and diversified outfit. He built up the organisation and the equipment account, acquired a large portfolio of heavy construction work, and then infused the Company with new ideas that broadened the very nature of its operations. He put us in the open-pit mining business, employing the men, equipment and know-how acquired in earthmoving over the years to move earth we owned instead of just moving earth tor others. Hot content with merely selling earth that had value because of its mineral content, he decided that earth could be moved to manufacture land where land was in short supply. Just as iron ore or coking coal was needed for hungry steel mills, so was suitable land needed for the expansion of industrial, commercial and residential areas. If the land was already available at bargain prices, as in Moraga, he'd buy it. If it was not available, but needed, as in Alameda, he'd make the land and thus create new wealth by meeting the need. Rather than rely entirely on the domestic heavy construction industry, which is subject to wide economic fluctuations, he'd diversify the Company by establishing a building division and by engaging in foreign construction. So Utah Construction Company successfully entered the fields of industrial, commercial, residential and office building construction. Like a chess player, Christensen is planning the next move but conscious always of where the play will lead, appraising the future possibilities. Let me give you an example. In 1952 he heard reports 01 an iron ore deposit in Peru that was controlled by a government corporation and which had great potentialities for development. Christensen flew to Peru, negotiated a concession for the deposit, giving us a 9-months' option on it. We consumed six months and a half million dollars in proving the ore was there. Even when the I