26% of the new orders in 1965 and last year took 55% of the market. Almost overnight it was a whole new war and called for reappraisal of the situation with realistic recognition that nuclear installations were going to capture a growing place of importance in the generation of electric power. The impact on the uranium mining industry was hard to believe. The earlier discouraging forecasts gave way to a series of new forecasts and each new revision carried the indicated demand curve to higher and unprecedented levels. Within recent weeks, the Atomic Energy Commission has again revised its estimates, and now predicts that nuclear installations in the United States will reach 10, 000 to 12, 000 megawatts by 1970, rising to a level of 120, 000 to 170, 000 megawatts in 1980, four times the forecast made only five years ago. Against these new estimates let us reassess the prospects for the uranium mining industry. Remember that for every dollar spent on purchasing a new nuclear plant, over $ 2 will be spent fueling that plant over its 30-year life. Unlike other conventional fuels, the uranium fuel cell that heats the reactor is a manufactured product, starting with yellow cake, the concentrate produced from the mining and milling of uranium ore and the product that the uranium miner sells. Of the $ 2 spent for fuel only somewhere around 60 will be for the purchase of yellow cake, and because of the magnitude of the other costs involved the price level of yellow cake is not particularly critical in determining the final cost of - 7 -