Cash Statement

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

		Three Months Ended
		March 31/01	March 31/00

Operating activities
	Net earnings	$3,125	$11,564
	Items not requiring (providing) cash:
	Depreciation, depletion and reclamation	16,989	24,550
	Provision for deferred taxes	(856)	9,218
	Deferred revenue recognized	(2,060)	(1,628)
	Other operating items	10,418	8,449

Cash provided by operations		27,616	52,153


Investing activities
	Additions to property, plant and equipment	(11,788)	(41,388)

Cash used in investing		(11,788)	(41,388)


Financing activities
	Increase in debt	12,445	25,095
	Shares repurchased	-	(13,393)
	Issue of shares	802	519
	Preferred securities charges	(4,353)	(4,013)
	Dividends	(6,868)	(7,161)

Cash provided by financing		2,026	1,047


	Increase in cash during the period	17,854	11,812
	Cash at beginning of period	33,131	45,469

Cash at end of period		$50,985	$57,281


Supplemental cash flow disclosure
	Interest paid	$5,133	$6,990
	Income taxes paid	$1,334	$1,798


See accompanying notes to consolidated financial statements