4. Financial results for the first quarter 1972 are not yet available but we do not anticipate a strong first quarter for a variety of reasons. We have experienced a number of operating problems that have caused our production to fall below our mining plans. At Lucky Mc we were delayed in reaching a new ore body that we are opening up and as a consequence our production in November and December was well below expectations. January production was back on plan. We continued to experience problems at Shirley Basin in November and December but again made substantial improvements in January. Winds of over 100 miles an hour blew part of the roof off the Shirley Basin mill into the thickeners and otherwise disrupted operations. A labor dispute affected production at our Iron Springs mine for most of November and Australian coal production was also affected by 22 days of work stoppages in November and December. Island Copper has not yet attained on a sustainable basis its designed capacity. We are now striving to achieve sufficient mine production properly balanced between coarse and fine ore so that the new autogenous mills can perform as they were designed to do. This will require opening up additional faces in the pit. In contrast to the startup problems at Shirley Basin and Island Copper the operation of the new coking coal mine at Goonyella has proceeded very smoothly. On the marketing side deliveries of coal at Navajo were down sharply while the utility companies were installing new precipitation equipment. This caused our steam coal deliveries to be off from a year ago. I am pleased to report that the new equipment performed impressively in removing particulates from the air while it was being tested, but the plants are shut down again because of some mechanical difficulties in the new equipment. Lack of customer-furnished ships reduced sales at Goldsworthy. Hopefully these conditions in the first quarter are temporary and will be overcome and disappear as the year progresses. For the year 1972 we do expect a lower contribution to profit from Marcona's shipping activities with the charter market now bounding along rock bottom and with the gradual expiration of the longer-term charters made earlier at advantageous rates. We also expect lower contributions from Utah's real estate activities where our land development operations are hampered by the depletion of our readily-saleable inventory and by delays in ob-taining the necessary zoning revisions to bring new properties onto the market. We do not look for much improvement in our iron ore operations or at Navajo but for the year we do anticipate that uranium results will show a substantial improvement over last year, that coking coal profits will be up sharply with the additional sales from Goonyella, and later in the year from Peak Downs, and that copper earnings will also improve because of the additional volume at Island Copper and Pima more than offsetting lower copper prices. Balancing the scales as best we can at this time, we would expect 1972 to be another record year. More importantly our long-term future is underwritten by our backlog of mineral sales which improved slightly during 1971 and stands at over $2 1/2 billion. 78% of this backlog is represented by long-term contracts with escalation provisions and the figures do not include either Marcona or Pima. We are working on the possibilities of coal gasification at Navajo and on bringing in another new coking coal mine and possibly two such mines in the Central Queensland area.