been concentrated in australia canada the western united states and the solomon islands general reconnaissance and drilling as well as geochemical and geophysical programs are currently underway in these areas with the greatest emphasis on minerals now produced by utah through marcona potential project opportunities are under consideration in brazil greenland alaska and india other countries known to have mineral resources are being examined to determine whether the political and investment climate justifies exploration expenditures construction with the disposition of heavy construction and dredging assets over the past several years utah's only remaining interest in construction activities is represented by participation as a limited partnerwith haas & haynie corporation this partnership continues to complete successfully commercial and light industrial construction projects chiefly in the western united states utah has also retained a staff of construction personnel to provide the expertise required for the planning and supervision of construction programs at new or expanding mining operations land development with a shortage of developed land in a readily marketable stage 1972 sales and earnings from land development operations were below the performance of the previous year however earnings generated by the sale and operation of investment properties together with those realized on collections under deferred sales arrangements of prior years did allow a profit to be recorded by this division of the company's operations utah holds interests in a number of land projects most of which are located in california only a few of these represent sizable investment com mitments or are noteworthy because of their 1972 profit performance the moraga property a residential development located east of the san francisco bay area provided the greatest profit contribution as further payments were received under earlier agreements which provide for the sale of ail remaining land profits will continue in future years as additional installments are received development of the company's 908 acres of unimproved landfill property at bay farm island in alameda california has progressed toward imple mentation through the establishment of a partnership agreement with doric development inc an experienced san francisco area builder of quality multi-unit housing a planned unit development comprised of residential commercial and light industrial areas has been designed for the property under the name of harbor bay isle the residential section is to consist of some 9000 units most of which will be condominium townhouses approximately two thirds of the entire property will remain as landscaped open space including the three and one-half mile shoreline perimeter a complete environ mental impact report documenting its ecological considerations and substantial economic benefits to the city of alameda has been submitted to the city whose approval of an application by the partnership to rezone the project is necessary before construction can begin it is hoped that this approval will be forthcoming in the near future the company's investment in improved real estate declined slightly during the year with the sales of an improved parcel of land in phoenix arizona and a small apartment complex in alameda which was converted to condominium units the south shore shopping center in alameda continued to record profits and the value of this investment was enhanced this year by a program of general site improvements and the addition of a new department store future profits from land operations are linked to the company's ability to bring existing properties to a marketable stage and to its success in seeking and finalizing new ventures this latter task is becoming increasingly difficult as land projects are now subjected to a growing number of delays new commissions and agencies with overlapping jurisdictions and divergent objectives contribute to the problem as does the uncertainty surrounding building codes and environmental impact standards unfortunately because changing lifestyles and care for the environment must be reflected in new residential developments clustering of structures can provide pleasing patterns while allowing greater amounts of landscaped open space for leisure-time enjoyment a scale model now on display shows the proposed development of harbor bay isle