HBM&S turns profit in ’87

Net income of $39.3 million on revenues of $342.6 million was reported by Hudson Bay Mining and Smelting in 1987, compared to a net loss of $20.2 million on revenues of $291.2 million in 1986.

President Lloyd Nilsen attributed the improvement to a record combined zinc and copper production, improved metals prices and sale of a 40% joint-venture interest in the Namew Lake, Man., nickel-copper project. (Outokumpu Oy of Finland bought the 40% interest for $12.1 million).

In 1987, Hudson Bay produced 186 million lb zinc and 150 million lb copper from purchased and domestic concentrates, as well as 69,000 oz gold and 1.4 million oz silver as byproducts of its operations.

During the fourth quarter of 1987, Hudson Bay reported net income of $3.7 million compared to a loss of $11.1 million for the same period a year earlier.