uranium has been sold for delivery in 1970 and 1971. We have concluded a 5-year contract with Mitsubishi Shoji for another 30% of our concentrate production from Island Copper, adding $65 million to the backlog based on a conservative forward sales price estimate. Mt. Goldsworthy has concluded an additional long-term sale of 52. 6 million tons of iron ore through 1980, accounting for $145 million of the increase. This will require a shipping rate of 8 million tons annually by 1974 and extension of the existing railway to serve two new mines which will be opened up at Shay Gap and Kennedy Gap. Funds for this program will be obtained chiefly from Goldsworthy's own cash generation. The remaining $350 million added to the backlog in 1970 is represented by the tentative decision of the company to go forward with the coking coal mine at Peak Downs some 35 miles south of Goonyella. The sales arrangement calls for delivery of 34 1/2 million tons at the rate of 1 1/2 million tons the first year and 3 million tons annually thereafter, beginning one year after Goonyella goes into operation. We are confident that the conditions remaining to be satisfied to validate the sales contract will be met this year, and we have arranged standby financing with a group of commercial banks to provide the $5 7 million of additional capital required. However, we are actually planning to finance this development through raising capital in the Australian market, partly through loans and partly through the sale of an equity interest in all of our Australian mining operations to the Australian public. This is something we are publicly committed to do, provided we can find an acceptable way from our standpoint and also a way that meets the sometimes conflicting regulations regarding foreign investment of the United States and Australian governments. -5-