Mill and the growing market in the Western United States provided an opportunity for iron mining in the West. Our mine at Cedar City, Utah, has been operating since 1946 and now sells virtually all of its output of around 600, 000 tons yearly to U.S. Steel under a contract running until 197 5. We also perform contract mining and stripping for C. F. & I. Steel Corporation under a contract running until 1969. However, of greater significance was the need for the major steel producing centers to obtain an increasing proportion of their requirements from foreign sources. In 1952 the international movement of iron ore excluding Swedish exports to Europe amounted to only 53 million tons. By 1964 it reached 192 million tons and is still growing. MARCONA Marcona in Peru was our first move to participate in this growing trade, for it was uniquely located to serve all the major steel producing centers -- Europe, the U.S., and Japan. Utah obtained the concession in 1952 and in 1953 brought in Cyprus Mines as a partner, starting operations with a contract to supply U. S. Steel with 4, 000, 000 tons over a period of two years. Today Utah owns 46% of the equity stock and half the voting stock of the Marcona Corporation, which now owns 100% of the stock of Marcona Mining Company and Cia San Juan S. A. Marcona Mining operates iron ore mines and beneficiation facilities in Peru, partly on concessions that it owns and partly on lands controlled by an agency of the Peruvian Government, all as more fully described in the prospectus. Through 1961 the ore produced was largely -7-