4. Because of a strong fourth quarter our land development income was up sharply from the prior year and recorded its best showing since 1965. The impact of construction on our earnings statement is found in three places. The profit from the sale of the dredges is listed as an extraordinary item. The income from the operation of the dredges this year and last is carried under "Discontinued Operations". Our remaining construction earnings are carried in the main body of the statement and were up over the prior year. The extraordinary item representing the profit on the sale of the dredges about offset the decline in earnings from discontinued operations. The combined effect of all of these was higher profits in '71 over 1970. During 1971 the expansion of our mining facilities was carried forward on an unprecedented scale, both by Utah International and its important affiliates. Utah's capital expenditures for the year were $151 million. The programs at Shirley Basin, Goonyella, and Island Copper were substantially completed and a new coking coal facility at Peak Downs is proceeding on schedule. Expansion of the Blackwater coking coal mine is also under way. Marcona brought its New Zealand iron ore sands project into production and is well under way on its $25 million program in Peru to upgrade its product mix by increasing its pellet production 700, 000 tons and its fine grind concentrates production 2 million tons annually. Each of these programs also places the company in a better position to cope with the increasing demands of its customers for lower sulphur content in iron ore and iron ore products. Mount Goldsworthy is expanding its production from 6 million tons to 8 million tons with the program hopefully completed by the end of our second quarter 1973. Pima's program to increase its capacity from 39,000 tons daily to 53,500 tons daily should be completed by the end of the 1971 calendar year and enable Pima to increase its output of saleable copper from the present level of 133 million pounds to around 157 million pounds in calendar 1972 and rising to 173 million pounds in 1973. In retrospect 1971 had its blessings and its disappointments but it was a year of substantial accomplishment that laid the basis for markedly increased potential earnings in the future. As we look ahead to 1972 we foresee a sizeable increase in profits overall. Earnings from construction, land development, and ocean shipping will be lower. More than offsetting these declines we expect increased earnings from all the minerals we mine. Earnings from coking coal sales will be up significantly and our production facilities will be hard-pressed to produce the volume required by our sales