9 - domestic iron ore mining activities, and oil and gas activities. Land Development lost less. The strongest contributor to this improvement in profit was Australian coking coal. Shipments were higher 15.5 million tons compared to 13.2 million tons the prior year. Prices were higher. Operating costs were higher and burdened for the first three quarters with a $A6.00 export levy. This was reduced $A1.50 in Utah's fourth quarter, allowing profit margins for the year to widen moderately. Compared to the experience of the prior year, labor relations were relatively calm and loss of production because of work stoppages was more moderate. This improved profit from coking coal is more noteworthy because it occurred in a year when activity in the steel industry was none too brisk, coking coal inventories at the mills were heavy, and coking coal demand was down. The combination of these factors resulted in earnings of $178.8 million for Utah International in 1976, equivalent to $5.67 a share. In the prior year we had earned $135.4 million or $4.29 a share before deducting an extraordinary loss arising out of the Peruvian expropriation of Marcona Mining Company's assets. After the extraordinary loss our earnings were $111.6 million or $3.54 a share. Thus the 1976 earnings represent an increase of 32.1% over the prior year before the extraordinary loss and 60.3% after the extraordinary loss. This is a strong showing and especially so among mining companies which with few exceptions have been reporting lower earnings on a trailing 12-month basis this year compared to last.