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Balance Sheet

Consolidated Balance Sheets
(Unaudited)
(In Thousands)

		As At

		Sept 30/02	Dec 31/01	Sept 30/01

Assets
Current assets
	Cash	$160,789	$33,737	$30,355
	Accounts receivable	102,697	255,963	147,739
	Inventories	334,947	354,384	382,440
	Supplies and prepaid expenses	46,185	44,574	47,680
	Current portion of long-term receivables, investments and other	8,131	30,304	14,137

		652,749	718,962	622,351

	Property, plant and equipment	2,026,660	1,994,424	2,006,101
	Long-term receivables, investments and other	260,877	233,961	247,604

		2,287,537	2,228,385	2,253,705

Total assets		$2,940,286	$2,947,347	$2,876,056


Liabilities and Shareholders' Equity
Current liabilities
	Accounts payable and accrued liabilities	$90,467	$108,096	$67,935
	Dividends payable	6,998	6,959	6,957
	Current portion of long-term debt	117,983	26,189	25,966
	Current portion of other liabilities	3,044	4,182	2,338
	Future income taxes	18,937	21,311	30,108

		237,429	166,737	133,304

	Long-term debt	181,262	327,773	354,118
	Provision for reclamation	155,089	139,583	137,628
	Other liabilities	10,280	9,787	11,456
	Future income taxes	496,966	480,520	439,379
	Minority interest	23,087	-	-

		1,104,113	1,124,400	1,075,885

Shareholders' equity
	Preferred securities	194,498	195,229	193,489
	Share capital	681,249	670,031	670,305
	Contributed surplus	472,488	472,488	472,488
	Retained earnings	468,532	465,420	444,571
	Cumulative translation account	19,406	19,779	19,318

		1,836,173	1,822,947	1,800,171

Total liabilities and shareholders' equity		$2,940,286	$2,947,347	$2,876,056

See accompanying notes to consolidated financial statements