3- We are concerned with operations in 15 countries on 6 continents and now have some 2500 stockholders in 47 states concerned about us. If sometimes we long for the relative simplicity of the good old days, we are consoled by the fact that the changes that we made have increased our profits some eight-fold, the price of our stock even more. Today Utah Construction & Mining Co. is both a holding company and an operating company. Its greatest source of gross profit presently and probably in some years to come is iron ore, derived from two operations. The first is the parent company's Iron Springs Mine near Cedar City, Utah, which produces about 700,000 tons annually, virtually all of which is now sold under a 10-year contract running until 1968 to the Columbia Geneva Division of United States Steel. This mine is a low-cost producer of good quality ore. The investment in the mine itself has long since been written off our books and the only remaining unamortized investment is in the undepreciated value of mining equipment and the cost of a small beneficiating facility presently being installed to give us better quality control and utilization of our reserves. The second source of iron ore earnings is from our 41-1/4% interest in Marcona Mining Company, which is owned jointly with Cyprus Mines Corporation, This company was formed in 1953 to take over the 30-year concession which Utah had acquired to mine an extensive iron ore deposit controlled by the Santa Corp., an agency of the Peruvian government. Our management felt that it was prudent to have a partner in the enterprise, and Utah received originally $3,000,000 in preferred stock (since retired), half the voting stock, and 41-1/4% of the equity stock for its position and $1,880,000 in cash. Utah's