OCR

1956 During 1956, by sale or liquidation, Utah disposed of its interest in certain subsidiary and affiliated companies primarily concerned with construction or with the operations of housing developments. Utah Construction Limited, which participated in the construction of the Big Eildon Dam in Australia, was liquidated. Consolidated Builders, Inc., in which Utah held a 10% interest, also voted a final plan of liquidation which was completed in 1957. The Company sold its interests in companies concerned with the ownership and operation of housing developments at Bisbee, Arizona; Wichita, Kansas; and Salina, Kansas. During the closing months of the fiscal year, Kennecott Copper Corporation awarded two contracts to Utah Construction Company in connection with its open pit copper mining operations at Bingham Canyon, Utah. Under one contract Utah was engaged to strip 8-1/2 million yards of overburden on the upper east and west side levels of the huge Bingham Mine. Additionally under this contract Utah was to construct the necessary haulage and access roads for the company mining operations which were to be undertaken when stripping was completed. Under the second contract Utah would drive a 17, 000 foot railroad tunnel through the mountain bordering Bingham Canyon at the 5,490 foot level. This tunnel would enter the mine pit at a new low level area to more efficiently service and handle the future shipments of ore mined from the deeper areas of the pit. Lucky Mc Uranium Corporation During 1956 Utah, under the terms of an option agreement to acquire 60% of the ownership of this company, conducted intensive geological investigations of the mining properties and leases controlled by Lucky Mc. These studies confirmed the existence of sizable bodies of uranium ore of good grade and quality. As a result Utah negotiated for Lucky Mc a long term milling and sales contract for uranium concentrate with the Atomic Energy Commission.