of either Marcona or Pima. 80% of Utah's backlog is represented by long-term contracts containing cost escalation protection. The increase in the backlog resulted from our decision to bring two new mines into operation. In January 1969 the company entered into a 13-year contract calling for the delivery of 50.5 million long tons of coking coal from the Goonyella deposits in Central Queensland starting at 2 1/2 million tons in the first year and increasing to 4 million tons thereafter. Utah's 85% share of the estimated revenues from this contract added over $500 million to the backlog and will require an investment on our part of approximately $95 million. The second new large mine was the Island Copper project on Vancouver Island in British Columbia where Utah plans to install a 33, 000 ton per day mill and develop an open pit copper mine requiring an investment of approximately $59 million. Included in the total backlog is 60% of the planned production of copper concentrates represented by a 10-year contract with Mitsui Mining and Smelting Company, which was concluded during 1969. This contract provides for settlement on prices related to copper quotations over the London Metal Exchange. Although the current LME price is around 75 we have used a 35 price in determining that this contract added over $200 million to the backlog. We anticipate that Goonyella should be producing by mid-1971 and Island Copper in early 1972. During 1969 Utah also took action to double its uranium capacity -5-