Cash Statement

Consolidated Statements of Cash Flow
(Unaudited)
(In Thousands)

		Three Months Ended
		March 31/99	March 31/98

Operating activities
	Net earnings	$11,122	$17,804
	Items not requiring (providing) cash:
	Depreciation, depletion and reclamation	29,866	25,684
	Provision for deferred tax	11,296	8,028
	Deferred revenue recognized	(4,572)	(3,332)
	Other operating items	(13,965)	(26,462)

Cash provided by operations		33,747	21,722

Investing activities
	Additions to property, plant and equipment	(51,148)	(29,092)
	Changes in long-term receivables, investments and other	-	8,382

Cash used in investing		(51,148)	(20,710)

Financing activities
	Increase in debt	38,423	140,940
	Repayment of debt	-	(143,650)
	Issue of shares	876	1,111
	Preferred securities charges	(2,267)	-
	Dividends	(7,207)	(7,182)

Cash provided by (used in) financing		29,825	(8,781)

	Increase (decrease) in cash during the period	12,424	(7,769)
	Cash at beginning of period	36,466	109,722

Cash at end of period		$48,890	$101,953

Note: See accompanying notes to consolidated financial statements.