290 million tons of direct shipping ore and pellets from Australia with an estimated f. o. b. value of $3 and 1/4 billion. If all these projects materialize, the Pilbara iron ore investments will amount to $600 million, will build 7 new towns, 3 deep water ports, and 600 miles of standard gauge railway. Over one-half of the capital will be furnished by American companies. Two of the properties have already made commercial shipments, the second being made by a consortium in which we have a l/3rd interest, and a third venture plans to ship in August. These are expensive undertakings, and the discovery and mining of the iron ore is the least of the problems. Each of the major iron ore developments involves extensive railway construction over formidable country to an inhospitable shoreline devoid of good natural harbors, buffeted by occasional typhoons, and with poorly charted shoal water for miles off the coast. Only 2, 000 people reside in the Pilbara area and the logistics to bring these properties into production are frightening to say the least. Other than iron ore, principal new mineral developments in Australia are alumina, coal and petroleum. The aluminum industry will have invested $225 million for alumina plants when facilities currently planned have been completed. The investment is based upon an Australian bauxite reserve aggregating some 1 billion 500 million tons averaging 48 percent aluminum oxide. Bituminous coal production in Australia amounted to a little more than 27 million tons during 1964, of which about 4. 8 million tons of metallurgical coal was for export to Japan. In 1965 Theiss Peabody Mitsui began to increase its coking coal exports from Central Queensland under a new contract -8--