8. 2. Utah has substantial reserves of steam coal at Craig, Colorado and Kanab, Utah which could serve as the fuel source for a power plant complex. This is in addition to the some 700 million tons of uncommitted reserves at the Navajo mine in New Mexico. It is my belief that the need for energy in the West will develop at a rate that will require sooner or later the development and utilization of all these coal reserves but I cannot be precise about the timing. This coal could be sold and utilized directly as a fuel for the generation of electricity or possibly as a source for the manufacture of natural gas if new technologies now under development prove economical. 3. In the Bowen Basin in Queensland there is every reason to believe that we have substantially greater reserves beyond those indicated by Blackwater, Goonyella, and Peak Downs. There is the probability that we can open up at least two additional mines here and possibly more. We have additional work to do before this can be positively asserted but the prospects are promising. Beyond these areas we must depend upon our exploration program to continue to bring forward new mining opportunities for us to exploit. As our earnings have increased so has our exploration activity and obviously we have not invested these sums without the expectation that they will produce opportunities for profit. In the 20 year span from 1953 to 1973 Utah developed or took an interest in 11 new mines, better than one new mine every other year. Whether we were good or lucky I cannot say but I suspect that it was a combination of both, and we are continuing to explore diligently for coal, uranium, copper, iron ore, and