Noranda Income Fund Unit NNDIF

Farewell and good luck

[Northforce13]

I'm out, sold my last shares today.  Had this for several years but the degree to which Glencore is outright stealing from this company is disgusting.  

I encourage share holders to read this:

https://iceberg-research.com/2019/10/08/what-really-killed-nyrstar-nv-shareholders-have-a-strong-case-against-nyrstars-board-and-trafigura/

It becomes quite obvious that Glencore's super secret contract with Noranda is similar.  How else would it be possible to be coming off of a full year of the highest treatment costs in 12 years and have no profits to show for it?  They even have losses!   My guesstimate is that they sucked out 75 mil +/- Canadian right there (1-2 yrs ago).

And after that year above, in the latest year Tech Resources and Korea Zinc negotiated a TC of something like 295.  The so called independant trustees (nominated by Glencore of course LOLOLOL) at Noranda negotated... spot.  Which probably worked out to around 100-150/ton average for the year.  They robbed another 50-75 million here? 

NO, it is NOT normal for smelters to negotiate SPOT, they ALL work on benchmark pricing because negotiating based on spot would be downright... dumb!  Just par for the course for Noranda though.  Not that the trustees care, none of them own any shares.  I owned more shares than all of those clowns combined.  

The other way Glencore is robbing the share holders is by forcing the company to use spot rates instead of benchmark.  It is NOT traditional for smelters to base pricing off spot.  The average difference between spot and benchmark over the past 10 years is between 70-80/tonne!  I bet that makes Glencore ecstatic about working off of spot pricing!   They get to fleece Noranda by 30-40 million per year like that?  

I haven't even gotten into trying to check how much they screwed Noranda shareholders out of with the TC negoations prior to the past two years.  Just these past two years could be 150 mil.  

My guesstimate would be 2017 to date might be north of 200 million.

Forget about activist investors.  The largest non Glencore shareholder is a bah bah sheep that likes getting fleeced and screwed because he is too lazy and incompetent to do anything about it (Extract Capital).  

I hope that someday down the road the super secret confidential contract's terms are revealed by court order, like what happened in Nyrstar, and that Glencore gets sued for hundreds of millions of dollars.  

That's it for me, done wasting my time with this one, absolutely disgusted.  

Good luck to the rest of you hanging in there.

[tzvkum]

good luck going forward. I'm close to the edge. I've been sitting on a 40% paper loss for who knows how long now. I'm sick and tired of the same reports quarter after quarter. One day I too will sell and to hell with it all.

[Martincat]

Well said Northforce....I do share your views entirely on this Glencore-Nif business.....Reading the first few lines of this latest financial report was enough to turn me off...Same old hashing quarters after quarters of reporting...I just hope that Glencore gets what it deserves one of these days and that justice is done for all these fleeced unitholders.

[ZincDink1]

It was the highest TC in years...until it wasn't. The question is did the board screw up by accident going spot or was this deliberate? Historically, Noranda has never had a spot TC charge or market based price movement. The real killing was charging miners a fixed price while paying NIF spot. I think they would have pocketed at least $ 200 per ton finished zinc. We would have been way

[Scotch12]

No doubt management and even more so the independent board seems to have failed shareholders.  This is clearly a one-sided relationship controlled by Glencore in the face of what appears to be a weak independent board (they have not even had the strength to ensure shareholders know the terms of the annual agreements with Glencore).  I may be viewed as a fool but I listened to the CC and