PricewaterhouseCoopers LLP preferability letter

We have been provided a copy of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2002. Note 1 therein describes a change in accounting policy relating to the method of depreciation of capitalized underground mine development costs from a units-of-production method based on incurred and future estimated development costs as a function of total developed and undeveloped reserves to a units-of-production method that excludes certain undeveloped reserves and estimated future development costs. It should be understood that the preferability of one acceptable method of accounting over another for the depreciation of capitalized underground mine development costs has not been addressed in any authoritative accounting literature, and in expressing our concurrence below we have relied on management's determination that this change in accounting principle is preferable. Based on our reading of management's stated reasons and justification for this change in accounting principle in the Form 10-Q, and our discussions with management as to their judgment about the relevant business planning factors relating to the change, we concur with management that such change represents, in the Company’s circumstances, the adoption of a preferable accounting principle in conformity with Accounting Principles Board Opinion No. 20.

We have not audited any financial statements of the Company as of any date or for any period subsequent to December 31, 2001. Accordingly, our comments are subject to change upon completion of an audit of the financial statements covering the period of the accounting change.