shipments of Mt. Goldsworthy and higher uranium shipments, partially offset by declines in Cedar City iron ore and steam coal. Iron ore shipments were unusually high in 1965 when steel operations were affected by threatened labor difficulties and the decline in steam coal for 1966 results from the turbine breakdown previously mentioned. In 1967 all four minerals show increases over the prior year, and the first shipments of coking coal from Blackwater carry 1968 into new high ground. The temporary dip in 1969 comes from a decline in uranium, while the sharp increases in 1970 and 1971 come about through further sales from Blackwater and the scheduled expansion at Navajo. The only segment of this chart in which the estimated gross revenues are not covered by a signed contract or letter of intent is that relatively small portion of the total indicated by uranium in 1971. You will note that the only pause in the upward growth of our anticipated volume occurs in 1969 when the uranium portion drops sharply from the earlier years. This results from two causes. First, in these years we have no sales presently in hand except for those to the AEC, deliveries under the outside sales to the Swiss and Swedish interests being completed by the end of 1968. The second reason is that the price under our AEC contract is at $8 through 1968 but for 1969 and 1970 will be determined by a formula based upon cost of production. Since we are one of the lowest cost producers in the country, the impact on us will be substantial. However, our views about uranium have changed very markedly in the last two years. Frankly, not so long ago we felt that - 15 -