13 - Nationalism is a popular cause in any country, and Australia is no exception. We would be foolish to ignore it and, despite Mr. Connor and not because of him, Utah will be continually exploring ways of increasing Australian participation and ownership in the stream of earnings made possible by the combination of Australian natural resources and Utah's capital and know-how. We believe Utah's faith in the essential sense of fairness and integrity of the Australian people will be justified. We would like to develop coking coal at Norwich Park and to participate in the later development of Goldsworthy's Mining Area C, considered to have 750 million long tons of iron-bearing material located some 210 miles from the present port and representing a major undertaking. Feasibility studies are in progress and a commercial sample of Mining Area C ore is being shipped to Japan for testing. Marcona is embarking on a program to increase sales from its New Zealand iron sands operations from 1.1 million to 2.0 million tons a year. More importantly Marcona is engaged in an exciting new venture in Brazil where it holds a 49% interest in SAMARCO, a new company planning to invest $415 million in mining facilities near Belo Horizonte, a 250 mile pipeline to the coast, and processing and shipping facilities at the coast. Initially it is planned to produce 5 million tons of pellets and 2 million tons of filtered concentrates annually but the pipeline is sized to make it capable of ultimately carrying 12 million tons a year with additional pumping stations. This product will largely be sold to mills in Europe and in the United States.