operation that marked its beginning. On the mining side much of the earnings have been reinvested to convert the operation into a beneficiation complex capable today of producing over 8 million tons of product. We have acquired a fleet of 9 ships ranging in capacity from 31, 000 to 106,000 deadweight tons and aggregating approximately 561,000 tons. We operate another 16 vessels on charter aggregating 867,000 deadweight tons and we have on order 3 additional ore-oil vessels of around 128,000 deadweight tons each for delivery in late '69 and '70. The ton miles of cargo moved have increased from 3. 3 billion in 1953 to 94. 6 billion in 1967, and Marcona has taken the lead in the development of the larger more efficient carriers and these in turn have revolutionized the international iron ore industry. All during Marcona's life iron ore prices on a delivered basis have been declining and will in my opinion continue to decline, but the major part of this decline is represented by the savings in the cost of ocean transportation, for we now can deliver ore for one-sixth the cost from Peru to Japan than we could 10 years ago. Today Marcona has a net worth in excess of $100 million, and Utah is some $45 million richer for having taken the risk in this venture. Partly as a result of unusually high profits in shipping that followed immediately after the Suez crisis, Marcona had its best year in 1967. We anticipate that in 1968 Utah's share of Marcona's profits will be even greater than they were last year. In 1955 Utah acquired a 25% interest in the Pima Mining Company for approximately $859,000. Utah had been retained by Cyprus Mines to perform the feasibility study on this property and later was retained by -5-