7. However the Board was finally persuaded to let the management go forward and with amazing rapidity and good results we expanded our mining activities. The first entry into a major mining property was the opening up of the Marcona mine in Peru with Cyprus Mines participating. We acquired a 25% interest in the Pima Copper Mine outside of Tucson, brought into development two uranium properties in Wyoming, the largest coal mine in the United States near Farmington, New Mexico, and acquired a one third interest in the Mt. Goldsworthy iron ore project in Western Australia. The $2 million earnings level that prevailed most of the years from 1950 through 1955 gave way to higher and higher earnings and by 1968 company profits were just under $20 million. Mining had become the principal source of Utah's earnings. although the contribution to Utah's profits by its two principal affiliates Marcona and Pima-- was larger than the earnings from Utah's mining properties. While we were going forward with our newer efforts in mining and in land development, we were also pursuing vigorously our construction activities both in this country and abroad. We did so with fluctuating and not always satisfactory results but by 1966 construction was more profitable than at any time in the company's history. But 1968 was a critical year -- a year in which we were overwhelmed by our opportunities. We determined that the time had come to take advantage of the market and the market prospects and to enter into a major expansion of all of our mining activities. Marcona and Pima were expanding their facilities and handling their own financing. Utah opened the year with a net worth of less than $100 million and long term liabilities of over $6l million but committed itself during the year to a capital program that would require in excess of $180 million. It set about to expand its steam coal production in New Mexico,