15. its business. Marcona just recently purchased a 100, 000 ton vessel and will continue to expand its shipping fleet. But the company's management will strive to maintain a balanced position between shipping and mining activities. With what we have in hand and with what we see in prospect, we in the Utah management remain confident that the company can continue to grow at a very satisfactory rate certainly for the next decade. As an investment vehicle our shares offer the purchaser investment characteristics not commonly found among mining companies. Because the bulk of our business is covered by long term contracts we are assured of a growth in physical volumes over the next several years. The greater part of our profit margins is well protected against changes in costs and reasonably well protected against losses from currency fluctuations. Except for copper the markets that we serve are primarily based on negotiated prices that do not fluctuate widely and give relative stability to our earnings. Copper prices and copper earnings are volatile but in Utah's case they are of less significance than in some of the other major mining companies. The record of the company suggests that the management has a degree of competence. Financing has been arranged to carry out all approved programs, and we anticipate no difficulty in arranging additional financing to take care of new opportunities as they arise. These factors combine to suggest Utah International is an investment vehicle worthy of your consideration. Thank you very much.