5. Marcona is embarked on two programs to increase its iron ore production. In Peru pellet production is being increased from 3. 3 million tons annually to 4 million tons and other facilities are being installed to upgrade existing products and to produce a slurry product for transportation using the company's new Marconaflo system. These facilities should be completed within the next 12 months. Marcona has a 75% interest in a new iron ore project in New Zealand which is scheduled for completion this year and is expected to produce 2 million tons of iron concentrates from titanomagnetite beach sands. The investment in New Zealand is estimated at approximately $13 million and contracts for the sale of the concentrate call for the delivery of 11 million tons over a 10 year period. It should be noted that Marcona earns more money from its shipping than its mining and at the present time it is jumboizing three of its vessels and converting part of its carrying capacity to handle slurry products. Pima has grown rapidly and currently is expanding its facilities at a cost of $16 1/2 million. Under this program the capacity of the mill will be increased from 39, 000 to 53, 000 tons of ore daily and the annual output of copper contained in concentrates will increase from 130 million to 160 million pounds. Without taking credit for our share of the revenues of Marcona and Pima, we have quadrupled our mining revenues in the last 5 years and expect to at least triple the present levels in the next 5 years. This is an attainable target. Of the $273 million mining revenues required to meet this goal we have already sold some $237 million under contractual commitments in hand. We have only to find a sale for the remaining $36 million either in the spot market or under contract to employ fully the capacity being installed under our expansion program. These additional sales and the additional investments that are being made have obviously been authorized with the expectation that they will cause Utah's profits to continue to grow as these facilities come on stream. Certainly in 1972 and the years that follow we would expect our earning to be sharply up over those of 1970. We have no cause for concern about the long term but precisely how much of this gain will be recorded in the current year is a little more difficult to estimate with precision. As of now we do expect earnings to be up a respectable percentage over last year, partly because of our strong first quarter, the unusual strength in the charter market which is benefitting very substantially Marcona's ocean shipping activities, and increased deliveries from Blackwater and Navajo. The uncertainties that will affect 1971 are found in the price of copper, the possibilities of strikes in the copper and steel industries, and the exact time when Shirley Basin and Goonyella come into full operation and begin making their expected contribution to profits. We anticipate that our construction earnings will be down from the unusual profit performance of last year and we do not anticipate much change in the level of land development earnings. Putting it all