OCR

1953 Perhaps the largest single accomplishment of the year, was the record pace established in setting up the much needed mining facilities in connection with the Marcona iron ore deposit near San Juan Bay, Peru. A detailed description of this project follows under "Projects Completed During the Period". During 1953 the company increased its net investments in affiliated companies by $2,104,847 to a total of $4,353,232. A major portion of this increase resulted from Utah's investment in affiliates concerned with the mining, selling, and shipping of ore from the Marcona iron ore deposit in southern Peru. Utah, in association with Cyprus Mines Corporation, had acquired a major interest in the following companies. (1) Marcona Mining Company, a Nevada corporation holding a 30 year con- cession to mine the Marcona iron ore deposits. This company mines the ore and sells it at the Peruvian Port near the mine. (2) Cia San Juan, S.A. , a Panamanian corporation which buys iron ore from Marcona Mining Company at the Peruvian port and in turn sells the purchased ore to steel mills in the United States or elsewhere. This company arranges for ship transportation and serves as the sales represenrative. (3) Associated Ocean Freight Services, a Nevada corporation which operates in the United States in the capacity of freight broker and service organization to associated companies. Corporate Officers of Utah During this Period were: Marriner S. Eccles - Chairman of the Board Lester S. Corey - President Allen D. Christensen - Executive Vice President and General Manager E. W. Littlefield - Vice President, Secretary and Treasurer C. S. Davis - Vice President Frank M. Keller - Vice President George R. Putnum - Vice President