Last year Marcona acquired a 7 5% interest in a new venture in New Zealand to produce iron bearing material by hydraulic dredging, magnetic separation and shipment in slurry form to Japanese steel mills under long-term contracts valued at $89 million for delivery of 11,060,000 tons of concentrates over a 10 year period. The operation is being sized so that some capacity will be available for spot sales. Another important affiliated company in which we own a 25% interest is the Pima Mining Company which produces copper concentrates from a mine and mill near Tucson, Arizona. Since its inception in 1957 the Pima operation has been consistently expanded and particularly so in the last five years. The mill has been increased from 3,000 tons daily to 6,000 tons to 18, 000 tons and the current capacity of 38, 000 tons is presently being expanded to 53, 000 tons daily which will allow treatment of lower grade ores that would otherwise be stockpiled. The pounds of copper sold in concentrate have increased from 23 million pounds in 1957 to a high of 146 million pounds in 1969 when current production was augmented by sales out of inventory that had been produced but not shipped during the copper strike in the previous year. Copper sales last year amounted to 125 million pounds of which approximately 1/2 was sold at prices based on the U. S. producers price and the balance on the open market. This marketing arrangement has served Pima well in the recent years when copper prices have been advancing rapidly and when prices related to the London Metal Exchange copper quotations were at premiums substantially above the U. S. producers' price. Utah's share of Pima's earnings after distribution taxes last year amounted to $4, 907, 000, 18% higher than the 11.