makes possible gives our earnings a quality aspect that the market place appears to appreciate. Fourth, our track record has been good, and this tends to suggest that we know what we are doing. We are worldly enough to realize that the affection of investors is a fickle and fragile thing but, for the moment at least, we are in favor and hopefully will continue so. Perhaps it is these distinguishing features that differentiate us from other mining companies and cause our shares to enjoy the multiplier they now do. Certainly the stage is set to continue into the 70's the rising momentum that marked the last half of the 60's. Certainly the stage is set and the script is written for the next several years. Our money and our managerial talent will be fully occupied in carrying out the expansion program to which we are already committed. By 1972 we should be enjoying the benefits of Goonyella, Island Copper, and some of the other expansion programs that will be completed earlier. With these facilities in place it is logical to assume that 1972 earnings will rise sharply above present levels and will continue to rise for several years thereafter with Peak Downs coming on, Goonyella stepping up to the full contract rate, Goldsworthy hitting the 8 million ton mark, and the uranium market regaining strength and momentum. About these years we have little concern. For 1970 and 1971 we are dependent upon improved performance from existing facilities and therefore any increases will be less dramatic -10-