, including production costs. Under other costs there are selling and adminstration costs that look like they will run up for $18 million this year. Never looked at this too closely and just wondering how high selling expenses can be when all of their product is supplied and purchased by the same company, and even the transportation and distribution costs are already included elsewhere. Labor to run the plant falls under production costs. Very little details mentioned regarding this line item. From Morningstar - annual expense for this line item from 2015 onward was 18.3, 18.6, 20.38, 15.07, 15.67 with the TTM at 17.93. Clearly this is a consistent level of expense and just wondering what I'm missing