2. products in Peru and New Zealand and which operates a large fleet of ships, some of which it owns and some of which it charters. These ships carry ore, oil, coal, and other bulk products and in recent years have provided over half of Marcona's earning power. Utah's share of Marcona's earnings in 1972 was $8 million after deductions for interest allocations and tax provisions. Utah owns 25% of Pima Mining Company which produces copper concentrates from a mine and mill near Tucson, Arizona. In 1972 Pima's sales of copper in concentrate were 157 million pounds and its contribution to Utah's earnings was $3. 5 million, also after deductions for interest allo-cations and tax provisions. So the record indicates that today Utah International is a mining company with important interests in ocean shipping. Over half of its assets are located outside the United States and over half of its earnings are derived from minerals produced outside of the United States. Japan is its largest customer but the United States and European markets are also of considerable importance. It is broadly diversified among five types of minerals. Its stock has been consistently selling at over 30 times last year's earnings and it yields in the neighborhood of 1%. Its present and future sales flow out of a mineral sales backlog exceeding $3 billion and represented by long-term contracts, with 84% of the amount containing price escalation clauses against future cost increases. This is where we are but perhaps you can appreciate the company better if we take a few moments to consider where we came from. The evolution of Utah from a privately held heavy engineering construction company to