Noranda Income Fund Announces Fourth Quarter and Fiscal 2020 Results
TORONTO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Noranda Income Fund (TSX: NIF.UN) (the “Fund”) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2020. Except
where otherwise indicated, all amounts in this press release are expressed in US dollars.
“As the Fund derives its revenues on market terms, our financial results are subject to changing market dynamics, including those impacting treatment charges, zinc and sulphuric acid prices, key profit drivers which exhibited significant volatility throughout 2020 due to the pandemic. The Fund’s financial performance was negatively impacted by a dramatic decline in market terms on concentrates throughout the year, and while zinc prices increased sharply in the second half of the year, these were not completely realized due to our hedging program,” said Liana Centomo, Chief Executive Officer of Canadian Electrolytic Zinc Limited, the Fund’s manager.
Ms. Centomo added: “Nonetheless, operational execution was strong in 2020 and we made progress on several fronts in what remains a complex environment. We amended our ABL Facility and secured long-term financing under favourable terms for the Fund, allowing us to improve our capital structure and move forward with strategic investments to increase our production capacity and ultimately, improve our long-term profitability. In addition, the Board of Trustees extended our agreements with Glencore Canada, bringing added stability to the Fund.”
“Despite the added challenges and uncertainty caused by the pandemic, we also achieved our 2020 annual production and sales target and successfully reached the first milestone of our strategic expansion projects. We continue to make progress and expect to receive the new belt filters and break ground on the new cooling towers structure by the second quarter of 2021. We are committed to maintaining our operational discipline as well as our strict COVID-19 protocols as we aim to strengthen our position as a leading, low-cost producer of refined zinc metal in North America,” concluded Ms. Centomo.
Fourth Quarter 2020 Highlights
- Loss before income taxes was $13.7 million compared to earnings before income taxes of $8.3 million in the fourth quarter of 2019.
- Adjusted EBITDA1 was $9.0 million compared to $11.2 million in the fourth quarter of 2019.
- Zinc metal production decreased 1.2% to 69,221 tonnes compared to 70,053 tonnes in the fourth quarter of 2019.
- Zinc metal sales were 69,148 tonnes, down slightly from 69,446 tonnes in the fourth quarter of 2019.
- Sulphuric acid sales decreased to 94,090 tonnes compared to 99,400 tonnes in the fourth quarter of 2019.
- On November 5, 2020, the Fund announced the extension of exclusive agreements with Glencore Canada for the purchase of zinc concentrate and the sale of zinc metal for an additional period of three years.
- On December 18, 2020, the Board of Trustees announced a special cash distribution of CAD$0.03 per unit, payable on January 25, 2021, to Unitholders.
Fiscal 2020 Highlights
- Loss before income taxes was $26.7 million compared to a loss before income taxes of $0.2 million in 2019.
- Adjusted EBITDA1 was $50.1 million compared to $23.4 million in 2019.
- Zinc metal production increased 2.1% to 268,387 tonnes compared to 262,965 tonnes in 2019.
- Zinc metal sales were 268,948 tonnes, up 2.5% from 262,341 tonnes in 2019.
- Sulphuric acid sales decreased to 389,840 tonnes in 2020, compared to 390,599 tonnes in 2019.
- On July 31, 2020, the Fund entered into a $40 million senior secured metal liability agreement with BaseCore Metals LP (“BaseCore”) to improve the Processing Facility’s filtration and cooling processes in order to support increased zinc production capacity.
- On May 13, 2020, the Fund announced an amendment to its asset-based revolving credit facility (“ABL Facility”), allowing greater financial flexibility.
Financial Results for the Fourth Quarter 2020
Revenues less raw material purchase costs and derivative financial instruments loss (gain) (“Net Revenues”) in the fourth quarter of 2020 were $33.8 million compared to $56.3 million for the same period of 2019. The decrease was a net result of lower market terms on concentrates and lower sulphuric acid prices in 2020 compared to 2019 and the increase in margin in inventory.
Adjusted Net Revenues2 were $47.7 million for the three months ended December 31, 2020 compared to $53.1 million in the same period last year. Lower Adjusted Net Revenues2 in the three months ended December 31, 2020 reflect lower market terms on concentrates slightly offset by higher zinc prices compared to 2019. The three months ended December 31, 2020 were also negatively impacted by lower sulphuric acid prices compared to the same period of 2019.
Production costs before change in inventory for the three months ended December 31, 2020 were $33.3 million, $2.5 million lower than the $35.8 million recorded for the same period in 2019. The reduction was driven by a decrease in energy and in maintenance supplies resulting from additional efforts to prevent and reduce the impact of unplanned maintenance events.
Unit production costs3 were $481 per tonne for the three months ended December 31, 2020 compared to $511 per tonne in the same period of 2019, reflecting decreased production costs partially offset by lower production volumes.
The Fund reported a loss before income taxes of $13.7 million in the three months ended December 31, 2020 compared to earnings before income taxes of $8.3 million in the same period a year ago. The $22.0 million decrease is primarily due to lower market terms on concentrates, lower by-product sales, lower acid netback prices for the sulphuric acid sales and lower zinc metal sales partly offset by higher zinc prices. Market terms on concentrates declined as mine supply decreased during the last half of 2020, creating a tight concentrate market in the second half of the year. However, zinc prices increased during the three months ended December 31, 2020, driven by broader market influences even as refined zinc production continued to exceed demand.
Adjusted EBITDA1 in the fourth quarter of 2020 stood at $9.0 million, compared to $11.2 million for the same period in 2019. Lower Adjusted EBITDA1 reflects lower market terms on concentrates and lower sulphuric acid prices slightly offset by higher zinc prices and lower production costs compared to the same period of 2019.
Fiscal 2020 Financial and Operating Results
Net Revenues in 2020 were $158.1 million compared to $184.6 million in 2019. The decrease was a net result of higher market terms on concentrates, higher zinc sales volumes and the increase in margin in inventory in 2020 compared to 2019.
Adjusted Net Revenues2 were $200.6 million for the twelve months ended December 31, 2020 compared to $180.8 million in 2019. Higher Adjusted Net Revenues2 in 2020 reflect higher market terms on concentrates and higher volumes compared to 2019. Unplanned maintenance negatively impacted volumes processed in the first half of 2019. Adjusted Net Revenues2 in 2020 were negatively impacted by lower zinc prices compared to the same period of 2019.
Production costs before change in inventory in 2020 were $131.4 million, $8.9 million lower than the $140.3 million recorded in 2019. Lower production costs in 2020 were a result of lower operating supplies due to a reduction in the use of reagents and lower maintenance supplies compared to 2019.
Unit production costs3 were $489 per tonne for the year ended December 31, 2020 compared to $534 per tonne in 2019, reflecting decreased production costs offset by higher production volumes.
Adjusted EBITDA1 in 2020 stood at $50.1 million, compared to $23.4 million in 2019. The higher Adjusted EBITDA1 for 2020 reflects higher market terms on concentrates, higher volumes and lower production costs compared to 2019, offset by lower zinc prices compared to the same period of 2019. Higher impurity levels and unplanned maintenance negatively impacted volumes processed in the first half of 2019.
Cash used in operating activities in 2020 was $1.4 million, including a negative $10.0 million increase in non-cash working capital due mainly to an increase in accounts receivable and inventories partly offset by an increase in accounts payables and accrued liabilities. In 2019, cash provided by operating activities was $19.0 million, including a positive $6.0 million decrease in non-cash working capital due mainly to a decrease in accounts receivable partly offset by a decrease in accounts payables and accrued liabilities and a decrease in deferred revenues.
As at December 31, 2020, the Fund’s debt was $141.8 million, up from $136.0 million at the end of December 31, 2019. The Fund’s senior secured metal liability as at December 31, 2020 was $31.1 million and nil as at December 31, 2019. The Fund’s cash as at December 31, 2020 decreased to $0.2 million from $1.1 million as at December 31, 2019.
Extension of Agreements with Glencore Canada
On November 5, 2020, the Fund announced the extension of its exclusive agreements with Glencore Canada for the purchase of zinc concentrate and the sale of zinc metal for an additional period of three years through to April 30, 2025. In addition, the Supply and Processing Agreement (“SPA”) was amended so that its current term ends on April 30, 2025, and it will renew automatically for five-year terms thereafter, unless Glencore Canada provides a written non-renewal notice at least 540 days prior to the renewal date, an increase from the 180 days required by the original agreement. Corresponding amendments have been made to the Operating and Management Agreement, the Management Services Agreement and the Administration Agreement. In the event that Glencore Canada provides a written non-renewal notice, Glencore Canada has agreed to use reasonable commercial efforts to assist the Fund in putting into place such arrangements as may be reasonably required by the Fund to secure zinc concentrate and market the zinc metal it produces, following the expiry of the SPA.
Senior Secured Metal Liability with BaseCore
On July 31, 2020, the Fund entered into senior secured metal liability in which BaseCore agreed to make advance payments of $40 million against the purchase of zinc under the agreement. The proceeds of the liability are primarily being used to improve the Processing Facility’s filtration and cooling processes in order to support increased zinc production capacity. During fiscal 2020, the Fund received $24 million of the advance payments. BaseCore is considered to be a related party as Glencore Canada is a limited partner in BaseCore.
Asset-based Revolving Credit Facility
On May 13, 2020, the Fund announced the amendment of its ABL Facility for a term to maturity of July 20, 2023. The ABL Facility limit remains at $180 million with improved terms surrounding the borrowing base calculation. The terms of the ABL Facility remain substantially the same, except for the following: the borrowing base was augmented by 85% of the appraised net orderly liquidation value of anodes and cathodes owned by the Fund; the additional reserve of CAD$15 million has been reduced to nil; and the excess availability threshold was revised from 20% to 15% of availability.
Outlook for the Fund
As per Wood Mackenzie, the indicative spot treatment charges on Chinese imported concentrates fell from $305 per tonne in December 2019 to $163 per tonne in May 2020. Spot treatment charges then recovered slightly through the summer, peaking at $185 per tonne in July 2020, before sharply declining throughout the rest of the year with the monthly average in December 2020 reported at $85 per tonne.
The general global economic disruption and uncertainty caused by the COVID-19 pandemic resulted in a decrease in zinc prices throughout the first half of the year, with the second half of the year experiencing strong increases. Both mine supply of concentrate and refined zinc metal consumption decreased during the year, but smelter production has been relatively unaffected with modest growth forecasts being published for 2021. Concentrate supply in the market may also be an issue in 2021 as mines continue to experience disruptions due to COVID-19 outbreaks in their facilities. As such, the current tightness in the concentrate market is expected to continue negatively impacting treatment charges. Analysts are expecting mine production to improve over the next two years and a return to a situation where mine production exceeds smelter consumption. The refined zinc market is also expected to remain in surplus but zinc prices are expected to be supported by investor confidence, infrastructure spending and a weaker US dollar.
Production and Sales Outlook
The Fund is continuing to follow a rigorous approach to operating during the COVID-19 pandemic. Developments are monitored closely and numerous precautions have been implemented to ensure the health of its workforce and contractors, and to ensure compliance with government-mandated orders and public health directives. The measures implemented have increased costs somewhat and have added additional complexity in executing tasks, but operations have been able to adapt. As a result, the Fund’s annual production and sales target for 2021 has been maintained at between 260,000 to 270,000 tonnes. Further, zinc and by-product sales have continued relatively uninterrupted during the pandemic. Production has also been adapted to the change in feed mix resulting from the closure of the Caribou mine in New Brunswick, Canada.
On July 27, 2020, in alignment with its long-term strategy to decrease its production costs and increase profitability, the Fund announced that it would invest in expansion projects with the installation of additional belt filters and related equipment to increase the Processing Facility’s filtration capacity, and two additional cooling towers in the cell house to improve cooling capacity in the summer months. The cost of the expansion projects is estimated at $32 million and commissioning is targeted for the first quarter of 2022. Both projects have received required permits from the Government of Quebec. Once commissioned, the expansion projects will allow the Processing Facility to maintain its current production levels as well as to increase zinc production by approximately 20,000 tonnes per year to a target of 290,000 tonnes annually. Construction work on the filtration building began in the third quarter of 2020 and the first milestone of the project was reached in the fourth quarter of 2020.
Impact of COVID-19
The World Health Organization (“WHO”) declared the novel coronavirus (“COVID-19”) to be a pandemic on March 11, 2020. Major health issues and pandemics, such as COVID-19, may adversely affect national or global economies, global trade and commercial activity, and could result in a general or sharp decline in economic activity. On March 23, 2020, the Fund’s Processing Facility was recognized as a priority manufacturing activity by the Government of Quebec, namely as a supplier of chemicals to several sectors deemed essential, allowing the Processing Facility to maintain its operations since the beginning of the pandemic. The Processing Facility continues to maintain strict measures within the Processing Facility in accordance with provincial government and public health directives to protect the health and safety of its onsite employees and contractors.
As a result of COVID-19, many companies and local and national governments have imposed restrictions, such as closures, quarantines, cancellations and travel restrictions. Although additional costs have been incurred as a result, impacts on our supply chain have not resulted in production reduction and the physical sale and delivery of zinc and by-products have not been significantly impacted. However, disruptions in mine production have dramatically reduced the global availability of concentrate to be processed. Prior to the pandemic, there was a surplus of concentrate and a corresponding increase in treatment charges that peaked at $300 per tonne at the beginning of 2020. Disruptions in mine production have now created tightness in zinc concentrate availability with treatment charges dropping to their lowest levels since 2018. Treatment charges are one of the principal revenue and cash flow drivers of the Fund and as a result have a considerable impact on the financial position of the Fund. Conversely, wider market influences have resulted in increases to the zinc price during the second half of 2020. Zinc prices, through free zinc revenue, also have an important influence on the Fund’s financial position.
The facility successfully carried out its planned shutdowns with all COVID-19 measures in place. The Fund has contingency plans in place to minimize the impact of COVID-19 on its operations, which include strategies to adapt to various potential scenarios, including but not limited to securing adequate resources in terms of manpower, supplies, logistics and concentrate, however the Fund may incur losses or expenses relating to such events outside of its control despite maintaining measures within the Processing Facility. Given the evolving and dynamic nature of COVID-19, it is difficult to predict how significant or adverse the impact of the pandemic may be on the Fund’s business, its operations, and the market for its securities.
The uncertainties around COVID-19 require the use of judgments and estimates which resulted in no significant impacts to our consolidated financial statements as of December 31, 2020 and for the year then ended. The future impact of COVID-19 could affect management’s estimates and assumptions, including those used in determining the recoverable amount of its non-financial assets from future operations and could generate in future reporting periods material adjustments to the carrying value of non-financial assets and deferred income tax assets.
Fourth Quarter and Fiscal 2020 Results Conference Call:
When: Wednesday, February 24, 2021, at 8:30 a.m. ET
Dial-in: 1-877-291-4570 (toll-free North America) or 647-788-4919
To access webcast: http://www.norandaincomefund.com/investor/conference.php or http://snwebcastcenter.com/webcast/nifq42020
The recording will be available until midnight on March 3, 2021, conference ID 5594617 at 1-800-585-8367 (toll-free North America) or 416-621-4642.
Readers should be advised that the summarized communication presented in this press release is limited in its disclosure. It is not a suitable source of information for readers who are unfamiliar with the Fund, and it is not in any way a substitute for reading the Consolidated Financial Statements and MD&A because a reader relying on this summary alone might overlook decision critical information.
Certain information in this press release, including statements regarding the Fund’s production and sales, future business plans and operation of the Processing Facility, future liabilities and obligations of the Fund (including capital expenditures), the ability of the Fund to operate profitably, the dependence upon the continuing supply of zinc concentrates and competition relating thereto, the ability of the Processing Facility to treat a more varied feed quality stream, anticipated trends in zinc concentrate supply and demand, smelting capacity, sulphuric acid market demand and supply, zinc concentrate treatment charges, the anticipated financial and operating results of the Fund, distributions to Unitholders, the scope, timing and completion of the Expansion Projects, the impact of the Expansion Projects on the operations of the Processing Facility, the operating and financial results of the Fund, and the impact of the amendments to the SPA, the Operating and Management Agreement, the Management Services Agreement, the Administration Agreement and the agreements relating to purchases of zinc concentrate and sale of zinc metal are forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Fund’s Annual Information Form dated March 30, 2020 for the year ended December 31, 2019 and the Fund’s other periodic filings available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Fund; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Fund expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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
1 Adjusted EBITDA is used by the Fund as an indication of cash generated from operations. Adjusted EBITDA is not a recognized measure under International Financial Reporting Standards and therefore the Fund’s method of calculating Adjusted EBITDA is unlikely to be comparable to methods used by other entities. The Fund’s Adjusted EBITDA is calculated by starting from earnings before finance costs and income taxes and adjusting for non-cash items such as depreciation, gain or loss on the sale of assets and changes in fair value of embedded derivatives. In addition, an adjustment is made to reflect the net change in the rehabilitation liabilities (reclamation (recovery) expense less site restoration expenditures), the increase (decrease) in inventory margin and the net change in employee benefits (non-cash employee benefit expenses less employer contributions).
|Three months ended||For the year ended|
|December 31,||December 31,|
|(Loss) earnings before finance costs and income taxes||$||(11.9||)||$||11.3||$||(18.8||)||$||9.2|
|Depreciation of property, plant and equipment||3.8||4.5||14.7||15.9|
|Net change in residue ponds rehabilitation liabilities||(0.6||)||(1.8||)||4.5||0.9|
|Senior secured metal liability - embedded derivative change in fair value||5.0||-||7.9||-|
|Derivative financial instrument gain||(2.1||)||-||(1.8||)||-|
|Change in fair value of embedded derivatives||3.4||0.1||2.9||0.1|
|Increase (decrease) in inventory margin net of change in fair value of embedded derivatives||10.5||(3.3||)||39.6||(3.9||)|
|Loss on sale of assets||0.5||0.2||0.8||0.4|
|Net change in employee benefits||0.4||0.2||0.3||0.8|
2 Adjusted Net Revenues is not a recognized measure under International Financial Reporting Standards and therefore the Fund’s method of calculating Adjusted Net Revenues is unlikely to
be comparable to methods used by other entities. Adjusted Net Revenues means net revenues less raw material purchase costs plus (minus) derivative financial instrument gain (loss) (“Net Revenues”)
excluding change in fair value of embedded derivatives and after the change in the inventory margin. The Fund uses Adjusted Net Revenues as it believes it provides the best indication of the net
revenues generated in a period and provides the ability to compare net revenues generated in different periods.
|For the three months end December 31,|
|Change in fair value of embedded derivatives||3.4||0.1|
|Increase (decrease) in inventory margin net of change in fair value of embedded derivatives||10.5||(3.3||)|
|Adjusted Net Revenues||$||47.7||$||53.1|
|For the year ended December 31,|
|Change in fair value of embedded derivatives||2.9||0.1|
|Increase (decrease) in inventory margin net of change in fair value of embedded derivatives||39.6||(3.9||)|
|Adjusted Net Revenues||$||200.6||$||180.8|
3 Unit production costs is not a recognized measure under International Financial Reporting Standards and therefore the Fund’s method of calculating unit production costs may not be
comparable to methods used by other entities. Unit production costs means production costs divided by total tonnes of zinc produced. The Fund uses unit production costs as it believes it provides
the best indication of the costs of production in a period and provides the ability to compare production costs in different periods.
Key Performance Drivers
The following table provides a summary of the performance of the key drivers for the three months and twelve months ended December 31, 2020 and 2019.
|Three months ended||For the year ended|
|December 31,||December 31,|
|Zinc concentrate and secondary feed processed (tonnes)||125,263||124,464||517,431||510,560|
|Zinc grade (%)||54.5||52.9||53.7||52.6|
|Zinc recovery (%)||97.5||96.3||97.1||96.5|
|Zinc metal production (tonnes)||69,221||70,053||268,387||262,965|
|Zinc metal sales (tonnes)||69,148||69,446||268,948||262,341|
|Realized zinc price (US$/pound)||1.26||1.15||1.10||1.23|
|Average LME zinc price (US$/pound)||1.19||1.08||1.03||1.16|
|By-product revenues ($ millions)||8.9||10.0||27.6||34.7|
|Copper in cake production (tonnes)||547||626||2,439||2,658|
|Copper in cake sales (tonnes)||1,018||731||2,589||2,625|
|Sulphuric acid production (tonnes)||92,578||96,899||385,778||394,610|
|Sulphuric acid sales (tonnes)||94,090||99,400||389,840||390,599|
|Average LME copper price (US$/pound)||3.25||2.67||2.80||2.72|
|Sulphuric acid netback (US$/tonne)||40||74||46||67|
|Average CAD/US exchange rate||0.77||0.76||0.75||0.75|
|* 1 tonne = 2,204.62 pounds|
|SELECTED FINANCIAL AND OPERATING INFORMATION|
|Three months ended||For the year ended|
|Statements of Comprehensive (Loss) Income Information|
|Raw material purchase costs||143,401||128,486||482,243||542,634|
|Derivative financial instruments loss (gain)||558||(16,166||)||6,896||(146||)|
|Net revenues less raw material purchase costs and derivative financial instruments loss (gain)||33,786||56,288||158,089||184,555|
|Selling and administration||4,582||4,243||18,264||15,668|
|Foreign currency loss||816||446||384||743|
|Derivative financial instruments gain||(2,079||)||-||(1,761||)||-|
|Senior secured metal liability - embedded derivative change in fair value||4,931||-||7,863||-|
|Depreciation of property, plant and equipment||3,774||4,544||14,671||15,949|
|Rehabilitation (recovery) expense||(481||)||(965||)||4,861||2,202|
|(Loss) earnings before finance costs and income taxes||(11,965||)||11,313||(18,849||)||9,187|
|Finance costs, net||1,694||2,995||7,894||9,337|
|(Loss) earnings before income taxes||(13,659||)||8,318||(26,743||)||(150||)|
|Current and deferred income tax (recovery) charge||(4,739||)||1,389||(6,043||)||502|
|(Loss) earnings attributable to Unitholders and Non-controlling interest||(8,920||)||6,929||(20,700||)||(652||)|
|Distributions to Unitholders - net of tax recovery||898||914||898||914|
|(Decrease) increase in net assets attributable to Unitholders and Non-controlling interest||(9,818||)||6,015||(21,598||)||(1,566||)|
|Other comprehensive gain||4,723||4,623||277||840|
|Comprehensive (loss) income||$||(5,095||)||$||10,638||$||(21,321||)||$||(726||)|
|Statements of Financial Position Information||Dec. 31, 2020||Dec. 31, 2019|
|Income taxes receivable||3,161||4,187|
|Property, plant and equipment||128,498||113,776|
|Accounts payable and accrued liabilities||108,435||96,286|
|Asset-based revolving credit facility||141,845||136,019|
|Senior secured metal liability||31,110||-|
|Total liabilities excluding net assets attributable to Unitholders||325,523||269,240|
|Three months ended||For the year ended|
|Statements of Cash Flows Information||2020||2019||2020||2019|
|Cash (used in) provided by operating activities before cash|
|distributions and net change in non-cash working capital items||$||(734||)||$||(4,946||)||$||9,686||$||5,735|
|Net change in non-cash working capital items||11,098||(11,612||)||(9,960||)||14,315|
|Cash provided by (used in) provided by operating activities||10,364||(16,558||)||(1,429||)||18,951|
|Cash used in investing activities||(12,457||)||(7,259||)||(28,118||)||(20,948||)|
|Cash provided by financing activities||1,803||24,461||28,677||2,347|
|Net (decrease) increase in cash||$||(290||)||644||$||(870||)||$||350|