On: Thursday, 11/14/02, at 6:28pm ET · For: 9/30/02 ·Accession #: 950168-2-3443 ·File #:1-31240 ·Correction: This Filing was Corrected by the SEC on 11/18/02. ®
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Quarterly Report — Form 10-Q Filing Table of Contents
Document/ExhibitDescriptionPagesSize
1: 10-Q Quarterly Report HTML 2.67M
2: EX-12.1 Computation of Ratio of Earning to Fixed Charges HTML 18K
3: EX-12.2 Computation of Ratio of Earning to Fixed Charges HTML 14K
4: EX-18.1 Pricewaterhousecoopers LLP Preferability Letter HTML 9K
5: EX-99.1 Chief Executive Officer Certification HTML 8K
6: EX-99.2 Chief Financial Officer Certification HTML 8K
EX-18.1 — Pricewaterhousecoopers LLP Preferability Letter
We are providing this
letter to you for inclusion as an exhibit to your Form 10-Q filing pursuant to Item 601 of Regulation S-K.
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.
