2. Property, Plant and Equipment

1984 1983
Accumulated
depletion and

Cost depreciation Net Net

OPERATING
Asbestos
Oil and gas

Unamortized waste
removal costs (asbestos)

NON-OPERATING
Asbestos
Coal
Gold

(in thousands)

$109,789 $ 68,688 $ 41,101 $ 47,714
67,239 10,476 56,763 59,231
$177,028 $ 79,164 97,864 106,945
39,816 42,327

$ 6,050 =— 6,050 5,960
3,321 _ 3,321 ~ 3,050

_ _ _ 7,829

$ 9,371 _ 9,371 16,839
$147,051 $166,111

MINERAL RESOURCE PROPERTIES
(NON-OPERATING)

Asbestos

Technical and financial reviews are continuing in respect
of a property contiguous to the Cassiar ore body in
British Columbia.

Coal

The Company participates in a joint venture with
Weldwood of Canada Limited investigating the feasibility
of developing a coal property on Vancouver Island in
British Columbia. Engineering and marketing reviews are
continuing.

Non-Operating Properties

N on-operating properties written-off, being San Antonio,
Clinton and Kitts-Michelin, will be maintained in good
standing and maintenance costs will be expensed.

During the year, the Company sold a coal property
previously written-off resulting in an additional charge
against current earnings of $717,000.

3. Long-Term Investments

1984 1983
(in thousands)

Brinco 81 Energy
Program $ 509 $ 568
Other _ 374

$ 509 $ 942
| EER ee bE

4. Long-term Debt

Brinco Mining Limited has a term bank loan in the
amount of $52,200,000 payable to a Canadian chartered
bank. The loan bears interest at various money market
rates quoted from time to time for Bankers Acceptances or
at Canadian bank prime rates. This loan, and current

bank indebtedness up to $10,000,000, is secured by a first
fixed and floating charge on the assets of the Cassiar
asbestos division of Brinco Mining Limited and an
assignment of the accounts receivable of Brinco Mining
Limited which at December 31, 1984 totalled
$12,373,504.

Covenants relating to the loan require, inter alia, that
Working Capital and Net Tangible Worth, as defined by
the loan agreement between Brinco Mining Limited and
the Bank, be maintained at specified minimum levels.
Brinco Mining Limited is not meeting the requirements of
these covenants and had not made in full a principal
payment of approximately $7,000,000 which was due on
September 15, 1984. At December 31, 1984 $3,000,000

of such payment was delinquent, however, subsequent to
the year end the amount in arrears has been repaid. The
Bank has provided Brinco Mining Limited with a waiver of
defaults to June 17, 1985.

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