Financials

Consolidated Balance Sheets

As at December 31		2000		1999
		(Thousands)
Assets
Current assets
	Cash	$33,131		$45,469
	Accounts receivable [note 3]	144,853		138,691
	Inventories [note 4]	347,141		356,828
	Supplies and prepaid expenses	45,992		47,695
		571,117		588,683
Property, plant and equipment [note 5]		2,044,820		2,135,843
Long-term receivables, investments and other [ note 6]		168,460		175,736
Inventories [note 4]		17,584		63,881
Total assets		$2,801,981		$2,964,143
Liabilities and Shareholders' Equity
Current liabilities
	Accounts payable and accrued liabilities	101,874		105,873
	Dividends payable	6,868		7,160
	Current portion of long-term debt [note 7]	24,670		30,241
	Current portion of other liabilities [note 9]	2,830		5,568
	Deferred income taxes [note 16]	22,632		32,549
		158,874		181,391
Long-term debt [note 7]		269,677		328,963
Provision for reclamation [note 8]		131,966		103,411
Other liabilities [note 9]		15,611		15,618
Deferred income taxes [note 16]		445,324		412,417
		1,021,452		1,041,800
Shareholders' equity
	Preferred securities [note 10]	183,520		176,248
	Share capital [note 11]	665,651		683,787
	Contributed surplus [note 11]	472,488		490,771
	Retained earnings	437,328		552,154
	Cumulative translation account [note 12]	21,542		19,383
		1,780,529		1,922,343
Total liabilities and shareholders' equity		$2,801,981		$2,964,143
Commitments and contingencies [notes 7, 8, 19, 25]
See accompanying notes to consolidated financial statements. Approved by the board of directors

Consolidated Statements of Earnings (Loss)

For the year ended December 31	2000		1999		1998
	(Thousands)
Revenue from
Products and services	$688,940		$741,592		$718,949
Expenses
Products and services sold	413,880		428,904		400,632
Depreciation, depletion and reclamation	117,005		136,863		126,669
Administration	38,232		35,720		39,516
Exploration	20,804		22,633		30,609
Research and development	2,452		2,331		2,671
Interest and other [note 13]	(5,657)		3,420		(1,609)
Writedown of mineral properties [note 5]	127,738		45,523		15,964
Provision for waste disposal [note 14]	20,218		-		-
Gain on sale of property interests [note 23]	-		(13,129)		-
	734,672		662,265		614,452
Earnings (loss) from operations [note 27]	(45,732)		79,327		104,497
Other expenses (income) [note 15]	(1,896)		2,028		11,579
Earnings (loss) before income taxes	(43,836)		77,299		92,918
Income tax expense (recovery) [note 16]	34,501		(2,738)		47,274
Net earnings (loss)	(78,337)		80,037		45,644
Preferred securities charges, net of tax [note 10]	8,880		8,835		1,980
Net earnings (loss) attributable to common shares [note 27]	($87,217)		$71,202		$43,664
Net earnings (loss) per common share [note 27]	($1.57)		$1.24		$0.76

Consolidated Statements of Retained Earnings

For the year ended December 31	2000		1999		1998
	(Thousands)
Retained earnings at beginning of year	$552,154		$509,326		$494,608
Net earnings (loss)	(78,337)		80,037		45,644
Dividends on common shares	(27,609)		(28,374)		(28,946)
Preferred securities charges, net of tax [note 10]	(8,880)		(8,835)		(1,980)
Retained earnings at end of year	$437,328		$552,154		$509,326
See accompanying notes to consolidated financial statements.

Consolidated Statements of Cash Flows

For the year ended December 31	2000		1999		1998
	(Thousands)
Operating activities
Net earnings (loss)	($78,337)		$80,037		$45,644
Items not requiring (providing) cash:
Depreciation, depletion, and reclamation	117,005		136,863		126,669
Provision for deferred taxes (recovery) [note 16]	29,961		(12,004)		38,148
Writedown of mineral properties [note 5]	127,738		45,523		15,964
Provision for waste disposal [note 14]	20,218		-		-
Gain on sale of property interests [note 23]	-		(13,129)		-
Deferred revenue recognized	(15,727)		(12,793)		(15,610)
Other non-cash items	-		3,670		11,579
Other operating items [note 17]	23,447		21,245		14,430
Cash provided by operations [note 27]	224,305		249,412		236,824
Investing activities
Additions to property, plant and equipment	(94,977)		(211,551)		(158,623)
Change in long-term receivables, investments and other	9,610		5,058		10,524
Proceeds on sale of property interests [note 23]	-		239,177		-
Acquisition of net business assets [note 24]	-		-		(548,128)
Proceeds on sale of property, plant and equipment	246		3,896		2,427
Cash provided by (used in) investing	(85,121)		36,580		(693,800)
Financing activities
Increase in debt	-		98,289		407,906
Repayment of debt	(61,561)		(323,119)		(154,613)
Restricted cash	79		3,825		(15,769)
Issue of shares, net of issue costs	911		1,479		2,018
Shares repurchased	(46,484)		(12,394)		-
Issue of preferred securities, net of issue costs	-		-		176,736
Preferred securities charges	(16,445)		(16,361)		(3,638)
Dividends	(28,022)		(28,708)		(28,920)
Cash provided by (used in) financing	(151,522)		(276,989)		383,720
Increase (decrease) in cash during the year	(12,338)		9,003		(73,256)
Cash at beginning of year	45,469		36,466		109,722
Cash at end of year	$33,131		$45,469		$36,466
Supplemental cash flow disclosure
Interest paid	$28,601		$32,968		$32,496
Income taxes paid	$4,316		$14,599		$5,148
See accompanying notes to consolidated financial statements.