take advantage of them, aided in no small measure by the skills that we had acquired from our construction activities in estimating capital and operating costs, designing and constructing facilities in the minimum time and at the lowest cost, and not least in importance, an ability to reach a prompt and timely decision. The principal profit building blocks brought into Utah's mining portfolio in this 20-year period are five. The Iron Springs Mine at Cedar City, Utah, our initial property, is still operating and selling virtually all of its output under a long-term contract through 1975 to the U. S. Steel Corporation. It supplies a percentage of the requirements of Big Steel's Provo Plant and its earnings therefore fluctuate with the activity of that plant, but have been most satisfactory from our standpoint. The Marcona Corporation is controlled by Utah and Cyprus Mines Corporation, with Utah holding 50% of the voting stock and 43% of the equity stock. This is a new corporation holding stocks of three companies which we previously held directly. Starting as an iron ore mine in Peru in 1953 with one customer and moving its output in chartered ships, it has grown to a complex organization that serves all the principal steel producing countries of the world. Marcona has played a leading role in pioneering the development of large specialized combination carriers and has thereby opened up to its Peruvian mine markets for its ore in Japan and Europe as well as the United States. With its backhauls of other bulk cargoes like petroleum and coal, the shipping arm - 5 -