period from 1963 through 1966 have been spread out over a six year period ending with 1968, As the consideration for this change the AEC has agreed to purchase additional tonnages of uranium oxide in the years 1969 and 1970, at an acceptable formula price. The postponement of a part of the contract deliveries will curtail our annual income from this source, not only because the volume of sales is cut by a third but because of the higher unit cost of milling the reduced quantities of ore which are fed to process. Because of the timing of deliveries the impact on our profits in 1963 was greater than it will be in 1964. But this is another case in which we have increased our backlog through significantly increasing our total sales and profits now projected over another 6 years through 1970 instead of over another two years through 1966. When a commercial market for uranium develops we shall be ready for it. After deliveries to the AEC are completed in 1970 we shall have left more reserves than were used up in the course of our entire operation under the contract -- enough to support production at the present rate for at least 20 years -- and we shall own one of the most efficient and lowest-cost processing mills in the country. In my last address to you I referred to the sub-bituminous coal reserves of almost 600 million tons located in our leasehold on the Navajo Reservation in New Mexico, Late in 1961 we concluded a long-term requirements contract with Arizona Public Service Company, which serves one of the fastest growing areas of the great Southwest, to deliver Navajo coal to - 11 -