Earnings Statement

Consolidated Statements of Earnings
(Unaudited)
(In Thousands)

		Three Months Ended
		March 31/99	March 31/98

Revenue
	Products and services	$146,987	$131,876

Expenses
	Products and services sold	80,077	69,255
	Depreciation, depletion and reclamation	29,866	25,684
	Administration	6,907	6,798
	Exploration	5,764	5,994
	Research and development	495	566
	Interest, net	1,380	(2,174)

		124,489	106,123

Earnings from operations		22,498	25,753
	Income tax expense (recovery)
	0000000000- current	80	(79)
	0000000000- deferred	11,296	8,028

Net earnings		11,122	17,804
Preferred securities charges		2,267	-

Net Earnings attributable to common shares		$8,855	$17,804

Earnings per common share		$0.15	$0.31

Consolidated Statements of Retained Earnings
(Unaudited)
(In Thousands)

	Three Months Ended
	March 31/99	March 31/98

Retained earnings at beginning of period	$509,326	$494,608
Net earnings	11,122	17,804
Dividends on common shares	(7,209)	(7,193)
Preferred securities charges	(2,267)	-

Retained earnings at end of period	$510,972	$505,219

Note: See accompanying notes to consolidated financial statements.