6. bolstered by the opening up of the new Saraji Mine in 1974. The 1975 volume of shipments will be well over twice the 1972 level. Coking coal margins on long term contracts should not be impaired from either cost increases or currency fluctuations because of escalation protection under the contracts. We do have some modest exposure on our European sales if ocean charter rates increase too rapidly but even here we are substantially covered through contracts of affreightment for shipping negotiated earlier at favorable levels. The coking coal market is strong and for us likely to remain so. 2. Uranium earnings will tend to fluctuate over the next several years because our plans call for producing at capacity through 1975 but delivery schedules call for uneven shipments year by year. We sold out our capacity at prices better than we could now obtain but the contractual requirements called for delivery of 3 million pounds in 1971, 4.6 million pounds in 1972, dropping to 4. 0 million pounds this year, increasing to 4. 7 million pounds in 1974, and 4. 5 million pounds in 1975. Prices also vary but trend upward with the passage of time. However, unit costs are likewise increasing and margins may not improve. Because of the delays in nuclear reactors coming into production on schedule, some of our customers have in recent days asked for delayed deliveries, and we have agreed to postpone shipments of 500, 000 pounds from 1973 to 1974. While the sharp increase in demand forecast for uranium has been delayed in coming, we in Utah remain convinced that it will occur, that uranium will play a very major role in supplying future energy requirements, that uranium prices will rise sharply above existing levels in the last half of the 70's, and that uranium reserves are valuable properties. For these reasons we have accelerated our exploration