Earnings Statement

Consolidated Statements of Earnings
(Unaudited)
(In Thousands)

				Three Months Ended				Nine Months Ended
				Sept 30/00		Sept 30/99		Sept 30/00		Sept 30/99
Revenue from
	Products and services			$138,081		$169,175		$444,003		$497,590
Expenses
	Products and services sold			79,743		106,702		263,562		284,114
	Depreciation, depletion and reclamation			24,673		31,148		76,800		91,457
	Administration			8,508		6,151		24,176		23,990
	Exploration			5,621		6,984		15,269		17,211
	Research and development			506		591		1,873		1,724
	Interest and other			(835)		960		(3,169)		5,423
	Writedown of mineral properties			127,738		45,523		127,738		45,523
	Gain on sale of assets			-		(11,606)		-		(11,606)
				245,954		186,453		506,249		457,836
Earnings (loss) from operations				(107,873)		(17,278)		(62,246)		39,754
	Other expense (income)			(803)		3,545		(1,896)		3,545
	Earnings (loss) before income taxes			(107,070)		(20,823)		(60,350)		36,209
	Income tax expense (recovery)
		- current		899		4,778		3,423		8,581
		- deferred		382		(57,578)		20,144		(32,588)
Net earnings (loss)				(108,351)		31,977		(83,917)		60,216
Preferred securities charges, net of tax				2,246		2,235		6,610		6,717
Net earnings (loss) attributable to common shares				($110,597)		$29,742		($90,527)		$53,499
Earnings (loss) per common share				($2.01)		$0.52		($1.62)		$0.93

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

			Three Months Ended				Nine Months Ended
			Sept 30/00		Sept 30/99		Sept 30/00		Sept 30/99
Retained earnings at beginning of period			$558,227		$518,661		$552,154		$509,326
Net earnings (loss)			(108,351)		31,977		(83,917)		60,216
Dividends on common shares			(6,866)		(7,215)		(20,863)		(21,637)
Preferred securities charges, net of tax			(2,246)		(2,235)		(6,610)		(6,717)
Retained earnings at end of period			$440,764		$541,188		$440,764		$541,188

Note: See accompanying notes to consolidated financial statements.