3. Iron ore earnings were also lower for a variety of reasons. Iron ore earnings from our Iron Springs mine in Utah were about the same as the prior year, boosted in the first half by the threat of a steel strike and depressed in the second half as the steel mills and their customers worked off excessive inventories. Our 1/3 share of the Mount Goldsworthy shipments was 2.2 million tons, up 8.4% from the prior year, but higher production costs and increased exploration expenses caused our share of the net income to decline. Marcona's mining operations also reported sharply reduced profits. Shipments were down 10.4% because of periodic work stoppages during the first three quarters of Utah's fiscal year. While operations were normal during the last three months, lost production resulted in lost sales, higher unit costs, and a slight loss for the year. A further modest loss was sustained by Marcona on its new iron sands venture in New Zealand, primarily because of start-up expenses. More than offsetting these areas of lower earnings were sharp increases in the balance of our operations. Despite the decline in income from its mining operations, Marcona Corporation reported its best year ever, thanks to markedly higher earnings from its shipping activities. Whenever you feel the need of a challenge greater than outguessing the stock market, try your hand at the charter market. The last twelve months witnessed charter rates soar to the highest point in history and within eight months drop to the lowest rates since the advent of the big ships. Through these treacherous seas Marcona's management steered its course with consummate skill, chartering out its combination ore-oil carriers on long term charters when the rates were high and replacing the tonnage required to move its dry cargoes with short term charters as the market fell. Because of this Utah's share of Marcona's earnings amounted to $12,184,000, an increase of $5,763,000 over the prior year. Utah's coal earnings were also significantly higher. Our Navajo Mine in New Mexico delivers all of its output to five generating stations producing electricity at the mine mouth and having an aggregate capacity of 2,165,000 kilowatts. Our coal deliveries during 1971 were 6.811 million tons, up 24. 5% over the prior year, and profits increased commensurately. Coking coal earnings were also up sharply but the increase was less than we had anticipated. Although Blackwater's earnings exceeded slightly those of the prior year the increase would have been substantially greater except for production lost during the third and fourth quarters when the miners staged a series of protest strikes against the Queensland industrial court's wage rate decision and a strike was also staged against the State-owned railroad. The Goonyella mine and the railroad serving it were completed on schedule and began delivering coal to the port stockpiles at Hay Point. However, the completion of the port facilities was delayed for over three months by a combination of bad weather, work stoppages, and late deliveries of equipment. The first vessel sailed in mid-October instead of mid-July with the result that Goonyella earned the handsome profit expected of it only in October instead of for the entire last quarter.