efforts to contract construction and turned to applying these same skills to the fields of mining and land development. Starting in 1946 with an iron ore mine in Utah, the pace of mining quickened during the decade of the fifties with a coking coal mine in Arkansas and an iron ore mine in British Columbia, both since mined out. Moving then into larger mines, iron ore in Peru in 1953, copper in Arizona in 1956, uranium in Wyoming in 1957, steam coal in New Mexico in 1963, iron ore in Australia in 1966, and now coking coal shipments are about to commenced from our Blackwater Mine in Queensland. Also in this decade further diversification took place with the entry into ocean shipping and into land development, and both these activities have added significantly to the company's profitability. While this transition was taking place, the company's construction activities were also experiencing change. The total assets and company personnel committed to this phase of our business were maintained at about the same level, but we entered more intensively into foreign construction and added dredging to our construction capabilities. Today we do more business abroad than we do at home and our gross profits from construction activities were at historically high levels in 1966 and 1967. So today we find the Utah Construction & Mining Co. is a diversified company engaged directly or through affiliated companies in the mining of iron ore, uranium, steam coal, coking coal, and copper; in ocean transportation of bulk cargoes; in land development; and in heavy engineering construction both domestically and overseas. -2-