UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


(Mark One)


  x    Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934

                    For the quarterly period ended September 30, 2002.


       Transition report under Section 13 or 15(d) of the Exchange Act
                         For the transition period from__________to_________

                          Commission File Number 1-1761


                        CHIEF CONSOLIDATED MINING COMPANY
        (Exact name of Small Business Issuer as Specified in Its Charter)

                  Arizona                                87-0122295
---------------------------------------------     -----------------------
(State or other jurisdiction of incorporation    (I.R.S. Employer ID. No.)
or organization)



             15988 Silver Pass Road, P.O. Box 51, Eureka, Utah 84628
             -------------------------------------------------------
                    (Address of Principal Executive Offices)


                                  435-433-6606
                                  ------------
                (Issuer's Telephone Number, Including Area Code)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

Class                                   Outstanding at December 18, 2002

Common Stock $0.50 par value                      10,635,507

Convertible Common Stock $0.50 par value           4,270,000


                                        1



PART 1.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

               CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES
                      Condensed Consolidated Balance Sheets
                                   (Unaudited)

                                                  September 30,  December 31,
                                                      2002           2001
                                                   ------------  ------------
                            Assets

Current assets:
  Cash and cash equivalents                        $      5,077  $    221,267
  Other current assets                                   20,982       160,459
                                                   ------------  ------------
 Total current assets                                    26,059       381,726

Investment in Central Standard Consolidated Mines        68,496        73,438
Advances to Central Standard Consolidated Mines          60,798        57,090
Property and Equipment:
 Land and mining claims, less accumulated
  depreciation of $0 and $819,444, respectively         950,000     2,654,682
 Buildings, machinery and equipment, less
  accumulated depreciation of $0 and $283,530,
  respectively                                          756,363     3,176,524
Other assets                                            447,986       447,526
                                                   ------------  ------------
Total assets                                       $  2,309,702  $  6,790,986
                                                   ============  ============

             Liabilities and Shareholders' Equity

Current liabilities:
 Accounts payable                                  $  1,015,667  $  1,030,009
 Accrued liabilities                                    272,017       120,678
 Notes payable, net of unamortized
  discount of $11,213 and $0, respectively              440,113             -
                                                   ------------  ------------
Total current liabilities                             1,727,797     1,150,687
Accrued reclamation costs                               468,300       389,800
Minority interest                                        24,727        24,727
Redeemable convertible common stock, zero
 and 3,500,000 shares issued and outstanding,
 respectively                                                 -     5,051,804
Commitments and contingencies (Note 5)

Shareholders' equity:
 Preferred stock, $0.50 par value; 1,500,000
  shares authorized; 10,899 shares outstanding
  with a liquidation value of $5,450                      5,450         5,450
 Convertible common stock, $0.50 par value;
  30,000,000 shares authorized; 4,270,000 shares
  and 560,000 shares, outstanding                     2,135,000       280,000
 Common stock, $0.50 par value; 50,000,000
  shares authorized; 10,635,507 shares and
  10,560,507 shares issued, before 16,441
  shares held in treasury at no cost                  5,314,209     5,276,709
 Additional paid-in capital                          23,881,567    20,015,289
 Stock purchase rights                                3,321,747     3,321,747
 Deferred compensation                                  (11,220)      (11,220)
 Notes receivable from shareholders                     (21,770)      (25,370)
 Accumulated deficit                                (34,536,105)  (28,688,637)
                                                   ------------  ------------
Total shareholders' equity                               88,878       173,968
                                                   ------------  ------------

Total liabilities and shareholders' equity         $  2,309,702  $  6,790,986
                                                   ============  ============

The accompanying notes to condensed consolidated financial statements are an
integral part of these condensed consolidated financial statements.

                                        2


               CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                    (UNAUDITED)
<TABLE>
<CAPTION>
                                     For the Three                 For the Nine
                                      Months Ended                 Months Ended
                                      September 30,                September 30,
                                --------------------------  --------------------------
                                    2002          2001          2002          2001
                                ------------  ------------  ------------  ------------
<S>                            <C>           <C>           <C>           <C>
Mining revenue                  $          -  $          -  $  1,237,060  $          -
Land sales and other                  93,011         6,298       134,511        38,778
                                ------------  ------------  ------------  ------------
     Total revenues                   93,011         6,298     1,371,571        38,778
                                ------------  ------------  ------------  ------------

Expenses:
 General and administrative          157,735       431,975     1,178,145     1,737,086
 Mining properties operating          91,982       895,047     1,763,869     2,231,969
  and exploration costs
 Impairment loss on land and       1,635,587             -     1,635,587             -
  mining claims
 Impairment loss on buildings,
  machinery and equipment          2,115,214             -     2,115,214             -
                                ------------  ------------  ------------  ------------

Net loss                        $ (3,907,507) $ (1,320,724) $ (5,321,244) $ (3,930,277)
                                ============  ============  ============  ============

Redeemable convertible common
 stock dividends:
  Eight percent stock dividend       (21,000)     (167,300)     (201,600)     (553,700)
  Accretion to redemption value            -      (243,468)     (324,624)     (730,404)
                                ------------  ------------  ------------  ------------

Net loss applicable to
 common shareholders            $ (3,928,507) $ (1,731,492) $ (5,847,468) $ (5,214,381)
                                ============  ============  ============  ============
Net loss per common share
 (basic and diluted)            $      (0.37) $      (0.17) $      (0.55) $      (0.57)
                                ============  ============  ============  ============
Weighted average number of
 common shares outstanding
 (basic and diluted)              10,635,507    10,001,125    10,628,639     9,157,917
                                ============  ============  ============  ============
</TABLE>
The accompanying notes to condensed consolidated financial statements are an
integral part of these condensed consolidated financial statements.

                                        3


               CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)


                                                   For the Nine Months Ended
                                                          September 30,
                                                   --------------------------
                                                       2002          2001
                                                   ------------  ------------

Cash flows from operating activities:
 Net loss                                          $ (5,321,244) $ (3,930,277)
 Adjustments to reconcile net loss to net cash
  used in operating activities:
 Depreciation and depletion                             253,039        45,090
 Amortization of deferred compensation                        -         5,310
 Non-cash compensation expense                           50,000           500
 Impairment loss on land and mining claims            1,635,587             -
 Impairment loss on buildings, machinery
  and equipment                                       2,115,214             -
 Amortization of discount on notes payable               19,537             -
 Exchange of supplies for settlement of
  accounts payable                                      (39,452)            -
 Gain on sale of land                                   (29,427)            -
 Undistributed equity in loss of unconsolidated
  subsidiary                                              4,942             -
 Changes in operating assets and liabilities:
 Increase (decrease) in other current assets            139,017        (8,438)
 Increase in accounts payable and accrued
  liabilities                                           422,576       275,523
                                                   ------------  ------------
   Net cash used in operating activities               (750,211)   (3,612,292)
                                                   ------------  ------------

Cash flows from investing activities:
 Mining property development costs and purchase
  of machinery and equipment                            (17,423)     (134,700)
 Proceeds from sale of land                             167,853             -
 Advances to affiliates                                  (3,708)       (6,850)
 Proceeds from note receivable to stockholder             3,600             -
 Payment received from stockholder                            -         2,600
                                                   ------------  ------------
   Net cash provided by (used in) investing
    activities                                          150,322      (138,950)
                                                   ------------  ------------
Cash flows from financing activities:
 Net proceeds from sale of common stock                 100,000     4,189,972
 Net proceeds from issuance of notes payable            281,750             -
 Principal payment on notes payable                     (28,801)            -
 Net proceeds from issuance of option                    30,750             -
                                                   ------------  ------------
  Net cash provided by financing activities             383,699     4,189,972
                                                   ------------  ------------

Net increase (decrease) in cash and
 cash equivalents                                      (216,190)      438,730
Cash and cash equivalents at beginning of period        221,267       890,859
                                                   ------------  ------------
Cash and cash equivalents at end of period         $      5,077  $  1,329,589
                                                   ============  ============

Non Cash Investing and Financing Activities for the nine months ended September
30, 2002 included conversion of $167,627 of accounts payable and accrued
liabilities into notes payable and conversion of redeemable convertible common
stock valued at $5,376,428 into convertible common stock.


The accompanying notes to condensed consolidated financial statements are an
integral part of these condensed consolidated financial statements.

                                        4


              CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIAIES

      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


Note 1.  Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared
by the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission.  Certain information and disclosures
normally included in financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes the following disclosures are adequate to make the information
presented not misleading.  These condensed consolidated financial statements and
notes thereto should be read in conjunction with the Company's consolidated
financial statements and notes thereto, included in the Company's Form 10-KSB
for the year ended December 31, 2001. In the opinion of management, all
adjustments (consisting only of normal recurring adjustments) considered
necessary for a fair presentation have been included.  Results of operations for
interim periods are not necessarily indicative of the results to be expected for
the year ending December 31, 2002.

Business Condition

During the year ended December 31, 2001, the Company began mining ore from the
Trixie Mine and began processing ore in the Company's Tintic Mill in January
2002. On March 28, 2002, the Company encountered unstable mining conditions and
suspended mining and processing operations. As a result of the suspended mining
and processing operations, the Company is not generating ongoing revenues and
does not have sufficient funding to make the significant safety improvements
required in the Trixie Mine or to continue exploration efforts related to the
Burgin Mine. Management and the Board of Directors are currently pursuing
efforts to obtain additional sources of financing to allow the Company to
proceed with its operations. The Company is also studying and investigating
selling or developing portions of its land surface rights in order to generate
additional operating capital.

As of September 30, 2002, the Company had $950,000 of land and mining claims and
$756,363 of mining related buildings, machinery and equipment, which in
aggregate, represent approximately 74 percent of total assets. The Company's
buildings, machinery and equipment consist principally of the Tintic Mill
located at the Trixie mine.  The realization of the Company's investment in land
and mining claims and mining related buildings, machinery and equipment is
dependent upon various factors, including the outcome of:  (i) the Company's
success in exploration efforts to discover additional mineral resources and in
proving the technical feasibility and commercial viability of the identified
mineral resources, (ii) the Company's ability to obtain necessary funding to
continue exploration of the mining properties and to finance operations while
the Company pursues real estate development alternatives for portions of the
Company's land, (iii) the Company's success in finding a joint venture partner
to provide capital funding for the Company's continued exploration of its mining
properties, (iv) the Company's ability to profitably lease the Tintic Mill or
its mining claims to outside entities, and (v) the Company's success in selling
or developing certain of its land surface rights to fund its continued mining
and exploration activities.

During the last several months, the Company has been in discussions with a group
of Chief's significant stockholders in connection with a plan to recapitalize
the Company.  To the extent such plan is completed, funds would be available for
(i) future exploration and development of the Company's mining and/or real
estate assets, (ii) the reduction of outstanding indebtedness (including
accounts payable), and (iii) other general corporate purposes.  The development
of the Company's mining and real estate assets may be performed in conjunction
with joint venture or strategic partners if appropriate.  Should these efforts
to recapitalize the Company not be successful, it may be required to seek
protection under the United States Bankruptcy Code.

Reclassifications

Certain reclassifications have been made in the prior period condensed
consolidated financial statements to conform with the current period
presentation.

Note 2.  Tintic Joint Venture

The Company holds a 75 percent interest in Tintic Utah Metals LLC ("Tintic").
KOREA Zinc Co., Ltd. ("Korea Zinc") holds the remaining 25 percent interest.
The Company has an option to purchase Korea Zinc's 25 percent ownership for
$3,000,000 that expires on December 31, 2002.  During the option period, Korea
Zinc is not required to make any advances to Tintic or to repay to the Company
25 percent of the advances made by the Company, nor can Korea Zinc vote upon
operational decisions of Tintic.  During the portion of the option period from
October 1, 1998 to September 30, 2002, the Company advanced a net amount of
approximately $7,544,776 to Tintic.


                                        5

Note 3.  Impairment of Long-lived Assets

The Company accounts for long-lived assets pursuant to SFAS No. 144, "Accounting
for the Impairment or Disposal of Long-Lived Assets."  The Company evaluates its
land and mineral properties, buildings, machinery and equipment and other long-
lived assets for impairment and assesses their recoverability based upon
anticipated future cash flows.  If changes in circumstances lead management to
believe that any of its long-lived assets may be impaired, the carrying value of
long-lived assets are reduced by the estimated excess of the carrying value over
the fair value of the assets.

As of September 30, 2002, management determined that buildings, machinery and
equipment, and land and mineral properties were impaired due to sustained
operating losses, the Company's inability to continue mining operations and a
down-turn in the economy.  Management determined the fair value of land and
mineral properties based on market values of comparable real estate.  The fair
value of buildings, machinery and equipment were determined based on prices of
similar assets.  A loss of $2,115,214 was recorded for impairment of buildings,
machinery and equipment, including the mill, mill-related assets and costs
related to the dewatering of the Burgin mine.  A loss of $1,635,587 was recorded
for impairment of land and mineral properties.

Note 4.  Notes Payable and Options

On February 9, 2002, Chief Consolidated Mining Company issued a $300,000
promissory note, bearing interest at 8% per annum payable quarterly, due one
year from the date of the note. In addition, the Company issued an option to
purchase 15,000 shares of common stock at $2.75 per share to the Optionee for a
period of five years.  As of September 30, 2002, the Company has not made the
required interest payments and is in default on the terms of the note, resulting
in the entire sum of principal and interest being due at September 30, 2002.

In accordance with the Emerging Issues Task Force ("EITF") Issue No. 98-5,
"Accounting for Convertible Securities with Beneficial Conversion Features or
Contingently Adjustable Conversion Ratios," and EITF Issue No. 00-27,
"Application of Issue No. 98-5 to Certain Convertible Instruments," the $300,000
of proceeds were allocated $269,250 to the note payable and $30,750 to the
options based on their relative fair values and the resulting discount on the
note is being amortized over the one year term of the note.  The effective
interest rate is 19.5%.

On April 15, 2002, the Company converted an account payable of $63,000 into a
note payable at 12% interest rate that compounds monthly, requiring monthly
payments of $10,000 beginning on May 15, 2002 until October 15, 2002, when the
entire unpaid balance of principal and accrued interest became due and payable.
As of September 30, 2002, the Company has made none of the required payments and
is in default on the terms of the note, resulting in the entire sum of principal
and interest being due at September 30, 2002.

On June 30, 2002, the Company converted an account payable of $104,627 into a
note payable at an interest rate of 8% per annum, with payments of principal and
interest required the first day of each month beginning July 1, 2002 until
December 1, 2002 when the entire balance of principal and interest becomes due.
The note is secured by various equipment of the Company.  As of September 30,
2002, the Company was not current on the required interest and principal
payments and was therefore in default on the terms of the note, resulting in the
entire sum of principal and interest being due at September 30, 2002.  In
addition, one piece of equipment securing the indebtedness was sold during the
month of November 2002 with net proceeds of $9,500 applied to the balance of the
note.

During the third quarter of 2002, Dimeling, Schreiber & Park Reorganization Fund
II, L.P. advanced a total of $12,500 to the Company for critical and emergency
items in order to preserve the assets of the Company.  Such amount is payable
upon a successful recapitalization of the Company or upon other liquidity events
occurring.


                                        6


Note 5.  Commitments and Contingencies

APPLICATION FOR APPROPRIATION OF BURGIN MINE WATER

On September 14, 2000, a public hearing was held before the Utah State Engineer
on the Company's application for the appropriation of the saline waters located
below the 1,050 foot level of the Burgin Mine where the Burgin ore body is
located. At the hearing, several protestors to the application argued that the
application should be denied on the grounds that the removal of the water from
the Burgin Mine would interfere with their previously granted water rights in
Utah Lake. Management presented expert testimony at the hearing to prove that
the Burgin geothermal system and the Utah Lake geothermal system are not
connected and that removal of water from the Burgin Mine would have no effect
upon Utah Lake and the protestors' water rights in the Lake.  Nevertheless, in
order to address the concerns of the protestors, the Company's application
established certain mitigation procedures that would be in place if the
application is approved, whereby the Company would monitor geothermal springs in
and around Utah Lake and replace water that may diminish spring flows when
pumping started at the Burgin Mine.  The Company also agreed as part of its
application that it would purchase water rights to a specified quantity of water
and agree not to remove the water from Utah Lake. Management is currently
negotiating with the objectors and cannot predict when and how the Utah State
Engineer will decide the application or whether the Company will reach an
agreement with the objectors.  As of September 30, 2002, the Company has
impaired its land and mining claims in response to uncertainty in realizing the
Company's investment in assets related to the Burgin Mine as well as other land
and mining claims (see Note 3).

OTHER COMMITMENTS AND CONTINGENCIES

On June 25, 1998, the Company entered a letter of intent for an outside
contractor to design, build, own and operate water treatment facilities in order
to dewater the Burgin mine in order to pursue further exploration of that mine.
If the letter of intent is terminated the Company may be required to reimburse
the outside contractor for a feasibility study that was conducted in the
planning stage of the water treatment facility project, with costs not to exceed
$75,000.  The Company has recorded a liability for $75,000 as of September 30,
2002.

On May 24, 2002, a suit was filed against the Company by a limited liability
company ("the LLC") for $1,787,400 in damages, as well as punitive damages, that
derive from claims by the LLC that the Company had committed to purchase certain
water rights that the LLC owned or was in process of obtaining with the intent
to sell to the Company.  The Company believes the suit has no merit because the
Company had only engaged in discussions to purchase such water rights and did
not enter into an agreement with the LLC to purchase the water rights.

The Company has other matters of litigation related to undisputed accounts
payable.  Judgments have been reached for $9,774 and suits have been filed for
an additional $106,488.  The Company has accrued these amounts in full as of
September 30, 2002.

ENVIRONMENTAL MATTERS

Prior to 1993, the Company leased certain of its mining properties to other
companies for operation, exploration and development. Under the terms of the
leases, these other companies were obligated to comply with all federal, state
and local environmental laws and regulations affecting the mining industry.
Management is not aware of any current environmental contamination and clean-up
costs related to its mining properties for which the Company may be considered
liable, except as discussed below.

Tintic has assumed a reclamation obligation from the previous operator of the
Burgin Mine. In accordance with SFAS No. 143, "Accounting for Asset Retirement
Obligations," management has recorded an estimated liability of $410,400 for the
existing liability on the Burgin property. Management believes that this
liability will only become due when all mining efforts have been abandoned on
the Burgin property.

The Company also holds a small mining permit and reclamation obligation in
connection with its Chief Gold properties. The Company has recorded an estimated
liability of $57,900 in connection with this obligation. Management believes
that this liability will only become due when all mining efforts have been
abandoned on the Chief Gold properties.


                                        7

During 2001, the U.S. Environmental Protection Agency ("EPA") proposed to place
what the agency has titled the "Eureka Mills Site" (the "Site") on the National
Priorities List, as authorized under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended ("CERCLA").  The Company has
been cooperating in the EPA's investigation and cleanup of the Site. According
to the EPA, samples indicate that the soil in the Town of Eureka, Utah is
contaminated with lead and, to a lesser extent, arsenic. The Site consists of
approximately 150 acres in the town of Eureka, Utah.  In addition to the
emergency removal work, the EPA is in the process of considering what response
action, if any, will need to be taken with respect to other properties in and
around Eureka through the remedial action program authorized under CERCLA.
While no final decisions have been made with respect to properties falling
outside of the scope of the emergency removal program, it is possible that the
EPA will determine that remedial action will be necessary with respect to other
properties owned by the Company in and around Eureka.  Such properties include a
number of former mining areas that contain mine wastes which, according to
available data, indicate relatively high levels of metals, including lead and
arsenic. Moreover, the nature, scope and amount of the Company's potential
liability, if any, relating to non Chief-owned properties in and around Eureka,
cannot be quantified at this time.

The Company is presently in the process of negotiating with the EPA an
arrangement whereby the Company would permit the EPA to use the Company's
property to acquire clean fill material, to provide a permanent repository for
contaminated soils excavated during the EPA's activities, as well as provide
fresh water to the EPA, all as consideration for settling the Company's
potential liability to the EPA. An interim arrangement has been reached whereby
the EPA has begun to use the Company's backfill soils, water, and repository in
connection with its current emergency removal work.  No final agreement has been
reached and, based on currently available information, management anticipates
that settlement negotiations have little chance of being completed, at the
earliest, until mid-2002. Management does not know whether permitting the EPA
the use of the repository, soil, and water will be recognized as sufficient
consideration to settle all of the Company's liability, or whether additional
consideration will be required.

Based on the foregoing, the nature, scope, and amount of the Company's potential
liability to the EPA relating to the Site cannot be determined at this time.
However, as part of the interim arrangement, the Company has agreed to perform
certain work on the Site.  The Company estimates that this work will cost
approximately $156,000, of which approximately $81,000 had been incurred prior
to March 31, 2002. The remaining $75,000, which is expected to be incurred
during 2002 and 2003, has been recorded in accrued liabilities in the
accompanying condensed consolidated balance sheet.

Note 6.  Redeemable and Convertible Common Stock

The 3,500,000 shares of redeemable convertible common stock carried a dividend
rate of 8 percent, which dividends were payable in non-redeemable convertible
common stock of the Company (based on the number of issued redeemable
convertible common shares).  The dividend shares were issued on an annual basis.
The Company accrued an 8 percent in-kind, convertible common stock dividend, or
210,000 shares of convertible common stock for the nine months ended September
30, 2002.

The discount on the 3,500,000 redeemable convertible common shares was being
amortized on a straight-line basis utilizing the difference between the carrying
value at the date of issuance and the redemption price of $7,000,000 that was
due December 1, 2003. The straight-line basis was assumed to reasonably
approximate the effective interest method.  The Company amortized $324,624 of
the discount for the nine months ended September 30, 2002.

Dimeling, Schreiber & Park ("DS&P"), acting as the general partner of Dimeling,
Schreiber & Park Reorganization Fund II, LP, was the sole stockholder of the
Company's redeemable convertible common stock.  On May 1, 2002, DS&P
relinquished its right to require the Company to redeem all or part of its
redeemable convertible common stock .  After the redemption requirement was
relinquished, the shares were reclassified into stockholders' equity as
convertible common stock, convertible into common stock on a 1-for-1 basis;
however, they continue to accumulate dividends of 8 percent per annum as
discussed above.

The additional 770,000 shares of convertible common stock issued as dividends
will begin to accrue an 8 percent stock dividend after December 31, 2002, or the
closing of a second tranche of 5,000,000 convertible common shares to be issued
for $10,000,000, if such should occur earlier than December 31, 2002.  The terms
of the convertible common stock require that the Company shall not declare
dividends on the common stock as long as the convertible common stock is


                                        8


outstanding.  DS&P shall have a preemptive right to purchase new issuances of
securities of the Company before any other investors, not to include certain
issuances including securities issued in any public offering or a merger.

Note 7.  Equity Transactions

In January of 2002, the Company issued 50,000 shares of common stock for cash
proceeds of $100,000, or $2.00 per share.  In February 2002, the Company issued
25,000 shares of common stock valued at $50,000, or $2.00 per share, in return
for a valuation study performed by an outside consulting group for the potential
development of the Company's real estate for residential and commercial use.

Note 8.  Subsequent Events

On December 10, 2002, the board approved a subscription agreement to raise up to
$3 million from the issuance of convertible secured debentures (the
"Debentures") to accredited investors.  The Debentures, if issued, will have a
maturity date one year from the date of issuance, unless earlier converted or
extended by agreement.  The Debentures may be converted into a new series of
convertible common stock at the rate of 5,000 shares for each $1,000 principal
amount of Debentures at each subscribers option at any time after the Company's
stockholders have approved certain changes to the Company's articles of
incorporation.  The Debentures will earn interest at a rate of 6% per annum,
payable in lump sum at the time of repayment of the Debentures.  The Debentures
will be secured by a first mortgage security interest on equipment and real
estate assets of the Company with a forced sale value (as determined by each
subscriber) equal to at least 150% of the principal amount of the Debentures.
If approved, the new series of convertible common stock will have a liquidation
preference of $0.20 per share, subordinate to holders of preferred stock with a
liquidation preference of $0.50 per share.  For liquidation purposes, the new
series of convertible common stock will share equally with the current
outstanding series of convertible common stock.  The new series of convertible
common stock will have voting rights of one vote per share, whether or not
converted, and will vote as a class with the existing series of convertible
common stock.  Warrants will be issued in conjunction with the convertible
debentures to purchase an additional 10% of the new series of convertible common
stock.

Purchasers of the first $2 million in Debentures will have the right to elect
four directors to the board of the Company.  DS&P shall reduce its right to
representation on the board to one director.  As of December 11, 2002, the
Company has received approximately $1.3 million under the Debenture offering
which remains in escrow pending resolution of certain closing conditions.  These
conditions include (a) satisfactory resolution of the Company's accounts payable
presently outstanding, (b) the grant of the security interest in form
satisfactory to each subscriber, (c) agreement by Dimeling, Schreiber & Park
Reorganization Fund II, L.P. to eliminate the 8% dividend on its Convertible
Common Stock; and (d) agreement by Dimeling, Schreiber & Park Reorganization
Fund II, L.P. to vote its shares in favor of the changes to the articles of
incorporation contemplated by this agreement.


                                        9


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

 PLAN OF OPERATION.

The following discussion is intended to assist in understanding the financial
condition and results of operations of Chief. You should read the following
discussion along with our financial statements and related notes included in
this Form 10-QSB. The following discussion contains forward-looking statements
that are subject to risks, uncertainties and assumptions. Our actual results,
performance and achievements may differ materially from those expressed in, or
implied by, these forward-looking statements.

 FORWARD-LOOKING STATEMENTS.

When used in this Form 10-QSB and in future filings by us with the Securities
and Exchange Commission, in our press releases or other public or shareholder
communications, and in oral statements made with the approval of an authorized
executive officer, the words "believes," "intends," "expects," "may," "will,"
"should," "plan," "projected," "contemplates," "anticipates," or similar
statements are intended to identify forward-looking statements. Our ability to
predict results or the actual effect of future plans or strategies is uncertain.
Factors that could have a material adverse effect on our operations include, but
are not limited to, environmental matters, general economic conditions,
legislative/regulatory changes, and changes in accounting principles and
interpretations. These risks and uncertainties should be considered in
evaluating forward-looking statements and you should not place undue reliance on
these forward-looking statements, which apply only as of the date of this Form
10-QSB. We undertake no obligation to release publicly the result of any
revisions to these forward-looking statements that may be made to reflect events
or circumstances after the date of this Form 10-QSB or to reflect the occurrence
of unanticipated events.

RECENT DEVELOPMENTS.

Chief has suspended its mining operations at the Trixie Mine and Tintic Utah's
mill due to safety concerns in the mine because of unstable mining conditions in
the stope. We may not be able to continue any mining operations in that area of
the Trixie Mine unless we can make significant safety improvements in the mine
which will be expensive to implement. We are not currently planning on
implementing any such safety improvements; however, all of the main Trixie Mine
workings remain in good order for any future exploration.

During the last several months, the Company has been in discussions with a group
of Chief's significant stockholders in connection with a plan to recapitalize
the Company.  To the extent such plan is completed, funds would be available for
(i) future exploration and development of the Company's mining and/or real
estate assets, (ii) the reduction of outstanding indebtedness (including
accounts payable), and (iii) other general corporate purposes.  The development
of the Company's mining and real estate assets may be performed in conjunction
with joint venture or strategic partners if appropriate.  Should these efforts
to recapitalize the Company not be successful, it may be required to seek
protection under the United States Bankruptcy Code.

Our financial statements have been prepared assuming that we will continue as a
going concern. We have suffered net losses of $3,907,507 and $5,321,244 for the
three and nine months ended September 30, 2002, and our operating activities
used $750,211 of cash for the nine months ended September 30, 2002.
Additionally, as of September 30, 2002, we have a working capital deficit of
$1,701,738 and an accumulated deficit of $34,536,105. These matters raise
substantial doubt about our ability to continue as a going concern.

As of September 30, 2002, the Company has $950,000 of land and mining claims and
properties and $756,363 in related machinery and equipment, representing
approximately 73 percent of total assets. The realization of our investment in
land and mining claims and mining related buildings and equipment is dependent
upon various factors, including: (i) our success in exploration efforts to
discover additional mineral resources and in proving the technical feasibility
and commercial viability of the identified mineral resources, (ii) our ability
to obtain necessary funding to continue exploration of the mining properties and
to finance operations while we pursue real estate development alternatives for
portions of our land, (iii) our success in finding a joint venture partner to
provide capital funding for continued exploration of our mining properties, (iv)
our ability to profitably lease the Tintic Mill or our mining claims to outside
entities, and (v) our success in selling or developing certain of our land
holdings to fund continued mining and exploration activities.


                                        10

On August 15, 2002, the board of directors appointed Richard R. Schreiber as
president and chief executive officer and John E. Henderson as chief financial
officer of the Company.  On November 13, John E. Henderson was released as
secretary, treasurer, and chief financial officer of the Company and a
replacement has yet to be named.  In addition, the Company terminated several
employees, keeping one individual to oversee and preserve the assets of the
Company.

RESULTS OF OPERATIONS.

During the year ended December 31, 2001, we began processing ore in the Tintic
Mill. On March 28, 2002, we encountered unstable mining conditions and suspended
mining and processing operations. As a result of the suspended mining and
processing operations, we are not generating ongoing revenues and do not have
sufficient funding to make the significant safety improvements required in the
Trixie Mine or to continue exploration and development efforts related to the
Burgin Mine. Management and the board of directors are currently pursuing
efforts to obtain additional sources of financing to allow us to proceed with
our operations; however, there is no assurance that we will be successful in
obtaining the necessary funding.

We had mining revenues of $0 and $1,237,060 during the three and nine months
ended September 30, 2002 and no mining revenues for the three and nine months
ended September 30, 2001. Our consolidated revenues of $93,011 during the three
months ended September 30, 2002 consisted of $88,134 from land sales and
miscellaneous sources and $4,877 of interest income. Our consolidated revenues
of $6,298 during the three months ended September 30, 2001 consisted of $1,823
from land sales and miscellaneous sources and $4,475 of interest income. Our
consolidated net loss during three months ended September 30, 2002 was
$3,907,507, as compared to a consolidated net loss of $1,320,724 for the three
months ended September 30, 2001. The increase in net loss of $2,586,783 resulted
primarily from the impairment loss recorded for land and mining claims and
buildings, machinery and equipment.

General and administrative expenses for the three months ended September 30,
2002 compared to the three months ended, September 30, 2001 decreased in the
amount of $274,240. This decrease resulted primarily from reduced expenses due
to suspension of mining operations.

Mining and exploration costs for the three months ended September 30, 2002
compared to the three months ended September 30, 2001 decreased in the amount of
$803,065. The decreased costs relate primarily to suspension of mining
operations.

As of September 30, 2002, management determined that buildings, machinery and
equipment, and land and mineral properties are impaired due to sustained
operating losses, the Company's inability to continue mining operations and a
down-turn in the economy.  Management determined the fair value of land and
mineral properties based on market values of comparable real estate.  The fair
value of buildings, machinery and equipment were determined based on prices of
similar assets.  A loss of $2,115,214 was recorded for impairment of buildings,
machinery and equipment, including the mill, mill-related assets and costs
related to the dewatering of the Burgin mine.  A loss of $1,635,587 was recorded
for impairment of land and mineral properties.

During the nine months ended September 30, 2002, our operating activities used
$750,211 of cash as compared to $3,612,292 of cash being used in operating
activities during the nine months ended September 30, 2001.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the Company's market risk during the nine
month period ended September 30, 2002. For additional information, refer to the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2001.


                                        11

ITEM 4. DISCLOSURE CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures.  The Company maintains a
system of disclosure controls and procedures that is designed to ensure that
information required to be disclosed by the Company in this Form 10-Q, and in
other reports required to be filed under the Securities Exchange Act of 1934, is
recorded, processed, summarized and reported within the time periods specified
in the rules and forms for such filings.  Management of the Company, under the
direction of the Company's Chief Executive Officer, reviewed and performed an
evaluation of the effectiveness of the Company's disclosure controls and
procedures within 90 days prior to filing this quarterly report (the "Evaluation
Date"). Based on that review and evaluation, the Chief Executive Officer and
Chief Financial Officer, along with other key management of the Company, have
determined that the disclosure controls and procedures were and are effective as
designed to ensure that material information relating to the Company and its
consolidated subsidiaries would be made known to them on a timely basis. Changes
in Internal Controls. There were no significant changes in the Company's
internal controls or other factors that could significantly affect these
controls subsequent to the Evaluation Date.


PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

On April 22, 2002, Leonard Weitz, a former director, filed a lawsuit with the
Supreme Court of the State of New York, County of New York, against Robert E.
Poll and Thomas Bruderman, then directors of the Company, alleging slander in
connection with a board of directors meeting. Mr. Weitz is seeking an amount in
damages to be determined at trial. Mr. Poll and Mr. Bruderman resigned as
directors of the Company on May 13, 2002.

On May 24, 2002, a suit was filed against the Company by a limited liability
company ("the LLC") for $1,787,400 in damages, as well as punitive damages, that
derive from claims by the LLC that the Company had committed to purchase certain
water rights that the LLC owned or was in process of obtaining with the intent
to sell to the Company.  The Company believes the suit has no merit because the
Company had only engaged in discussions to purchase such water rights and did
not enter into an agreement with the LLC to purchase the water rights.

The Company has other matters of litigation related to undisputed accounts
payable.  Judgments have been reached for $9,774 and suits have been filed for
an additional $106,488.  The Company has accrued these amounts in full as of
September 30, 2002.


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

On April 9, 2002, we issued 25,000 shares of common stock to New Harbor
Financial in exchange for real estate related services. These shares were issued
in reliance upon an exemption from registration available under Section 4(2) of
the Securities Act of 1933.

On February 9, 2002, we issued a $300,000 8% note, due February 9, 2003 to
Robert R. Hermann. In connection with the issuance of this note, we issued to
Mr. Hermann 15,000 in options at an option price of $2.75 per share. These
shares were issued in reliance upon an exemption from registration available
under Section 4(2) of the Securities Act of 1933.

On May 1, 2002, our largest stockholder, Dimeling, Schreiber & Park
Reorganization Fund II, LP agreed to cancel its right to require us to purchase
all or part of the convertible common stock acquired by the Fund in 1999.


                                        12


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

EXHIBIT NO.          DESCRIPTION
-----------          -----------
    3.1              Articles of Incorporation [Incorporated by reference to
                     Exhibit A to Chief's Schedule 14A Proxy Statement filed on
                     December 17, 1999 (SEC File No. 001-01761)].

    3.2              The By-laws [Incorporated by reference to Exhibit 3.2,
                     marked as Exhibit A, to Chief's Form 10-KSB filed on
                     April 16, 2002 (SEC file No. 001-01761)].

    3.3              Amendment to the By-laws dated March 16, 2001 [Incorporated
                     by reference to Exhibit 2, marked as Exhibit A, to Chief's
                     Form 10-KSB filed on April 4, 2001(SEC File No.
                     001-01761)].

   10.1              The Operating Agreement of Tintic Utah LLC dated as of July
                     17, 1996 by and among Chief, Akiko Resources (Utah) Inc.
                     and KZ Utah, Inc, a copy of which was filed with the
                     Securities and Exchange Commission by registrant as part of
                     its 1996 Form 10-KSB report.

   10.2              The First Amendment to Operating Agreement dated as of
                     March 11, 1997 by and among Chief, Akiko Resources (Utah)
                     Inc. and KZ Utah, Inc, a copy of which was filed with the
                     Securities and Exchange Commission by registrant as part of
                     its 1997 Form 10-KSB report.
   10.3              Second Amendment to Operating Agreement dated as of
                     November 10, 1997 by and between Chief and KZ Utah, Inc
                     [Incorporated by reference to Exhibit 10D, filed as Exhibit
                     A, to Chief's Form 10-K report filed on March 30, 1998 (SEC
                     File No. 001-01761)].

   10.4              Third Amendment to Operating Agreement dated as of October
                     1, 1998 by and between Chief and KZ Utah, Inc [Incorporated
                     by reference to Exhibit 10D, filed as Exhibit A, to Chief's
                     From 10-KSB report filed on April 15, 1999 (SEC File No.
                     001-01761)].

   10.5              Fourth Amendment to Operating Agreement dated as of
                     September 9, 1999 by and between Chief and KZ Utah, Inc
                     [Incorporated by reference to Exhibit 10E, filed as Exhibit
                     A, to Chief's Form 10-KSB report filed on March 30, 2000
                     (SEC File No. 001-01761)].

   10.6              Fifth Amendment to the Operating Agreement dated as of
                     January 1, 2001, is filed with this report and marked as
                     "Exhibit B."

   10.7              The Articles of Organization of Tintic Utah LLC
                     [Incorporated by reference to Exhibit D to Chief's Form
                     10-KSB report filed April 16, 2002 (SEC File No.
                     001-017610].

   10.7              Stock Purchase Agreement dated as of November 19, 1999
                     between Chief and Dimeling, Schreiber & Park [Incorporated
                     by reference to Chief's Form 8-K report filed on November
                     30, 1999 (SEC File No. 001-01761)].

   10.8              Registration Rights Agreement dated as of November 19, 1999
                     between Chief and Dimeling, Schreiber & Park [Incorporated
                     by reference to Chief's Form 8-K report filed on November
                     30, 1999 (SEC File No. 001-01761)].

   10.9              Form of Warrant issued to Dimeling, Schreiber & Park by
                     Chief dated as of November 19, 1999 [Incorporated by
                     reference to Chief's Form 8-K report filed on November 30,
                     1999 (SEC File No. 001-01761)].

 99.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.  1350, AS
        ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.

               (b)  Reports on Form 8-K

          None


                                        13


SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                              CHIEF CONSOLIDATED MINING COMPANY
                              (Registrant)


Date:  December 20, 2002


                              By: /s/ Richard R. Schreiber,
                              -----------------------------------------
                              Richard R. Schreiber, President and Chief
                              Executive Officer


                                        14


                          CERTIFICATION

I, Richard R. Schreiber, certify that:

               1.   I have reviewed this quarterly report on Form
          10-QSB of Chief Consolidated Mining Company;

     2.   Based on my knowledge, this quarterly report does not
          contain any untrue statement of a material fact
          necessary to make the statements made, in light of the
          circumstances under which such statements were made,
          not misleading with respect to the period covered by
          this quarterly report;

     3.   Based on my knowledge, the financial statements, and
          other financial information included in this quarterly
          report, fairly present in all material respects the
          financial condition, results of operations and cash
          flows of the registrant as of, and for, the periods
          presented in this quarterly report;

     4.   The registrant's other certifying officers and I are
          responsible for establishing and maintaining disclosure
          controls and procedures (as defined in Exchange Act
          Rules 13a-14 and 15d-14) for the registrant and we
          have:

          a)   designed such disclosure controls and procedures to ensure
             that material information relating to the registrant, including
             its consolidated subsidiaries, is made known to us by others
             within those entities, particularly during the period in which
             this quarterly report is being prepared;

          b)   evaluated the effectiveness of the registrant's disclosure
             controls and procedures as of a date within 90 days prior to the
             filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented in this quarterly report our conclusions about the
             effectiveness of the disclosure controls and procedures based on
             our evaluation as of the Evaluation Date;

         5.   The registrant's other certifying officers and I
          have disclosed, base on our most recent evaluation, to
          the registrant's auditors and the audit committee of
          registrant's board of directors (or persons performing
          the equivalent function):

          a)   all significant deficiencies in the design or operation of
             internal controls which could adversely affect the registrant's
             ability to record, process, summarize and report financial data
             and have identified for the registrant's auditors any material
             weaknesses in internal controls; and

          b)   any fraud, whether or not material, that involves management
             or other employees who have a significant role in the
             registrant's internal controls; and

     6.   The registrant's other certifying officers and I have
          indicated in this quarterly report whether or not there were
          significant changes in internal controls or in other factors that
          could significantly affect internal controls subsequent to the
          date of our most recent evaluation, including any corrective
          actions with regard to significant deficiencies and material
          weaknesses.


Date:  December 20, 2002

/s/ Richard R. Schreiber
_____________________________________
Richard R. Schreiber

President and Chief Executive Officer







                                                                    Exhibit 99.1
                          Chief Consolidated Mining Co.
                             15988 Silver Pass Road
                               Post Office Box 51
                                Eureka, UT 84628



                  Certification of Principal Executive Officer
                           Pursuant to 18 U.S.C. 1350
                 (Section 906 of the Sarbanes-Oxley Act of 2002)

    I, Richard R. Schreiber, President and Chief Executive Officer (principal
   executive officer) of Chief Consolidated Mining Company (the "Registrant"),
certifies that to the best of my knowledge, based upon a review of the Quarterly
 Report on Form 10-QSB for the period ended September 30, 2002 of the Registrant
                                 (the "Report"):

     (1)  The Report fully complies with the requirements of Section 13(a) of
the Securities Exchange Act of 1934, as amended; and

     (2)  The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.


/s/ Richard R. Schreiber
_____________________________
Name:   Richard R. Schreiber

Date:   December 20, 2002



                                                                    Exhibit 99.2
                          Chief Consolidated Mining Co.
                             15988 Silver Pass Road
                               Post Office Box 51
                                Eureka, UT 84628



                  Certification of Principal Financial Officer
                           Pursuant to 18 U.S.C. 1350
                 (Section 906 of the Sarbanes-Oxley Act of 2002)


 I, Richard R. Schreiber, Chief Financial Officer (principal financial officer)
 of Chief Consolidated Mining Company (the "Registrant"), certifies that to the
best of my knowledge, based upon a review of the Quarterly Report on Form 10-QSB
    for the period ended September 30, 2002 of the Registrant (the "Report"):

     (1)  The Report fully complies with the requirements of Section 13(a) of
the Securities Exchange Act of 1934, as amended; and

     (2)  The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.


/s/ Richard R. Schreiber
__________________________
Name: Richard R. Schreiber
Date: December 20, 2002