construction. Mining and ocean shipping account for some 85% of the company's gross profit, and its land development and construction activities produce the remaining 15%. Two affiliated companies are of significant importance. Utah owns 50% of the voting stock and 46% of the equity stock of the Marcona Corporation, which through subsidiaries mines iron ore in Peru and salt in Chile. It transports these products as well as other bulk commodities in a fleet of large specialized ocean carriers. We also have a 25% interest in the Pima Mining Company which operates a copper mine and mill near Tucson, Arizona. In addition, we hold an undivided one-third interest in the Mt. Goldsworthy iron ore operation in Western Australia and through our wholly owned subsidiary, Utah Development Company, an 85% interest in a venture called Central Queensland Coal Associates, which controls extensive coking coal reserves in Australia. The remainder of our mining ventures are now wholly owned. 1969 was the best year in the history of the company, a year of considerable accomplishment and fundamental change. It witnessed the sale in mid-year of the company's heavy construction business to Fluor. This was the business on which the company was founded 70 years ago, and had been the major source of livelihood through the first half century of its existence. Even in the last 10 years heavy construction provided for more than half of the company's reported gross revenues and an even higher proportion if we had included our share of the revenues from construction joint -3-