company into what is primarily a mining company, but certainly in some ways an unusual mining company. Setting it apart from other mining companies are several distinguishing features. First, the minerals that it produces serve markets that have experienced an unusually rapid rate of growth and promise to continue to do so. The energy requirements for the generation of electricity in general double every 10 years, but the outlook for uranium and for steam coal in the West anticipates far faster growth than this. The international trade in iron ore and coking coal has grown far faster than the increase in world steel production. The Japanese steel industry, which is our primary customer, doubled its purchases of iron ore and coking coal in the 5 years ending 1964, doubled it again by 1969, and is planning to virtually double it again by 1975. Copper supplies have been unable to keep pace with rising requirements and the surplus of copper predicted year after year by the experts has consistently failed to materialize. The Japanese demand for copper has again outpaced the average growth. Japanese imports of copper in ore and concentrates rose from 192, 000 metric tons in 1965 to 450, 000 in 1969 and are expected to hit 828, 000 tons by 1975. Second, except for copper the market prices of minerals that we produce and sell are not characterized by rapid and violent fluctuations. Iron ore, coking coal, steam coal for utilities, and uranium are largely sold on a negotiated basis and, while the prices change, they do not do so with the volatility that characterizes such minerals as lead, zinc and copper. Third is the backlog of mineral sales contracts which brings with -8-