alone, but we didn't. In the next decade we complicated our lives by getting into the mining of iron ore, uranium, copper, and coal, as well as ocean shipping, land development and real estate, and hydraulic dredging. Our simple corporate structure became a complex of 26 subsidiaries, some 25 affiliated companies, and numerous joint ventures. 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. PRESENT OPERATIONS OF UTAH CONSTRUCTION & MINING CO. Today, Utah Construction & Mining Co. is both a holding company and an operating company. Mining of Iron Ore Its greatest source of gross profit presently and probably in some years to comeis 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 2 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 share of the earnings of Marcona since its inception through October 31, 1959 has amounted to $9,649,000, of which $4,165,000 has been received as dividends and the balance reinvested. This is exclusive of Utah's profit on the retirement of its preferred stock or its earn-ings as a contractor in the construction of mine, port, and camp facilities. Mining, Milling, Sale of Uranium Utah's second major source of profits at the present time is from the mining, milling, and sale of uranium, for we are now the largest operator in Wyoming, also deriving our uranium earnings from two sources: the Lucky Mc mine and mill in the Gas Hills; and a newly opened shaft in the Shirley Basin. Lucky Mc is an open pit mine with ample reserves of better than .30% ore, a 13 million pound contract now extended through 1966, an efficient mill of 1200 tons daily capacity. Lucky Mc as a result of a merger in February 3