Noranda Income Fund Unit NNDIF

Glencore Canada versus NIF

[wizthewiz]

HL recently posted their 2020 year end and this paragraph was included:

"Extension of Agreements with Glencore Canada
On November 5, 2020, the Fund announced the extension of its exclusive agreements with Glencore Canada for the purchase of zinc concentrate and the sale of zinc metal for an additional period of three years through to April 30, 2025. In addition, the Supply and Processing Agreement (“SPA”) was amended so that its current term ends on April 30, 2025, and it will renew automatically for five-year terms thereafter, unless Glencore Canada provides a written non-renewal notice at least 540 days prior to the renewal date, an increase from the 180 days required by the original agreement. Corresponding amendments have been made to the Operating and Management Agreement, the Management Services Agreement and the Administration Agreement. In the event that Glencore Canada provides a written non-renewal notice, Glencore Canada has agreed to use reasonable commercial efforts to assist the Fund in putting into place such arrangements as may be reasonably required by the Fund to secure zinc concentrate and market the zinc metal it produces, following the expiry of the SPA."

Is this the zinc from the NIF smelter?
Thank you

[deleuze68]

Where do you see that in HL's report? The only reference to this paragraph I can find is from Noranda's release last night.

[wizthewiz]

Sorry! I realize it is a mistake--had both reporets opened on the monitor at the same time and read one as being part of the other -- which came as a surprise to me too! Hope I am not creating too much confusion.