People in Flin Flon should know by summer when the Hudson Bay Mining and Smelting Co. Ltd. will close its copper smelter.

A company official told CBC News an announcement should come by the end of June.

Financial reasons are being blamed for the closure, which will put about 200 employees out of work. Tom Goodman, vice president of company operations, said the costs to upgrade the 80-year-old smelter and keep it going are not economically prudent.

"Shipping's a big part of it. Energy costs are a big part of it. But also, at the same time, the value that we get from third parties to treat their concentrate is just not there anymore," he said.

Without the upgrade, the company won't be able to meet new federal emission standards by 2014, Goodman said.

The impact on the community won't stop with the job losses, said Blaine Veitch, superintendent of the Flin Flon School Division. If those workers with children in school decide to move away for other jobs, there will be a drop in enrollment and, consequently, in funding from the province.

Less money from the government means changes in programs and perhaps even cuts to staff, said Veitch.

It's too early to know right now how big a drop in students the schools could suffer, he said.

"But I think it's wise and reasonable to start thinking about those things [for] how we might want to rearrange our schools … and kind of have a bit of a game plan on how we want to approach it."