mine in Arkansas where we have removed 40' of overburden to get at a 17" seam of ore. This was followed by the development of a small iron ore property on Vancouver Island, the output of which has largely gone to Japan. Unquestionably our most spectacular success in the mining field has been with the Marcona Mining Company in Peru, and this is a story that deserves telling in some detail. We learned of the existence of an iron deposit located 16 miles from the shore in the midst of the moat desolate desert country that you have ever seen and lying some 300 miles south of Lima. In less than one year we secured an option en the deposit, performed our exploration work, arranged for a two-year contract of sale to the United States Steel Corporation, and invited Cyprus Mines to participate with us in the project in order to obtain the necessary financing. Under our contract with 0. S. Steel we had only four months to bring the mine into operation or suffer severe penalties. The equipment left San Francisco Harbor in January 1953, was landed on the barren beach with invasion barges borrowed from the Peruvian Navy In February, and in April we shipped our first boatload of ore. In that short pace of time we had built