We remain committed to the belief that all of the uncommitted coal reserves under our control will be utilized, but we cannot be definite about the time table. These are assets that will add to our income stream in the future. Our most recent venture in iron ore is in Western Australia where we hold a one-third interest in the Mt. Goldsworthy project which is mining high-grade direct shipping ore from a presently proven reserve of 37. 6 million tons with some 40 million tons additional ore in outlying deposits. This is the first and smaller of the two major mining enterprises that have initiated production in Western Australia where vast new deposits have been uncovered. A third major mining enterprise is under construction in this area. These new discoveries have had a profound effect on the international iron ore picture, for they are located in a politically stable country and well situated to serve the rapidly developing Japanese steel industry. While the capital requirements to bring these properties into operation are relatively high, their production costs are relatively low and they are taking full advantage of the economies that utilization of big ships makes possible. Mt. Goldsworthy began shipments in mid-1966 against long-term contracts with the Japanese running until 1973. In Utah's fiscal year 1967 shipments amounted to 3 million long tons which is the currently contracted rate. In this year we expect to increase shipments to 4.1 million tons because of spot sales we have made. Our share of the investment is about $19 million. Profits from this venture added significantly to our mining profits -11-