available indirectly a 10% interest in Utah Development Company after transferring to it our interest in Mount Goldsworthy. As an aside, when we brought the stock to market the immediate public reaction was that the price of the shares was too dear and that we had not made enough available, despite the fact that this $20 million equity flotation was at the time the second largest ever undertaken in Australia. The offering was oversubscribed and the Australians must have changed their minds about the original price of the shares for the shares in less than a year are now selling for more than double the offering price. Utah Development currently derives its income from two existing mines and has an 85% interest in two additional coking coal mines that are being brought into production. It succeeded to Utah's 1/3 interest in the Mount Goldsworthy iron ore venture in Western Australia which began production in 1966 and has increased its iron ore deliveries from approximately 3 million tons in 1967 to 6 million tons in 1970. It is planned to increase the production from this venture to 8 million tons by 1974 through the development of additional reserves at Shay Gap and Kennedy Gap and extending the existing railroad. The bulk of Mount Goldsworthy's production is sold under long term contracts with a modest amount of the planned capacity being devoted to spot sales. UDC's second producing property is the Blackwater Mine in Queensland which began shipments of coking coal in January 1968 under a long term contract with the Japanese totaling 21.4 million tons to be delivered over a 10 year period. After the initial startup period the contract tonnage from 197 0 onward amounts to 2. 4 million tons annually but spot sales have increased 7.