5- go into operations, but may be extended up to 55 years if the utility company exercises all its options. Initial coal requirements would be about 1 million and a half tons annually and could reach 3.6 million tons as additional generating facilities are added and purchase options are exercised. We expect to commence stripping on this property in 1962 with actual coal shipments beginning in substantial amounts in 1963. Time does not permit any detailed discussion of our individual land development projects. We own or control some 10,000 acres in California, and these embrace residential, commercial and industrial properties. Our largest holdings are in the San Francisco Bay area but other significant developments are located near the Vandenberg Missile Base, the Pauma Valley property, which is a development around a golf course located between Los Angeles and San Diego, and a newly acquired 200-acre parcel of industrial land in El Segundo, California, not far from the Los Angeles Airport. Our land development activities last year and this year have made a modest contribution to our earnings, but we are confident that the present value of our land is substantially in excess of our cost and this added value will reflect itself in profits spread out over future years. Second only to the Mormon missionaries, I believe that our construction people have done as much to make the name of Utah known around the world as any other group. They have not always made the name known as favorably as the missionaries, for there have been instances where our boys did not always observe the word of wisdom. However, for the most part, we have good reason to be proud of the performance of our personnel and their hard work. They have built significant works of lasting benefit to the many countries in