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The Company has a formal code of environmental
conduct which promotes environmental protection
and restoration. The Company’s obligations
for known environmental conditions at
active and closed mining operations, and
other sites have been recognized based
on estimates of the cost of investigation
and remediation at each site. If the cost
can only be estimated as a range of possible
amounts with no specific amount being
most likely, the minimum of the range
is accrued in accordance with generally
accepted accounting principles. Estimates
may change as additional information becomes
available. Actual costs incurred may vary
from the estimates due to the inherent
uncertainties involved. Potential insurance
recoveries have not been reflected in
the determination of the financial reserves.
At December 31, 2000, the Company had a
reserve for environmental obligations,
including its share of the environmental
obligations of ventures, of $20.0 million
($20.6 million at December 31, 1999),
of which $4.5 million is current. Payments
in 2000 were $1.9 million (1999 –
$1.0 million).
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