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Balance Sheet

Consolidated Balance Sheets
(Unaudited)
(In Thousands)

		As At

		March 31/02	December 31/01	March 31/01

Assets
Current assets
	Cash	$100,994	$33,737	$50,985
	Accounts receivable	105,971	255,963	39,698
	Inventories	360,926	354,384	408,160
	Supplies and prepaid expenses	41,575	44,574	46,727
	Current portion of long-term receivables, investments and other	30,830	30,304	-

		640,296	718,962	545,570


	Property, plant and equipment	2,012,313	1,994,424	2,034,644
	Long-term receivables, investments and other	257,825	233,961	186,073
	Inventories	-	-	10,324

		2,270,138	2,228,385	2,231,041

Total assets		$2,910,434	$2,947,347	$2,776,611



Liabilities and Shareholders' Equity
Current liabilities
	Accounts payable and accrued liabilities	$84,643	$108,096	$65,278
	Dividends payable	6,990	6,959	6,941
	Current portion of long-term debt	125,664	26,189	25,939
	Current portion of other liabilities	4,310	4,182	2,630
	Future income taxes	22,922	21,311	28,936

		244,529	166,737	129,724


	Long-term debt	182,356	327,773	276,561
	Provision for reclamation	140,005	139,583	135,747
	Other liabilities	10,463	9,787	14,298
	Future income taxes	480,089	480,520	433,349
	Minority interest	23,210	-	-

		1,080,652	1,124,400	989,679


Shareholders' equity
	Preferred securities	195,381	195,229	193,210
	Share capital	679,402	670,031	666,454
	Contributed surplus	472,488	472,488	472,488
	Retained earnings	463,470	465,420	431,155
	Cumulative translation account	19,041	19,779	23,625

		1,829,782	1,822,947	1,786,932

Total liabilities and shareholders' equity		$2,910,434	$2,947,347	$2,776,611

See accompanying notes to consolidated financial statements