of its subsidiaries. Additional drilling in the area under the control of the Central Queensland Coal Associates indicates the distinct possibility that at least two additional strip mines of the Goonyella size can be brought into production. Despite the fact that there is a long-term trend toward the use of less coke per ton of steel produced, the coking coal market is extremely strong as evidence mounts that a coking coal shortage is developing throughout the world. Utah is in a favorable position to take advantage of this for the coking coal discoveries in Queensland are probably the most significant find of coking coal in the last 50 years. Turning now to the mining affiliates, three should be mentioned but one only briefly in passing. The parent company holds a 1/3 interest in Golds-worthy Mining Limited, the corporate service vehicle that performs certain operating functions under contract for the three partners that own the Goldsworthy ore reserves. Of much greater significance is Utah's 46% interest in the Marcona Corporation which engages in mining, marketing, and ocean shipping. Through a wholly-owned Western Hemisphere trade corporation, the Marcona Mining Company, it began shipping iron ore from substantial iron ore reserves in Peru in 1953 at the rate of approximately 2 million tons yearly. Initial production was a direct shipping ore that overlay the much more substantial reserves of iron ore requiring beneficiation. By 1962 the production rate had increased to over 4 million tons but the reserves of direct shipping ore were nearing exhaustion. At that time the mine installed facilities to produce