1981

Accumulated
2. Property, Plant depletGk and
and Equipment Cost depreciation Net Net
Operating (in thousands)
Asbestos $113,090 $55,701 $ 57,389 $ 59,838
Coal eels 763 6,592 3,293
Oil and gas 71,525 8,845 62,680 62,856
Corporate 1,361 869 492 A66
$193,331 $66,178 127153. 126,453
Unamortized waste
removal costs (asbestos) 37,210 36,156
Non-Operating
Asbestos $ 18,803 $ — 18,803 17,106
Coal 472 — A472 _
Gold 8,366 — 8,366 1,232
Uranium 9,413 _ 9,413 9,385
Other 271 _ 271 270
SBR325 $ — 37,325 27,993
$201,688 $190,602

Mineral Resource Properties

Development of non-operating mineral
resource properties and recovery of related
costs are dependent upon capital financing
arrangements, mineral market conditions,
environmental considerations and general
economic conditions.

Asbestos

In view of the existing asbestos market
conditions detailed technical and financial
reviews have been deferred.

Coal

In 1981, the Company entered into a
joint venture agreement with Weldwood of
Canada Limited to investigate the feasibility
of developing a coal property on Vancouver
Island in British Columbia.

Gold

In 1980 the Company entered into a joint
venture agreement with New Forty-Four
Mines Limited to develop a gold property at
Bissett, Manitoba. It is anticipated that the
property will reach full production in the
first quarter of 1982.

Uranium

The Company has entered into a joint
venture agreement with Edison
Development Canada Inc. to develop the

Aa

Kitts and Michelin uranium deposits in
Labrador. In view of the existing uranium
market conditions, the parties have delayed
a production decision; however, an
exploration program is continuing on the

property.

3. Advances to Joint Venture
Partner

The Company provided New Forty-Four
Mines Limited with a loan facility to fund
its share of the capital expenditures
required to bring the gold property at
Bissett, Manitoba into production.

The maximum amount which will be
advanced under this facility is $7,500,000.
The indebtedness is secured by a first fixed
and floating charge on the assets of the
joint venture and bears interest at '/2%
over the Canadian prime interest rate.
Minimum semi-annual principal payments
of $500,000 will begin in January 1983.
The proceeds from New Forty-Four Mines
Limited's share of concentrates sales after
deducting operating expenses will be used
to repay the loan.