description of operations the level of utah's earnings during 1964 has demonstrated the inherent strength of its diversified operations for this fiscal year has been profitable in spite of unfavorable results in construction mining through its present interests in iron ore uranium copper and coal and an aggressive mineral development and exploration program utah construction & mining co derives a major part of its earnings from the extraction of minerals and looks to the expansion of these programs for an even greater proportion of its future growth during the relatively brief history of the com pany's mining activities earnings from this source have risen spectacularly and our mineral reserves and forward sales of min erals under long-term contracts have increased substantially the present yield of these assets combined with the prospects for the eventual production of coal from uncommitted reserves at the company's navajo mine in new mexico and other de veloped properties gives us reason to be encouraged about the future iron ore at the iron springs mine in cedar city utah this year's profits have benefited from an increase in demand for steel in the west moreover the company formally re-ncgotiatcd its contract with united states steel to deliver iron ore to its provo utah plant under an arrangement which assures utah a continuity of earnings from this sourci o\i_r the next eleven years contract operations left strip-mining operations at company's cedar city utah it right processing ii awhile alluvium pi cedar city