Balance Sheet

Consolidated Balance Sheets
(Unaudited)
(In Thousands)

		As At

		Dec 31/02	Dec 31/01

Assets
Current assets
	Cash	$58,096	$33,737
	Accounts receivable	186,369	255,963
	Inventories	339,684	354,384
	Supplies and prepaid expenses	45,731	44,574
	Current portion of long-term receivables, investments and other	20,163	30,304

		650,043	718,962

	Property, plant and equipment	2,037,613	1,994,424
	Long-term receivables, investments and other	257,523	233,961

		2,295,136	2,228,385

Total assets		$2,945,179	$2,947,347


Liabilities and Shareholders' Equity
Current liabilities
	Accounts payable and accrued liabilities	$131,932	$108,096
	Dividends payable	6,998	6,959
	Current portion of long-term debt	6,318	26,189
	Current portion of other liabilities	16,931	4,182
	Future income taxes	9,198	21,311

		171,377	166,737

	Long-term debt	218,290	327,773
	Provision for reclamation	155,036	139,583
	Other liabilities	9,523	9,787
	Future income taxes	522,979	480,520

		1,077,205	1,124,400

	Minority interest	18,078	-

Shareholders' equity
	Preferred securities	193,763	195,229
	Share capital	680,934	670,031
	Contributed surplus	472,488	472,488
	Retained earnings	483,658	465,420
	Cumulative translation account	19,053	19,779

		1,849,896	1,822,947

Total liabilities and shareholders' equity		$2,945,179	$2,947,347

See accompanying notes to consolidated financial statements