2/2/67 -3- expansion to 30, 000 tons daily which is now under way. Marcona completed further extensions of its iron ore producing facilities in Peru, and we contracted for the purchase of a 105, 000-ton ore vessel. A joint venture in which we have one-third interest brought into production an iron mine in Western Australia at a cost of $52 million and commenced shipments to Japan under a 7-year contract. We made our first three private sales of uranium and have our present plant capacity virtually committed through June 1970. We entered into a 10-year contract to sell coking coal to the Japanese from a mine we are opening up in Queensland, Australia, with shipments to commence in 1968 and increasing from 500, 000 tons to 1, 500, 000 tons. Most gratifying of all was the conclusion of a fuel agreement with a group of six utilities under which we will supply 6 million tons of coal to fuel two new 755,000 KW units scheduled to go into production in 1969 and 1970. Four of the companies represented in this room are participating in this program -- Utah as the fuel supplier, Bechtel as the designer and builder of the plant, Arizona Public Service and Public Service Company of New Mexico as participants in the ownership group, and both Walt Lucking and Dick Reeves have supplied leadership of the highest caliber in what in my opinion is one of the most forward-looking programs undertaken by the utility industry. With the momentum acquired in 1966 we are anticipating a further increase in our profits in 1967, despite anticipating lower profits from construction and further deterioration in those from land development. However,