6 - ensure an adequate long-term supply of coking coal the Japanese agreed to these extra-contractual price increases. Q. Is the price of your coal the same as that of other producers? A. Considering quality differentials, we may be lowest price supplier to Japan. Q. Are escalation and long-term contracts still viable? A. Yes. I expect we will continue to make most of our shipments under long-term contracts but in the future we may chose to reserve some small amount for spot sales. Q. Copper and iron ore are sold at fixed prices? A. The price for our product from Island Cooper is based upon the London Metal Exchange price but iron ore is generally sold at fixed prices. However, production from our new Samarco mine will be tied to U.S. and Brazilian iron ore pellet quotations so that while the contracts do not provide for cost escalation provisions they will at least be tied to free market price levels. Q. Why don't other companies do more in the way of long-term sales contracts? A. I believe that more of them are negotiating them now and the trend is in that direction. Q. Have projects moved along more quickly or are they likely to under GE? A. Not yet, but it's too early to tell about the future. However, since Utah's concern about concentration of risks has been removed, our Australian developments might move more quickly under GE. Q. Let me be a skeptic for a moment -- I'm not sure I understand this diversification --even under GE, Utah still has as much concentration in Australia and you are continuing to expand there. Isn't your risk just as great? A. Our investment may be the same but the percentage of the total assets is much less. You don't worry quite as much when you increase your investment in an area where you have 15% of your company as you do when you are dealing with an area which represents 80% of your company. (Mr. Kraar said that was a good way of putting it).