Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:RE:Noranda Outlook

[Bwrbhk]

One additional bullish factor for Noranda is the weak Canadian dollar.  All of Noranda's sales are in US dollars and most of their costs (Approximately 75 to 80%) are in Canadian dollars.  In the first half of 2022, the CDN/US $ exchage rate was $0.79 and the current rate is just under $0.75 or about 5% lower. On an annual basis, each 1% change impacts pretax earnings and cash flow by about $1.2 million.