U.S. 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 June 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 or organization)(I.R.S. Employer
                                    ID. 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)

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 August 9, 2002
-----                                   -----------------------------

Common Stock $0.50 par value                      10,635,507
----------------------------

Convertible Common Stock $0.50 par value           4,200,000
----------------------------------------


PART 1.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

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

                                             June 30,           December 31,
                                               2002                 2001
                                           ------------         ------------
                           Assets
Current assets:
Cash and cash equivalents                  $     31,827         $    221,267
Other current assets                             62,541              160,459
                                           ------------         ------------

Total current assets                             94,368              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 $887,615 and               2,586,511            2,654,682
$819,444, respectively
Buildings, machinery and equipment, less
  accumulated depreciation of $225,763 and
  $283,530, respectively                      2,991,403            3,176,524
Other assets                                    447,986              447,526
                                           ------------         ------------

Total Assets                               $  6,249,562         $  6,790,986
                                           ============         ============


                   Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable                           $  1,055,468         $  1,030,009
Accrued liabilities                             267,121              120,678
Notes payable, net of unamortized
  discount of $19,066 and $0,
  respectively                                  438,561                    -
                                           ------------         ------------

Total current liabilities                     1,761,150            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 (deficit):
 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.
   4,200,000 shares and 560,000 shares
   outstanding                                2,100,000              280,000
 Common stock, $0.50 par value; 20,000,000
  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                  23,895,567           20,015,289
 Stock purchase rights                        3,321,747            3,321,747
 Deferred compensation                          (11,220)             (11,220)
 Notes receivable from shareholders             (22,770)             (25,370)
 Accumulated deficit                        (30,607,598)         (28,688,637)
                                           ------------         ------------

Total shareholders' equity                    3,995,385              173,968
                                           ------------         ------------

Total liabilities and shareholders'
  equity (deficit)                         $  6,249,562         $  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 SIX MONTHS ENDED JUNE 30, 2002 AND 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                For the Three Months Ended         For the Six Months Ended
                                          June 30,                         June 30,
                                --------------------------      ----------------------------
                                    2002            2001            2002            2001
                                -----------     -----------     ------------    ------------
<S>                             <C>             <C>             <C>             <C>
Mining revenue                  $    58,086     $         -     $  1,237,060    $          -
Interest                              4,867          11,543           11,760          17,093
Land sales and other                 24,134          14,803           29,740          15,387
                                -----------     -----------     ------------    ------------

     Total revenues                  87,087          26,346        1,278,560          32,480
                                -----------     -----------     ------------    ------------

Expenses:
  General and administrative        365,137         678,052        1,017,206       1,303,204
  Mining properties operating
   and exploration costs            278,486         713,081        1,671,887       1,336,922
  Taxes other than income taxes         634               -            3,204           1,907
                                -----------     -----------     ------------    ------------
     Total expenses                 644,257       1,391,133        2,692,297       2,642,033
                                -----------     -----------     ------------    ------------

Net loss                           (577,170)     (1,364,787)      (1,413,737)     (2,609,553)
Redeemable convertible common
  stock dividends:
   Eight percent stock dividend     (23,100)       (203,000)        (180,600)       (386,400)
   Accretion to redemption value    (81,156)       (243,468)        (324,624)       (486,936)

Net loss applicable to common
  shareholders                  $  (661,426)    $(1,811,255)    $ (1,918,961)   $ (3,482,889)
                                ===========     ===========     ============    ============

Net loss per common share
  (basic and diluted)           $     (0.06)    $     (0.20)    $      (0.18)   $      (0.40)
                                ===========     ===========     ============    ============

Weighted average number of
  common shares outstanding
  (basic and diluted)            10,635,507       9,104,547       10,625,148       8,729,326
                                ===========     ===========     ============    ============
</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 SIX MONTHS ENDED JUNE 30, 2002 AND 2001
                                   (UNAUDITED)


                                              For the Six Months Ended June 30,
                                                -----------------------------
                                                    2002              2001
                                                -----------       -----------
  Cash flows from operating activities:
  Net loss                                      $(1,413,737)      $(2,609,553)
  Adjustments to reconcile net loss to net
   cash used in operating activities:
     Depreciation and depletion                     195,543            29,881
     Amortization of deferred compensation                -             3,540
     Non-cash compensation expense                   50,000           142,500
     Amortization of discount on notes
        payable                                      11,684                 -
     Gain on sale of equipment                      (15,582)                -
     Undistributed equity in loss of
        unconsolidated subsidiary                     4,942                 -
     Changes in operating assets and
        liabilities:
         Increase in other assets                    97,458           (25,145)
         Increase (decrease) in accounts payable
          and accrued liabilities                   426,930            50,021
                                                -----------       -----------
                Net cash used in operating
                  activities                       (642,762)       (2,408,756)
                                                -----------       -----------
Cash flows from investing activities:
  Mining property development costs and
  purchase of machinery and equipment               (17,423)          (54,046)
   Proceeds from sale of equipment                   81,853                 -
   Advances to affiliates                            (3,708)           (2,500)
   Proceeds from note receivable to
     stockholder                                     2,600              2,600
                                                -----------       -----------

        Net cash used in investing activities        63,322           (53,946)
                                                -----------       -----------

Cash flows from financing activities:
  Net proceeds from sale of common stock            100,000         2,289,972
  Net proceeds from issuance of notes payable       269,250                 -
  Principal payment on notes payable                (10,000)                -
  Net proceeds from issuance of option               30,750                 -
                                                -----------       -----------

        Net cash used in financing activities       390,000         2,289,972
                                                -----------       -----------

Net increase (decrease) in cash and cash
  equivalents                                      (189,440)         (172,730)
Cash and cash equivalents at beginning of
  period                                            221,267           890,859
                                                -----------       -----------

Cash and cash equivalents at end of period      $    31,827       $   718,129
                                                ===========       ===========


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

                                        4


                CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

         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 June 30, 2002, the Company had $2,586,511 of land and mining claims and
$2,991,403 of mining related buildings, machinery and equipment, which in
aggregate, represent approximately 89 percent of total assets. The Company's
buildings, machinery and equipment consists 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.

Management's current plans are to sell land surface rights, to use the proceeds
from those sales to reopen and produce ore from the Trixie Mine and to process
and sell the ore produced. Management estimates that the future net cash flows
from that production will be sufficient to recover the carrying amount of the
Company's property and equipment. However, there is no assurance that the
Company will be successful in obtaining the necessary funding to accomplish
these plans or that the plans will be successful.

Note 2.  Tintic Joint Venture

On July 17, 1996, the Company, Akiko Gold Resources Ltd. ("Akiko") and  KOREA
Zinc Co., Ltd. ("Korea Zinc") formed Tintic Utah Metals LLC ("Tintic").  The
Company contributed $3,976,000 of its mining claims and properties and machinery
and equipment for an undivided 50 percent interest in Tintic.

Korea Zinc paid $3,000,000 to Tintic to become vested in a 25 percent interest.
As a result of its failure to contribute the required capital to Tintic, Akiko
forfeited any rights of ownership in Tintic.  Thus, in accordance with the
amended operating agreement, effective August 15, 1997, Akiko's ownership
reverted to the Company resulting in the Company's vested interest in Tintic
increasing to 75 percent.

During the year ended December 31, 2001, an extension of the amendment to the
operating agreement was signed.  This extension, which expires on December 31,
2002, grants the Company an option to purchase Korea Zinc's 25 percent ownership
for $3,000,000.  During the option period, Korea Zinc is not required to make

                                        5

                CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


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 June
30, 2002, the Company advanced a net amount of approximately $7,544,776 to
Tintic.

The Company's initial contribution of property and equipment was made at the
historical bases of the related mining properties and machinery and equipment
for financial reporting purposes.  No gain recognition or step-up in basis was
recorded in the accompanying condensed consolidated financial statements as a
result of the transaction. Intercompany transactions and balances have been
eliminated in consolidation.

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 Company will (a)
evaluate the extent to which the remaining book value of the asset is
recoverable by comparing the future undiscounted cash flows estimated to be
associated with the asset to the asset's carrying amount and (b) write-down the
carrying amount to market value or discounted cash flow value to the extent
necessary.  Management estimates that future net cash from each of the Company's
assets from potential activities discussed in Note 1 will be sufficient such
that no impairment loss was recognized as of June 30, 2002.

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.

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 Company
determined that the $300,000 of proceeds were allocated between the note and the
option based on their relative fair values and the resulting discount on the
note is being amortized over the one year term of the note.  Accordingly, the
Company allocated $269,250 to the note payable and $30,750 to the options, which
resulted in an effective interest rate of 19.5% on the note payable.

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 becomes due and payable.
If the Company obtains additional debt financing, equity funding or proceeds
from the sale of land, the entire unpaid balance of principal and interest shall
be due and payable within 5 days of the receipt of such proceeds.  As of June
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 June 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.

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

                                        6

                CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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. If the Company is not successful in obtaining the
required permits, the realizability of the Company's investment in the Burgin
Mine land and mining claims of approximately $1,432,635 may be impaired.
Capitalized costs classified as buildings, machinery and equipment of $195,783
related to the Burgin Mine, including costs in preparation of dewatering the
Burgin Mine, may also be impaired. However, no impairment loss was recognized
relating to the Burgin Mine as of March 31, 2002.

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 June 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
June 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.

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

                                        7

                CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


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 carry a dividend
rate of 8 percent, which dividends are payable in non-redeemable convertible
common stock of the Company (based on the number of issued redeemable
convertible common shares).  The dividend shares are to be issued on an annual
basis.  The Company  has accrued an 8 percent dividend, or 140,000 shares, of
convertible common stock for the six months ended June 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 is 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 six months ended June 30, 2002.  The redeemable convertible common stock
was convertible into common stock on a 1-for-1 basis.

Dimeling, Schreiber & Park ("DS&P"), acting as the general partner of Dimeling,
Schreiber & Park Reorganization Fund II, LP, is 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.

The additional 700,000 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.  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 outstanding.  DS&P shall have a preemptive right to
purchase new issuances of securities by the Company before any other investors,
not to include securities issued for any public offering, merger, and other
specific situations.

                                        8

                CHIEF CONSOLIDATED MINING COMPANY AND SUBSIDIARIES

         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)




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.

                                        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.

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 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 estate holdings.  We have retained the
Salt Lake City office of CB Richard Ellis to market the non-mining real estate
for sale, focusing initially on the real estate located north of Highway 6.  We
would anticipate that funds from any such sale could be used to help reduce our
accounts payable, cover corporate expenses, and help fund exploration and
development of mining properties if we pursue such operations.  As mentioned
above, the proceeds from any funding or sales of excess mining equipment that we
may receive could also be used to help reduce accounts payable, cover corporate
expenses, and help fund exploration and development of mining properties if we
pursue such operations.  No assurance can be given that we will be able to raise
the necessary funds, or if the funds are raised, that we will pursue mining
operations or that we will be able to sell a portion of the surface real estate
as currently planned on acceptable terms.

                                        10


We have restructured some of our accounts payable and continue to seek to
restructure other payables and have also been in discussions with potential
investors to raise capital.  Additionally, we have been contacted by former
senior executives of the Company who have expressed an interest in raising
funds.  We would anticipate that such funds could be used to re-start certain
mining operations and provide for future development of the mining properties.
We are supportive of such efforts.  We cannot assure, however, that such new
financing will be available on acceptable terms, or that any capital will be
raised from investors, or that the restructuring of our accounts payable will
adequately reduce short-term cash needs. 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, and 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 $577,170 and $1,413,737 for the
three and six months ended June 30, 2002, and our operating activities used
$642,762 of cash for the six months ended June 30, 2002. Additionally, as of
June 30, 2002, we have a working capital deficit of $1,666,782 and an
accumulated deficit of $30,607,598. These matters raise substantial doubt about
our ability to continue as a going concern.

As of June 30, 2002, the Company has $2,586,511 of land and mining claims and
properties and $2,991,403 in related machinery and equipment, representing
approximately 89 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.

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.

 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 $58,086 and $1,237,060 during the three and six months
ended June 30, 2002 and no mining revenues for the three and six months ended
June 30, 2001. Our consolidated revenues of $87,087 during the three months
ended June 30, 2002 consisted of $58,086 from mining operations, $24,134 from
land sales and miscellaneous sources and $4,867 of interest income. Our
consolidated revenues of $26,346 during the three months ended June 30, 2001
consisted of $14,803 from land sales and miscellaneous sources and $11,543 of
interest income. Our consolidated net loss during three months ended June 30,
2002 was $577,170, as compared to a consolidated net loss of $1,364,787 for the
three months ended June 30, 2001. The decrease in net loss of $787,617 resulted
primarily from reduced expenses due to suspending mining operations.

General and administrative expenses for the three months ended June 30, 2002
compared to the three months ended, June 30, 2001 decreased in the amount of
$312,915. This decrease resulted primarily from reduced expenses due to
suspension of mining operations.

                                        11

Mining and exploration costs for the three months ended June 30, 2002 compared
to the three months ended June 30, 2001 decreased in the amount of $434,595. The
decreased costs relate primarily to suspension of mining operations.

During the three months ended June 30, 2002, our operating activities used
$642,762 of cash as compared to $2,408,756 of cash being used in operating
activities during the three months ended June 30, 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, 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
June 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.

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.

                                        12

   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.

   99.2              CERTIFICATION OF CHIEF FINANCIAL 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


                                        13

     The Company filed a Current Report on Form 8-K on June 18, 2002, under Item
4, disclosing a change in its certifying accountant.  On July 1, 2002, the
Company filed an amended Form 8-K to include its former accountant's letter as
required.

                                        14

                                   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:  August 19, 2002


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


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