available through devoting its skills and talents acquired as an earth mover and as a contract miner into other potentially more profitable channels. So began the process of converting a heavy construction company with small mining interests into what today is primarily a mining company with a substantial interest in ocean shipping and land development and only minor remnants of contract construction. Even as late as 10 years ago construction accounted for 60% of our gross revenues and mining only 30%. But the transition was largely completed in 1969 when the company sold all of its heavy engineering and construction assets to the Fluor Corporation, retaining only its dredging activities and its interest in a limited partnership with Haas -and Haynie, a building contractor. Last year mining accounted for 92% of our gross revenues excluding affiliates and joint ventures, 86% of our gross profit, and including affiliates mining and ocean shipping accounted for 90% of the gross profits. Not only is Utah today primarily a mining company but as mining companies go it is relatively well diversified among the various minerals. Cutting through the corporate structure, coal is the most important mineral, closely followed by iron ore, uranium, and copper. The mining properties in which it has an interest are in Western United States, Australia, and Peru and new properties are being brought into production in Canada and in New Zealand. From a corporate ownership standpoint it is easier to describe our activities in three categories: those operated by the parent company itself; those operated by our 90%-owned subsidiary Utah Development Company, which functions in Australia; and those important affiliated companies, Marcona and Pima. 4.