Noranda Income Fund Unit NNDIF

NIF financials

[Martincat]

NIF to report Q4 and Year end results on Feb 24 after mkts.

[Bigbird9999]

What to expect.... $3 - 4 million bump in revenue driven by higher LME price in Q4.  Year 2021 LME ~$1.36. ($3000/t) Year 2021 similar to last year earnings.  I expect that they will downplay the positive conditions that are lining up for 2022.  Guidance should be >270,000 t as the new cooling and residue handling start up in May.  Stars are aligning for a really good year

[JCW]

Many thanks for your informative post BB. Sounds like there is good opportunity for potential distributions. That remains to be seen ......JC

[Scotch12]

I am curious BB where you are getting that figure/calculation that the 2021 TC agreement between Glencore and Noranda was half spot and half bench mark?   It seems reasonable to me but we have had many on here stating the default position if the parties can't agree, which happened this year, is all the TCs are a spot?

[Bigbird9999]

There is a "secret" formula in the agreement that is applied when they can't agree on a negotiated TC.  It sets the TC somewhere between spot, benchmark and market terms which are reported each month by CRU and Wood Mac.  Not sure, but my understanding is that they determine the TC monthly when they use the formula.  This is pretty much the way all custom smelters work

[Bwrbhk]

The agreement for the 12 month period ending April 30, 2022 was market terms.  The question is, what do they mean by market terms.  It certainly does not include benchmark.  The only thing that it can relate to is spot which is reported monthly by Wood Mackenzie, CRU and others including Open Mineral, Fastmarkets and SMM.  They likely use either CRU or Wood Mackenzie as those