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Noranda Income Fund Unit NNDIF

Metals & Mining Industrial Metals & Minerals
Noranda Income Fund is a Canadian based income trust. The fund owns the electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec. It produces refined zinc metal and by-products from sourced zinc concentrates. The fund's long-term objective is to maximize unitholder value and provide monthly distributions to unitholders.


OTCPK:NNDIF - Post by User

Noranda Income Fund Unit > Earnings out
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Comment by ljp0101on Feb 26, 2022 7:25am
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Post# 34464013

RE:RE:RE:RE:Earnings out

RE:RE:RE:RE:Earnings outYour spot TCRCs are too high. MB has 125-140/t in mid-Feb with mixed outlook commentary due to low China smelter profitability: https://www.fastmarkets.com/insights/international-zinc-association-2022-to-focus-on-zinc-smelters-output-cuts

Q4 was an operational disaster with the terrible recovery rate and throughput plus the expansion cost overruns. I also get a vibe that working capital is or soon will be an issue with the higher zinc price.

Q1 will be better but they're still full up on <100/t TCRC inventory so I don't think it'll be very good. The first really good quarter would be Q3 when the physical premium increase fully flows through assuming it holds. I can wait another six months, haha.

Bonus: NIF revised historic adjusted EBITDA figures very significantly. Still trying to wrap my head around it but fishy they didn't highlight whatever they've done.
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