Revenues climb but loss recorded for Falconbridge

Thanks largely to its acquisition of Kidd Creek, revenues for Falconbridge Ltd. soared to $1.1 billion in 1986, compared to revenues of $890 million in the previous year.

But while zinc and gold reached generally reasonable levels in the latter half of 1986, depressed nickel and cobalt prices combined to help give Falconbridge a consolidated 1986 loss, before extraordinary items, of $15.5 million, or 27 cents a share.

That figure compares with consolidated earnings of $38.5 million, or 95 cents a share, in 1985.

Fourth quarter 1986 showed earnings of $6.1 million, or 10 cents a share, compared with earnings of $7.6 million, or 19 cents a share, for the similar period in the previous year.

Including extraordinary items, the company in 1986 recorded earnings of $70.3 million, or $1.21 per share.

The items include gains from the sale of Falconbridge’s 56.7% equity interest in Kiena Gold Mines, its 19.2% equity interest in Giant Yellowknife Gold Mines, 36.7% equity interest in Akaitcho Yellowknife Gold Mines, and 49.6% equity interest in Corporation Falconbridge Copper.