Noranda Income Fund Announces Class Action Settlement Agreement
TORONTO, Aug. 19, 2020 (GLOBE NEWSWIRE) — Noranda Income Fund (TSX:NIF.UN) (the “Fund”) announced today that the Superior Court of Quebec has approved the agreement entered into on May 14, 2020, in the class action relating to a sulphur trioxide emission. The emission occurred following an accidental equipment breakdown at the Salaberry-de-Valleyfield processing facility on August 9, 2004.
“We are pleased that the agreement has been approved and that the proposed compensation terms are to the satisfaction of all stakeholders involved,” said Liana Centomo, Chief Executive Officer of Canadian Electrolytic Zinc Limited (“CEZinc”), the Fund’s Manager.The agreement provides for CEZinc to pay $1.68 million to go towards individual compensation to defined categories of class members as per the terms of the settlement. The parties have agreed that an amount will be used for general environmental remediation purposes, the details of which will be approved by the court at a later date.The amount will be disbursed without admission of responsibility and will be used to pay members’ claims, class counsel fees and expenses incurred. This settlement agreement has no material impact on CEZinc and funds required will be covered by its insurance policies.Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol “NIF.UN”. Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets (the “Processing Facility”) located in Salaberry-de-Valleyfield, Québec. The 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 zinc customers are located. It produces refined zinc metal and various by-products from sourced zinc concentrates. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation. Further information about Noranda Income Fund can be found at: www.norandaincomefund.com.For further information, please contact:
Chief Financial Officer of Canadian Electrolytic Zinc Limited, Noranda Income Fund’s Manager