7. On steam coal we have escalation protection and would expect to maintain margins reasonably well, once we sort out a few problems with the Price Board. In uranium the Shirley Basin production was never expected to have the Lucky Mc margins, and the margins will be less profitable than we had originally anticipated because of the increased stripping ratios and the higher equipment investment. However, our uranium prices trend higher as we approach 1975 and we anticipate an even stronger selling price after that date. On copper pricing I am frank to say that all the experts I know are probably here in this audience. We all realize that there is an oversupply of copper if the industry operates at capacity but it never does. The Chilean experience further complicates supply forecasting and certainly the U. S. cost structure in copper is higher because of the new labor contracts and environmental pressures. Demand will strengthen with economic recovery here, in Europe, and in Japan. Frankly the copper market is higher than we anticipated it would be at this time and if these levels are sustained we will be pleased. This discussion of margins would not be complete without reference to ocean shipping, for in 1971 Marcona reaped the results of chartering out long when the market was high and chartering in as the market fell, thereby achieving abnormally high profits from its shipping activities. The charter market dropped precipitously last year to the very low levels now prevailing. Accordingly Utah's 1972 results are expected to reflect substantially lower shipping profits. How does it all add up for Utah? As we see it now for 1972, land development will operate at a loss and ocean shipping profits will be down sharply.