Jim L. Popowich

The Group's principal activity is that of an open-ended Investment trust. It operates through its wholly-owned subsidiary, Fording Inc, through which it holds 60% interest in the Elk Valley Coal Corporation. It alsoinvests in metallurgical coal and industrial minerals mining and processing operations. The Metallurgical coal provides mining and processing activities, primarily metallurgical coal, from three mines, Fording River, Greenhills and Coal Mountain. The Industrial Minerals Operations provides mining and processing of wollastonite and other industrial minerals from two operations in the United States and one operation in Mexico. The Group operates in Canada, the United States and Mexico and sells it products to customers around the world. During the year the Group sold NYCO.