previous year. With the weakening in copper prices Pima's contribution to Utah's earnings in 1971 will obviously be lower. Utah is increasing its interest in copper with the parent company bringing into production an open pit mine and a concentrator having a capacity of 33, 000 tons of ore daily. Known as the Island Copper Mine, the operation is located on the northern end of Vancouver Island and production is expected to commence in 197 2. Shipments should attain a level of approximately 230, 000 tons of copper concentrate containing about 110 million pounds of copper metal and 1800 tons of molybdenum concentrate. Arrangements have been made to market this output under long term contracts with Japanese companies at prices based on the London Metal Exchange copper quotations less normal charges for smelting, refining, transportation and related costs. From this review of our history and our operations it seems to me that these things are worthy of special note. Currently Utah is deriving mining income from 8 producing properties and the list will grow to 11 by 197 3. Ten of these will have been brought into production in the 20-year period from 1953 to 197 3 - - an average of one every other year. Virtually from scratch, we have grown into one of the major mining companies, and the record testifies to our success in finding and developing new mining reserves of commercial importance. The minerals that we have sought and found are those having in our opinion a favorable market outlook for the long term and we are serving markets that are enjoying above average growth. We have concentrated the major part of our efforts on minerals whose prices are not subject to wide 12.