Xstrata Zinc Terminates Letter of Intent in Respect of Proposal for NIF

Noranda Income Fund and Xstrata Zinc (LSE:XTA) announced that they had entered into a non-binding letter of intent with respect to a potential acquisition of the Fund by Xstrata for a cash consideration of C$3.40 per Priority Unit.

The press release is quoted as saying:

Xstrata currently owns an effective 25% voting and economic interest in NIF and manages the Fund’s sole operating asset, the CEZinc processing facility in Québec. Xstrata also supplies CEZinc with its annual requirement of zinc concentrate through a contract which will expire in May 2017.

Click here to access the entire press release

Click here to access Xstrata Zinc Corporate Site