7. Again except for copper the minerals that Utah sells are sold on a negotiated basis and not subject to the wide cyclical fluctuations that characterize the non-ferrous metals that are priced on world markets. This gives Utah a stability of earnings much greater than that of mining companies not so situated. This was never more evident than last year when we were recording a 17. 3% increase in earnings while the twenty-seven mining companies whose earnings we in the company monitor for competitive purposes were in the aggregate down 33% in the latest twelve months. We are in a good position competitively, for most of our properties are relatively low-cost producers. This allows us to hold our place in the market under adverse conditions and to break into new markets when we need to do so. Coking coal, our most profitable product, is a particular case in point. In Queensland we have what we believe is the largest lowest-cost reserve of coking coal mineable by strip mining methods in the world. This coal, even after allowing for quality differences, can compete effectively in either the European or Japanese market. Finally, Utah has an uncommon record among mining companies in discovering new minerals worth discovering, of bringing these into profitable production with a minimum of difficulty, and of sustaining over time a growth record that is not easily matched in mining or indeed in other industries. Obviously the bigger you get, the harder this is to do but we have in hand reasonable prospects that lie ahead of us that should keep our record intact for some time to come. Coal gasification I've mentioned as a future possibility and Utah Development is moving forward on plans that would give it an 85% interest in two new coking coal mines in Queensland -- Saraji and Norwich Park -- having perhaps a capacity of around 4 million tons each. 1975 and 1976 would be tentative target dates but sounding out of potential customers will get underway in 1972. Our uranium production is sold out through 1975 and we believe that the uranium market will be strong in the last half of the 70's. We continue a vigorous exploration program for new mineral reserves and we expect it to be rewarding in the future as it has been in the past. For domestic and international business the outlook for 1972 contains more than the usual uncertainties. Internationally the major trading partners are looking at their hole cards and trying to figure out how best to play their hands in a high stake game of world trade and international monetary readjustment. Industrial strife, particularly in Australia, would have an impact on us if it continues, and our company cannot be immune or completely isolated from trends as they develop during the coming year. However we are expecting profit improvement primarily as a result of the addition of new profit centers, and we would expect general economic developments only to moderate the size of that profit improvement, making it more or less, depending upon the strength or weakness of the business recovery worldwide. We continue to be optimistic about the future and the continuation of our long term growth rate. Thank you.