Net income of $3.3 million (24 cents per share) was recorded by Minnova Inc. of Toronto in 1987 compared with $4.65 million (35 cents per share) the year before.
The company says metal production and operating income declined from the previous year because of the closure of the Corbet copper mine near Rouyn-Noranda, Que., during the fall of 1986 and lower gold production. Somewhat offsetting these declines was an improvement in gold and copper prices in 1987, the company says.
Gold production last year fell 25% to 78,000 oz because of a reduced level of operations at Opemiska and lower mill heads at Lac Shortt, the company says. (Both mines are located in northern Quebec.)
Minnova attributes net income of $2.4 million in the fourth quarter mainly to higher gold and copper prices.
In 1987, Minova had capital expenditures of $60.3 million, its two major projects being its Winston Lake zinc mine in northern Ontario and its Ansil copper project near Rouyn-Noranda.
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