TORONTO, March 3 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN)
announced today that Chemtrade Logistics Inc. has renewed its agreement with
Vale Inco Limited for the marketing of all sulphur by-products produced by the
Vale Inco smelter in Sudbury, Ontario. The new 10-year contract, which
contains similar terms to the existing agreements between the parties, is
effective as of January 1, 2008. This continues the exclusive relationship
between Chemtrade, including its predecessors and Vale Inco for the marketing
of sulphur by-products, which has been in place for more than 75 years.
Mark Davis, President and Chief Executive Officer of Chemtrade said, "We
are delighted to announce this agreement, which is the culmination of
significant effort by both Chemtrade and Vale Inco. Chemtrade and Vale Inco
have a long and mutually beneficial relationship based upon the parties'
alignment of interests and focus on long-term business goals. The length of
the new agreement demonstrates the commitment of both companies to continue
their long-term focus on the safe and efficient removal of Vale Inco's sulphur
by-products and the maximization of value from these products."
"The capture of sulphur dioxide gases and conversion into sulphuric acid
and liquid SO(2) is key to Vale Inco's continued environmental stewardship at
our Sudbury operations," said Fred Stanford, President of Vale Inco's Ontario
Operations. "Our relationship with Chemtrade provides us with continuing
certainty of removal services and an opportunity for enhanced value from our
Chemtrade operates a diversified business, providing industrial chemicals
and services to customers in North America and around the world. Chemtrade is
one of the world's largest suppliers of sulphuric acid, liquid sulphur dioxide
and sodium hydrosulphite, and a leading processor of spent acid. Chemtrade is
also a leading regional supplier of sulphur, sodium chlorate, phosphorous
pentasulphide, and zinc oxide.
Vale Inco Limited is a leading producer of nickel, copper, cobalt and
precious metals, based in Toronto, Canada. Vale Inco is a wholly-owned
subsidiary of Companhia Vale do Rio Doce (Vale) (NYSE: RIO), one of the
world's largest mining companies. Vale Inco is committed to the pursuit of
sustainable growth by operating with respect for the natural environment and
being an ethically and socially responsible company.
- This news release contains certain statements which may constitute
"forward-looking" statements within the meaning of certain
securities laws, including the "safe harbour" provisions of the
Securities Act (Ontario). The use of any of the words "anticipate",
"continue", estimate", "expect", "may", "will", "project", "should",
"believe" and similar expressions are intended to identify forward-
- This news release contains forward-looking statements about the
objectives, strategies, financial condition, results of operations
and businesses of the Fund. These statements are "forward-looking"
as they are based on current expectations about our business and the
markets we operate in, and on various estimates and assumptions.
- Forward-looking statements in this news release describe our
expectations as of the date of this news release.
- Our actual results could be materially different from our
expectations if known or unknown risks affect our business, or if
our estimates or assumptions turn out to be inaccurate. As a result,
we cannot guarantee that any forward-looking statement will
- Forward-looking statements do not take into account the effect that
transactions or non-recurring items announced or occurring after the
statements are made may have on our business.
- We disclaim any intention or obligation to update any forward-
looking statement even if new information becomes available, as a
result of future events or for any other reason.
- Risks that could cause our actual results to differ materially from
our current expectations are discussed in the RISKS AND
UNCERTAINTIES section of our MD&A.
- Further information can be found in the disclosure documents filed
by Chemtrade Logistics Income Fund with the securities regulatory
authorities, available at www.sedar.com.
For further information:
For further information: Mark Davis, President & CEO, Tel: (416)
496-4176; Rohit Bhardwaj, Vice President, Finance & CFO, Tel: (416) 496-4177,