New contract for CEZinc employees

Employees at Noranda Income Fund‘s (NIF.UN-T) Salaberry-de-Valleyfield, Que.-based zinc refinery, operated and managed by Canadian Electrolytic Zinc, have voted 60% in favour of a new collective agreement.

Retroactive to Nov. 1, 2004, the agreement provides for a wage increase of 60 per hour in each of three years. Improvements to the benefits and retirement programs are also included.

“The union and management teams worked hard to reach an agreement that will contribute to the refinery’s success,” says Lucy Rosato, president of the Noranda Income Fund.

The Noranda Income Fund was created to acquire Noranda‘s (NRD-T) CEZinc processing facility and other assets in Quebec. The facility’s processing capacity is second only to Teck Cominco‘s (TEK-T) zinc smelter at Trail, B.C. The refinery produces refined zinc metal and various byproducts from zinc concentrates purchased from mining operations.