Page Five additional 2 million tons of pellet production capacity. This should permit the further expansion of profits in the years ahead because pellets represent the best profit margin among the beneficiated products of iron ore. We also have available here a brochure on Marcona pellets, which I invite you to take with you and study at your leisure. While this has been prepared primarily as a sales brochure, I am sure that you will find it of interest and that it will contribute to your understanding of what we are doing both in Marcona and in Cia San Juan. In it you will also find a description of the shipping operations conducted by San Juan Carriers, which is one of the world's largest dry cargo vessel operations, and in it you will note that this company is adding a new 60, 000 tonner and a new 91, 000 tonner to the fleet of vessels that it owns, as well as having under term charter 4 new 55, 000 ton vessels that are being built in Japanese yards. Utah is also presently constructing new facilities for Pima, which will enlarge Pima's mining and milling capacity from 12, 000 tons daily to 18, 000 tons at a cost of approximately 21 million dollars, and this program should also be completed by mid 1966, should add further to Pima's profits during the coming year and more importantly, further extend its life by making it economical to use the large lower grade deposits of ore in its northeast orebody. During the year we were also successful in concluding long-term contracts with Japanese steel mills that make it possible to bring into production two new mines. The first of these is the Mount Goldsworthy mine in Western Australia in which we have a third interest, which has entered into contracts to provide