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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                -----------------

                                   FORM 10-QSB

(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
    1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

           Commission file number: 001-01761

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

           ARIZONA                                 87-0122295
(State or Other Jurisdiction of                 (I.R.S. Employer
 Incorporation or Organization)                Identification No.)

             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)

         Check whether the issuer: (1) filed all reports required to be
        filed by Section 13 or 15(d) of the Exchange Act during the past
          12 months (or for such shorter period that the registrant was
           required to file such reports), and (2) has been subject to
                 such filing requirements for the past 90 days.
                               Yes  X       No
                                   ---         ---

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

  Class Outstanding as of May 17, 2002
  ------------------------------------

Common Stock $0.50 par value                                          10,765,418
Convertible Common Stock $0.50 par value                               4,060,000

         Transitional Small Business Disclosure Format (Alternative 2):
                               Yes          No  X
                                   ---         ---

THIS FILING INCLUDES UNAUDITED FINANCIAL STATEMENTS THAT HAVE NOT BEEN REVIEWED
IN ACCORDANCE WITH ITEM 310(b) OF REGULATION S-B PROMULGATED BY THE SECURITIES
AND EXCHANGE COMMISSION, BECAUSE WE DETERMINED WE WERE UNABLE TO OBTAIN SUCH A
REVIEW FROM OUR CURRENT AUDITOR, ARTHUR ANDERSEN LLP. SEE "INFORMATION WITH
RESPECT TO FINANCIAL STATEMENTS" IN THIS FILING FOR MORE INFORMATION.

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<PAGE>


                                     PART I
                              FINANCIAL INFORMATION

INFORMATION WITH RESPECT TO FINANCIAL STATEMENTS

This quarterly report includes unaudited financial statements that have not been
reviewed by an independent public accountant in accordance with Item 310(b) of
Regulation S-B promulgated by the Securities and Exchange Commission, pursuant
to the relief granted to former auditing clients of Arthur Andersen LLP in SEC
Release No. 34-45589. We determined that we were unable to obtain such a review
from our current auditors Arthur Andersen LLP.

We will retain new independent auditors and expect that they will complete the
quarterly review for the financial statements contained in this report, as
required by Item 310(b) of Regulation S-B. If, upon completion of the review,
there is a material change in the financial statements contained in this report,
we will amend this report to present the reviewed financial statements, and we
will discuss in the amended report any material changes from the unreviewed
financial statements contained in this report. If, upon completion of the
review, there are not any material changes in the financial statements contained
in this report, we will state in our first quarterly report following completion
of such review that the unreviewed financial statements contained in this report
have subsequently been reviewed by an accountant other than Arthur Andersen LLP
and that there were no material changes as a result of that review.

No independent auditor has reviewed the financial statements set forth below or
opined that such statements present fairly, in all material aspects, the
financial position, results of operations, cash flows and changes in
stockholder' equity of Chief for the quarterly period ended March 31, 2002.

ITEM 1.   FINANCIAL STATEMENTS

CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2002

(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS

<S>                                                           <C>
Current assets:

   Cash and cash equivalents                                  $        4,955
   Other current assets                                              562,776
                                                             ------------------
                Total current assets                                 567,731
Investment in Central Standard Consolidated Mines                     71,819

Advances to Central Standard Consolidated Mines                       58,298

   Mining claims and properties                                    2,654,682

   Machinery and equipment, less accumulated
     depreciation of $324,022                                      3,136,032

Other assets                                                         507,926
                                                             ------------------
                Total assets                                  $    6,996,488
                                                             ==================
</TABLE>

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


<PAGE>

CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED)
AS OF MARCH 31, 2001

(UNAUDITED)
<TABLE>
<CAPTION>

LIABILITIES AND SHAREHOLDERS' EQUITY

<S>                                                                                    <C>
Current liabilities:
   Accounts payable                                                                         $   1,269,873
   Accrued liabilities                                                                            180,481
   Notes Payable                                                                                  303,288
                                                                                        -------------------
                Total current liabilities                                                       1,753,642
                                                                                        -------------------
Accrued reclamation costs                                                                         450,200
                                                                                        -------------------
Minority interest                                                                                  24,727
                                                                                        -------------------
Redeemable convertible common stock,
   3,500,000 shares issued and outstanding                                                      5,295,272
                                                                                        -------------------
Commitments and contingencies (Notes 3)

Shareholders' equity:
   Preferred stock, $0.50 par value; 1,500,000 shares authorized,
     10,899 shares outstanding with a liquidation value of $5,557                                   5,450
   Convertible Common Stock, $0.50 par value; 30,000,000 shares authorized, 4,130,000
     shares outstanding (including the 3,500,000 shares of redeemable convertible
     common stock above)                                                                          315,000
   Common stock, $0.50 par value; 20,000,000 shares authorized,
     10,628,418 shares outstanding, 16,441 shares held in treasury
     with a zero cost                                                                           5,301,709
   Additional paid-in capital                                                                  20,212,789
   Stock purchase rights                                                                        3,321,747
   Deferred compensation                                                                          (11,220)
   Notes receivable from shareholders                                                             (24,170)
   Accumulated deficit                                                                        (29,648,658)
                                                                                        -------------------
   Total shareholders' equity                                                                    (527,353)
                                                                                        -------------------
                Total liabilities and shareholders' equity                                  $   6,996,488
                                                                                        ===================
</TABLE>


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


<PAGE>


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2002 AND 2001
(UNAUDITED)
<TABLE>
<CAPTION>

                                            For the three      For the three
                                             months ended       months ended
                                            March 31, 2002     March 31, 2001

                                          --------------------------------------
<S>                                          <C>                 <C>
Revenues:
   Mining Revenues                           $   1,159,122       $         --
   Interest                                          6,893              5,550
   Land sales and other                              5,605                584
                                          --------------------------------------
                Total revenues                   1,171,621              6,134
                                          --------------------------------------
Expenses:
   General and administrative                      513,245            787,574
   Mining properties operating and
     exploration costs                           1,214,859            461,424
   Taxes other than income taxes                     2,570              1,907
                                          --------------------------------------
                Total expenses                   1,730,674          1,250,905
                                          --------------------------------------
Net loss                                     $    (559,053)      $ (1,244,771)
                                          ======================================
Redeemable convertible common stock
   dividends:

     Eight percent stock dividend            $    (157,500)      $   (183,400)
   Accretion to redemption value                  (243,468)          (243,468)
                                          --------------------------------------
Net loss applicable to common
   shareholders                              $    (960,021)      $ (1,671,639)
                                          ======================================
Net loss per common share
   (basic and diluted)                       $       (0.17)      $      (0.20)
                                           =====================================
Weighted average number of common
   shares outstanding (basic and diluted)       10,744,585          8,349,935
                                          ======================================
</TABLE>


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


<PAGE>


CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED MARCH 31, 2002 AND 2001

(UNAUDITED)
<TABLE>
<CAPTION>

                                                                       2002                   2001
                                                           -------------------------------------------
<S>                                                            <C>                     <C>
Cash flows from operating activities:

   Net loss                                                    $      (559,053)       $    (1,244,771)
   Adjustments to reconcile net loss to net cash
     used in operating activities:
       Depreciation and amortization                                    40,492                 14,883
       Amortization of deferred compensation                                --                  1,700
       Non-cash compensation expense                                        --                 86,500
       Changes in operating assets and liabilities:
         (Increase) decrease in accounts receivable                   (402,298)
         (Increase) decrease in other assets                             1,599                 (7,526)
         Increase (decrease) in accounts payable and
            accrued liabilities                                        302,956                114,154
                                                           -------------------------------------------
         Net cash used in operating activities                        (616,304)            (1,035,060)
                                                           -------------------------------------------
Cash flows from investing activities:
   Mining property development costs and purchase of
     machinery and equipment                                                --                (30,958)
   Advances to affiliates                                               (1,208)                    --
   Payments received from stockholder                                    1,200                  1,300
                                                           -------------------------------------------
         Net cash used in investing activities                              (8)               (29,658)
                                                           -------------------------------------------
Cash flows from financing activities:
   Proceeds from Borrowings                                            300,000                     --
   Net proceeds from sale of common stock                              100,000              1,789,973
                                                           -------------------------------------------
                Net cash provided by financing activities              400,000              1,789,973
                                                           --------------------     ------------------
Net increase (decrease) in cash and cash equivalents
                                                                      (216,312)               725,255
Cash and cash equivalents at beginning of period                       221,267                890,859
                                                           -------------------------------------------
Cash and cash equivalents at end of period                     $         4,955        $     1,616,114
                                                           ===========================================
</TABLE>


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

<PAGE>


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 which 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 recently 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.

         We plan to use our assets in the two following separate and distinct
areas: real estate development and mining. Our immediate priority will be in the
real estate area. First, we will seek to raise substantial funds through the
borrowing upon a portion of our land holdings and/or the sale of a portion of
our surface real estate holdings in order to provide working capital. The mining
aspect of our activities will concentrate on seeking one or more joint venture
partners or similar arrangements to support new mine development and/or
exploration of our existing properties. To the extent we enter into such an
arrangement, we would contribute mining properties and/or the Burgin
concentrating mill to any joint venture arrangement in return for a percentage
interest in the venture, with our partner(s) to provide the main portion of cash
funding requirements.

         We have an immediate cash need and we are in the process of seeking
additional funding in the form of borrowing secured by a portion of our land
holdings or the sale of a portion of our surface real
<PAGE>


estate holdings. As mentioned above, the proceeds from any funding or sales of
excess mining equipment we may receive would be used in connection with costs
involved with the initial sale of surface real estate and also reducing our
outstanding obligations to vendors and other parties. No assurance can be given
that we will be able to raise the necessary funds, or if the funds are raised,
that we will be able to sell a portion of the surface real estate as currently
planned on acceptable terms.

         We have been in discussions with some creditors to restructure our
accounts payable and have also been in discussions with potential investors to
raise capital. We cannot assure, however, that such new financing will be
available on acceptable terms, or that we will be able to restructure our
accounts payable. In the event that we are unable to obtain such additional
financing or restructure our financial obligations, there would be a material
adverse effect on our financial condition, to the extent that a restructuring,
sale or liquidation could be required in whole or in part.

         Our financial statements have been prepared assuming that we will
continue as a going concern. We have suffered net losses of $559,053 and
$1,244,771 and our operating activities used $616,304 and $1,035,060 of cash
during the three months ended March 31, 2002 and the three months ended March
31, 2001, respectively. Additionally, as of March 31, 2002, we have a working
capital deficit of $1,185,911 and an accumulated deficit of $29,648,658.
These matters raise substantial doubt about our ability to continue as a going
concern.

         As of March 31, 2002, Chief has $2,654,682 of land and mining
claims and properties and $3,136,032 in related machinery and equipment,
representing approximately 83 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 Chief pursues real estate development
alternatives for portions of our land, and (iii) our success in selling or
developing certain of our land holdings.

         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 no revenues from mining operations during the three months ended
March 31, 2002 and the three months ended March 31, 2001. Our consolidated
revenues of $1,171,621 during the three months ended March 31, 2002 consisted of
$5,605 from real estate sales and miscellaneous sources and $6,893 of interest.
Our consolidated revenues of $6,134 during the three months ended March 31, 2001
consisted of $584 from land sales and miscellaneous sources and $5,550 of
interest. Our consolidated net loss during three months ended March 31, 2002 was
$559,053 as compared to a consolidated net loss of $1,244,771 for the three
months ended March 31, 2001. The decrease in net loss of 685,718 resulted
primarily from revenues generated from mining operations.

         General and administrative expenses for the three months ended March
31, 2002 compared to the three months ended March 31, 2001 decreases in the
amount of $274,329. This decrease resulted primarily from a shift in resources
to mining operation

         Mining exploration costs for the three months ended March 31, 2002
compared to the three months ended March 31, 2001 increased in the amount of
$753,435. The cost relate primarily to operating the mine and mill during the
first quarter 2002.


<PAGE>


The Tintic mill began operating in January 2002 and was suspended in March 2002
when safety issues arose in the Trixie Mine.

         During the three months ended March 31, 2002, our operating activities
used $616,304 of cash as compared to $1,035,060 of cash being used in operating
activities during the three months ended March 31, 2001.

                                     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, former directors of Chief, alleging slander
in connection with a board of directors meeting at Chief. Mr. Weitz is seeking
an amount in damages to be determined at trial.  Mr. Poll and Mr. Bruderman
resigned from Chief on May 13, 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.

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.
<PAGE>


   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)].

         (b)  Reports on Form 8-K

                     None.
<PAGE>


                                   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:  May 20, 2002


                              By: /s/ John Henderson,
                              --------------------------------------------------
                              John Henderson, Secretary and Treasurer, Principal
                              Financial Officer and Principal Accounting Officer