POSTCARD -12- the ore was moved in chartered vessels of the 10, 500 DW ton class but today the ore is moved in ore carriers of much greater size and about one-half of it is carried in the ships of our affiliate, San Juan Carriers, Ltd., whose fleet of 8 ore carriers totals 390, 000 DW tons. San Juan's latest acquisitions consist of 3 vessels of the 71, 000 ton class, the largest dry cargo carriers in the world. These are combination ore-and-oil carriers, Not only do they make available low-cost transportation, but their utilization is assured because their purchase and financing were coupled with 7-year ore sales contracts with Japanese mills. URANIUM The uranium industry has had its prospects brightened considerably, and one only needs to engage in the exercise of trying to sell coal to the public utilities to be convinced of this fact. The most serious competition that we encounter in our coal program is no longer natural gas but nuclear fuel as the energy source for the future, and there is every indication that nuclear power in high cost fuel areas will be a serious and growing contender in the 1970's. In recognition of this change the Atomic Energy Commission in undertaking to renegotiate its present purchase contracts which now expire in 1966. From producers who stretch-out the remaining contract quantities until 1968, the AEC will agree to purchase additional poundage through 1970. The price through 1968 would be the existing price of $8 a pound. The price