gave us added ability to borrow the money needed to finance the mining projects. It gave us the credit to back up our courage in committing the company in 1968 to an expansion program that called for more borrowing than our entire net worth. We also could recognize opportunity when it was knocking on the door. Once Bethlehem Steel was Marcona's biggest customer but some years before when Bethlehem's geologists were in Lima they couldn't be bothered to take an extra day to look at the undeveloped Marcona deposits even though the Peruvians had chartered a plane for the purpose. In contrast, Utah had a man on his way from San Francisco to Lima the day after we heard from a Nisei selling ore for us in Japan about the possible existence of potential iron ore deposits in Peru. Lucky Mc had been offered to and rejected by every major mining company before it was shown to Utah. We were not only quick to act but sometimes we were also persistent in pursuing the target. In 1953 U. S. Steel told us they were planning to build an integrated steel facility at Pittsburg, California. We immediately set out to position ourselves to provide them with iron ore and with metallurgical coal. We found the iron ore quickly but the metallurgical coal proved difficult to find. But we continued our efforts in Canada, Mexico, South America, and finally in the late 1960's made our most valuable mineral discovery in Queensland, Australia. The iron mine near Carson City, Nevada lies fallow because the integrated steel plant for California was never 9