Balance Sheet

Consolidated Balance Sheets
(Unaudited)
(In Thousands)

		As At

		March 31/01	December 31/00	March 31/00

Assets
Current assets
	Cash	$50,985	$33,131	$57,281
	Accounts receivable	39,698	144,853	95,706
	Inventories	408,160	347,141	374,918
	Supplies and prepaid expenses	46,727	45,992	43,318

		545,570	571,117	571,223


	Property, plant and equipment	2,034,644	2,044,820	2,160,522
	Long-term receivables, investments and other	186,073	168,460	187,497
	Inventories	10,324	17,584	40,121

		2,231,041	2,230,864	2,388,140

Total assets		$2,776,611	$2,801,981	$2,959,363



Liabilities and Shareholders' Equity
Current liabilities
	Accounts payable and accrued liabilities	$65,278	$101,874	$74,458
	Dividends payable	6,941	6,868	7,080
	Current portion of long-term debt	25,939	24,670	30,430
	Current portion of other liabilities	2,630	2,830	4,490
	Deferred income taxes	28,936	22,632	30,597

		129,724	158,874	147,055


	Long-term debt	276,561	269,677	354,877
	Provision for reclamation	135,747	131,966	105,016
	Other liabilities	14,298	15,611	18,818
	Deferred income taxes	433,349	445,324	419,222

		989,679	1,021,452	1,044,988


Shareholders' equity
	Preferred securities	193,210	183,520	177,563
	Share capital	666,454	665,651	676,231
	Contributed surplus	472,488	472,488	485,633
	Retained earnings	431,155	437,328	554,465
	Cumulative translation account	23,625	21,542	20,483

		1,786,932	1,780,529	1,914,375

Total liabilities and shareholders' equity		$2,776,611	$2,801,981	$2,959,363

See accompanying notes to consolidated financial statements