Utah's share of the investment cost of this project will be about $17. 5 million and the first shipment of ore left the port early this month. Additional channel and port dredging remains to be done and construction is not entirely complete on the mining facilities but is coming along in good shape considering the remoteness of the area and the treachery of the weather. During the initial shakedown period start-up costs would normally be expected to be higher and we do not anticipate that Mt. Goldsworthy will make any significant contribution to Utah's earnings in 1966 but should provide a good source of income thereafter. Australian is an attractive source of ore to supply the Japanese market and with proper shipping arrangements the markets of Europe are not beyond its reach. We would be hopeful that additional sales from Mt. Goldsworthy will be made in future years. We have concluded a 10-year contract with Mitsubishi to provide coking coal from Utah's deposit near Blackwater in the State of Queensland. Deliveries are to begin in 1968 at the rate of 500, 000 tons, increasing to 1 million tons in 1969, and 1 1/2 million tons annually thereafter. This will require an investment of approximately $18 million on Utah's part, and our mining and construction forces are already hard at work to bring the property into production. Coking coal sells for around $10 a ton, several times the price we receive from our Navajo coal, and Japan represents a logical market in which Australia has a competitive advantage over other coking coal now being imported into Japan to blend with the poorer quality coking coals indigenously produced. We anticipate - 9 -