moving in international commerce and the availability of large ocean carriers to transport them exploration a continuing and aggressive program of mineral exploration and develop ment is conducted by utah as a matter of longstanding policy exist ing mining operations can be extended beyond the periods of years initially projected only by the augmentation of accessible reserves successful new mining projects can be under taken only after new and adequate deposits of minerals and fuels have been discovered and the technical and economic feasibility of mining them have been fully and correctly evaluated a highly qualified staff is engaged in this work the new mining projects and the enlargement of existing mining operations in utah's current expansion program evidence the soundness of the policy of sub stantial expenditures in the search for deposits of new minerals and for increased reserves to support existing operations during 1971 exploration activities were conducted mainly in the united states canada australia and the solomon islands the principal efforts were directed at copper uranium and coking coal several areas were under active investigation for por phyry copper deposits in the western united states and on vancouver island in british columbia areas of uranium mineralization in the united states discovered during the year appear to be attractive but will require considerable drilling and analysis to determine their economic potential a geological survey coupled with preliminary drilling was undertaken to evaluate a possible coking coal deposit in british columbia the search for new reserves of uranium ore was extended to australia during the year utah de velopment company acquired a joint venture interest with other united states and australian companies in a program of exploration for uranium ore in the northern territory utah development company's interest in the venture initially 11 may be increased to as much as 20 upon the occurrence of stipulated condi tions and the payment of certain costs as the venture progresses as already noted utah develop ment company and its co-venturers are engaged in intensive investiga tions to develop additional reserves of coking coal in the saraji and nor wich park areas of central queens land and iron ore in the mccamey's monster prospect and elsewhere in western australia advanced techniques and the most modern equipment are employed in the exploration program which will remain an important factor in utah's forward planning for its mining operations construction utah international terminated and discontinued its remaining construc tion operations prior to the end of the 1971 fiscal year dredging work under contract was completed and all of the dredges were sold at a gain of 1,355,000 reported as an extra ordinary income item including the gain on the sale of the dredges profits from construction activities were at approximately the same level as in 1970 the company no longer engages in the construction business no further revenues or income will be received from construction activities except as may arise from contract price adjustments relating to projects com pleted in prior years utah continues its interest as a limited partner with haas & haynie corporation in building and specialty construction operations by the limited partnership were profitable in 1971 and utah realized a satisfactory return on its share of the partnership investment as of october 31 1971 the limited partnership's backlog of uncompleted construction work amounted to 54 million as compared with 49 million a year earlier land development land development operations de pressed in 1970 because of a sluggish real estate market showed revived activity in 1971 earnings rose sharply more than doubling the results recorded in the previous year sev eral major sales were closed in the fourth quarter and accounted for most of the profit improvement at the south san francisco in exploration activities in wyoi on during adverse weather co