LME price is around 70. Island Copper is scheduled for production in early 1972. During the year Utah also took action to double its uranium capacity. We are building a new mill at Shirley Basin with a capacity of 2. 3 million pounds of uranium oxide a year. The Shirley Basin project will be converted from the present solution mining to an open pit operation. This program calls for capital expenditures of $20 million and should be completed in 1971. With the existing Lucky Mc Mine and Mill producing around 2 million pounds, and with Shirley Basin in operation, Utah will have a total production capacity of approximately 4. 3 million pounds of uranium oxide annually. Already under way were expansion programs at existing projects. Our Navajo steam coal mine is increasing its capacity from 2 1/2 million tons yearly to 8 1/2 million tons. Our Blackwater coking coal mine in Australia is increasing its capacity from 1 1/2 million tons to 3 million tons. And Mt. Goldsworthy is increasing its capacity from 5 million tons to 6 million tons. In all, $227 million had been authorized for capital expansion and $44 million had been expended by year end. These figures do not include the expansion programs being carried out by Marcona and Pima which will be financed by these ventures separately. The momentum in evidence in 1969 has continued on into 1970 with further important additions to the mineral sales backlog and to our capital expansion plans. Since the end of our 1969 fiscal year $570 million has been added to the mineral sales backlog and $57 million to our capital expansion plans. Several items make up this increase in our backlog. $10 million of -4-