Interim Report, January - September 2001

(All dollar amounts are in United States dollars)

•Continued lower metal prices and TCs/RCs combined with the negative effects of foreign currency hedging result in operating loss of $40.5 million for the quarter.

•Myra Falls partnership process reactivated and expanded to include possible sale. Carrying value of capital assets reduced by $110 million as a result.

•$243 million of equity offerings completed.

•Refinancing and restructuring of credit facilities and foreign currency hedge program completed.

•Special meeting of shareholders to be held on November 29, 2001 to approve redomiciliation to Sweden.

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