Balance Sheet

Statements of Consolidated Financial Position
(Unaudited)
(In Thousands)

		As At
		Sept. 30/97	Dec. 31/96	Sept. 30/96

Current assets
	Cash and securities	$39,523	$14,603	$ -
	Accounts receivable	139,467	88,380	111,167
	Current portion of investments and other assets	744	-	-
	Inventories	297,330	227,598	230,938
	Supplies and prepaid expenses	37,463	24,553	23,458

		514,527	355,134	365,563
Current liabilities
	Bank loans and short-term debt	138,200	-	2,194
	Accounts payable and accrued liabilities	57,451	62,695	45,530
	Dividends payable	7,175	6,647	6,640
	Current portion of other liabilities	17,114	14,680	18,156

		219,940	84,022	72,520

Working capital		294,587	271,112	293,043
Non-current assets
	Property, plant and equipment	1,307,523	1,202,557	1,166,110
	Investments and other assets	176,600	106,741	86,295
	Inventories	162,606	114,150	117,691

		1,646,729	1,423,448	1,370,096

Capital employed		$1,941,316	$1,694,560	$1,663,139

Represented by: Non-current liabilities
	Long-term debt	$139,175	$200,018	$198,578
	Deferred taxes	49,398	-	-
	Provision for reclamation	83,583	64,171	61,332
	Other liabilities	8,441	10,699	9,491

		280,597	274,888	269,401
Shareholders' equity
	Share capital	680,837	482,721	481,973
	Contributed surplus	496,745	496,745	496,745
	Retained earnings	483,137	440,206	415,020

		1,660,719	1,419,672	1,393,738

Total financing of capital		$1,941,316	$1,694,560	$1,663,139


Note: See notes accompanying the consolidated financial statements.