Today Utah's share of the consolidated net worth of the Marcona Corporation is over $45 million, approximately 10 times the cost of the stock we now own. Our original investment was our position and $2 million in cash, for which we received $3 million in second preferred and 41% of the common. The preferred stock was retired in four years and Utah's share of the dividends paid from this venture have amounted to $13.5 million, with the balance of the earnings plowed back to finance the beneficiation facilities, purchase ships, and expand the operation. Our share of the profits last year amounted to $6,352,000 after provision for distribution of taxes and this year are running well ahead of last year's pace. Marcona is now also the controlling stockholder in a corporation mining and exporting salt from Chile and has made some initial shipments of iron ore to the United States and Japan which were loaded and off-loaded from the ships in slurry form. This is an exciting new concept, which, if proven successful, can represent a substantial step forward in the movement of iron ore and can have far reaching impacts on both the mining of and receiving of iron ore. MT. GOLDSWORTHY. Our most recent venture in iron ore is in Western Australia where we hold a l/3rd interest in the Mt. Goldsworthy project which is mining high grade direct shipping ore from a presently proven reserve of 48. 4 million tons, with substantial additional iron ore available in nearby proven deposits under our control. While the contracted rate of sales now stands at. more than 3 million tons annually through 1973, actual shipments supplemented by -9-