VALLEYFIELD, QC, Dec. 18 /CNW/ - The Noranda Income Fund announced today
that the unionized employees at its Salaberry-de-Valleyfield zinc refinery,
which is operated and managed by Canadian Electrolytic Zinc Limited, have
rejected the contract offer tabled by the company. The refinery's unionized
employees are members of the United Steelworkers of America, local 6486. The
union remains open to further negotiations.
"We remain confident that we will arrive at a settlement that satisfies
both parties," said Mario Chapados, President and Chief Executive Officer of
Canadian Electrolytic Zinc Limited, Noranda Income Fund's Manager.
Noranda Income Fund is an income trust whose units trade on the Toronto
Stock Exchange under the symbol "NIF.UN". The Noranda Income Fund owns the
CEZinc processing facility and ancillary assets (the "CEZinc processing
facility") located in Salaberry-de-Valleyfield, Québec. The CEZinc processing
facility is the second-largest zinc processing facility in North America and
the largest zinc processing facility in eastern North America, where the
majority of its customers are located. It produces refined zinc metal and
various by-products from zinc concentrates purchased from mining operations.
The Processing Facility is operated and managed by Canadian Electrolytic Zinc
Limited, a wholly-owned subsidiary of Xstrata Canada Corporation.
For further information:
For further information: Louis-Philippe Gariépy, Corporate Affairs,
Xstrata Zinc Canada, Phone (514) 645-2311, ext. 2162; Financial information:
Michael Boone, Vice President & Chief Financial Officer of Canadian
Electrolytic Zinc Limited, Noranda Income Fund's Manager, Tel: (416) 775-1561,