Certainly the stage is set to continue into the 70's the rising momentum that marked the last half of the 60's. Certainly the stage is set and the script is written for the next several years. Our money and our managerial talent will be fully occupied in carrying out the expansion program to which we are already committed. By 1972 we should be enjoying the benefits of Goonyella, Island Copper, and some of the other expansion programs that will be completed earlier. With these facilities in place it is logical to assume that 1972 earnings will rise sharply above present levels and will continue to rise for several years thereafter with Peak Downs coming on, Goonyella stepping up to the full contract rate, Goldsworthy hitting the 8 million ton mark, and the uranium market regaining strength and momentum. About these years we have little concern. For 1970 and 1971 we are dependent upon improved performance from existing facilities and therefore any increases will be less dramatic than the steep rises that occur when a new profit center is added. Nor are we without our near-term problems. Perhaps the most serious handicap we have in continuing to report the kind of increases that investors love and come quickly to expect is in uranium. For 10 months of fiscal 1969, all of 1970, and the first two months of 1971 we are compelled under our stretch-out contract to sell uranium at a formula price to the Atomic Energy Commission. This price is now around $5 a pound in contrast to the $8 price that we used to enjoy, and I may -11-