Page Seven electricity generated from our coal in New Mexico. Since that time, much has happened and much progress has been made toward converting this idea into a reality. As stated in our Annual Report, six of the utility companies have joined together and plan to break ground in May for two new generating units having a total capacity of 1, 510, 000 K. W., requiring 6 million tons of coal annually. The fuel agreement with this group has been drafted and the revised draft which we have received from them is currently under review in our office. If this agreement can be successfully concluded, and I think that it will be, the first unit is scheduled to go into production in August '69 and the second unit a year later. Our coal production will be advanced from the present level of 2 1/2 million tons to 8 1/2 million tons, making our Navajo mine the largest single coal mine in the United States. It will also advance Utah to a position of one of the larger producers of coal in the United States and we do not plan to be content, but rather to push for further similar contracts in the Far West, for we remain convinced that coal has a growing and glowing future as a source for future energy in this area. Despite the record level of earnings achieved in 1965, we are hopeful that we can make further advances in 1966, although of more modest proportions. We look for sustained strength in our construction and mining operations but in all probability some decline away from the record level of earnings achieved last year in land development. We remain concerned about the losses that we are continuing to experience on the Manapouri Tunnel in New Zealand, and this perhaps is the most questionable area in our prospects for 1966. We are encountering difficult underground conditions, both with rock and water, and these conditions, along with the difficulty in recruiting and retaining competent