Thank you, Mr. Bureker. For the third time in five years it has been your assigned duty to present me to this Western Investment Forum and my great pleasure to appear before it. This relationship has been one of the few constants in an ever-changing world. For its fiscal year ending October 31, 1972 Utah International reported consolidated net income of $39, 842, 000 or $2. 76 a share on a fully diluted basis. Including Utah's equity in net income of affiliates, joint ventures and partnerships, 86% of the gross profit from operations came from mining activities and 13% from ocean shipping. Of the minerals produced coking coal was the leading contributor with the remainder of the earnings reasonably well balanced among steam coal, iron ore, uranium, and copper. Excluding the affiliates Utah International and its consolidated subsidiaries earned 99% of the gross profit from operations from mining activities. In North America these consist of the iron ore operations near Cedar City, two uranium mines and mills in Wyoming, the Navajo steam coal mine in New Mexico, and the Island Copper Mine in British Columbia. Australian operations are conducted by Utah Development Company, 90% owned, which produces coking coal from three mines in Queensland and holds a 1/3 interest in Mount Goldsworthy Mining Associates, a Western Australia iron ore producer. Utah Development Company's coking coal interests are represented by the Blackwater Mine and an 85% interest in the Goonyella and Peak Downs mines. Affiliated companies (of which two are of major importance) accounted for 17% of the gross profit from operations. Utah owns 46% of the equity interest and 50% of the voting stock of Marcona Corporation which produces iron ore