News

Salaberry-de-Valleyfield, August 19, 2020 – Canadian Electrolytic Zinc Limited (“CEZinc”) announces that the agreement concluded on May 14, 2020, in connection with the class action related to a sulfur trioxide release, has been approved by the Superior Court of Québec. The release occurred following an accidental equipment failure at the Salaberry-de-Valleyfield refinery on August 9, 2004.

“We are pleased that the settlement has been approved and that the proposed compensation terms are satisfactory to all stakeholders involved,” said Liana Centomo, Chief Executive Officer of CEZinc.

Under the agreement, CEZinc will pay a total amount of $1.68 million. This amount will be disbursed without any admission of liability and will serve to cover member claims, class counsel fees, and incurred expenses. This settlement has no material impact on CEZinc, as the amount will be covered by its insurance policies.

TERMS OF THE SETTLEMENT

The agreement provides for three categories of compensation:

• Category A: Maximum compensation of $1,000 for each member who was hospitalized or required medical consultation related to the sulfur trioxide release of August 9, 2004, within 7 days of the event;

• Category B: Maximum compensation of $200 for each member who suffered an asthma attack on the evening of August 9, 2004;

• Category C: Maximum compensation of $100 for each member who was present in the areas of Salaberry-de-Valleyfield, Saint-Timothée, Melocheville, and Pointe-des-Cascades (as defined in the judgment authorizing the class action) on the evening of August 9, 2004, and experienced symptoms other than an asthma attack.

Other members will not receive individual compensation; however, the parties have agreed that a portion of the funds will be allocated to the implementation of environmental corrective measures, the details of which will be approved by the court at a later date.

About us

The 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 electrolytic zinc processing facility and related assets (the “refinery”) located in Salaberry-de-Valleyfield, Québec. The refinery is the second-largest zinc processing facility in North America and the largest in Eastern North America, where the majority of customers are located. The refinery produces refined zinc and various by-products from concentrate sourced from third parties. The refinery is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation. For more information on the Noranda Income Fund, please visit: www.norandaincomefund.com.

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For further information
Jean-François Gagnon
CEZinc, Communications Department
450-373-9144 ext. 2271
jean-francois.gagnon@glencore.ca