tinued to acquire and develop mineral re serves for the purpose of expanding its base of profitable mining operations this year 1,431,736 was spent on development or in the acquisition of new areas of promise a portion of this year's expenditures was devoted to the mt goldsworfby develop ment in western australia a joint venture in which utah has a one-third interest along with cyprus mines and consolidated gold fields of south africa substantial progress has been made and preliminary indications are that this is a major iron ore district con taining many millions of tons of high grade direct shipping ore the mineral develop ment program also included a substantial amount of field work and drilling on a po tential coking coal field in queensland aus tralia and on an iron ore deposit at dayton nevada at craig colorado development drilling has established the existence of a sizeable reserve of economically strippable coal the budget also provided for certain field investigations and research on other minerals in a continuing effort to enhance your company's position in basic mineral raw materials construction principally by competi tive bidding and partly by negotiation your company has sought to maintain a diversi fied construction portfolio major projects added during the year were dams in ore gon and tunisia mineral and processing plants commercial buildings military in stallations waterfront projects and other domestic projects during the year major excavations were completed on one of the most vital links in the free world's chain : geologist making field