lples are examined microscopically in lt palo alto california iwait analysis and beneficiation tests laration area in palo alto laboratory e of test cell refully weighed and n 1981 period the copper metal produced from the concentrates will be purchased by the smelting companies at prices based on london metal exchange prices less normal charges for smelting and refining insurance and freight costs are to be borne by utah capital investment of approximately 60 million is required to bring the island copper project into production in addition to the mining and milling installations a new community will be developed as a major addition to the nearby town of port hardy to house many of the 500 employees who will man these operations exploration the ongoing search for new mineral deposits and additional mineral reserves is a vital function to which your company is increasingly committing both funds and the energies and talents of its geol ogists and other technical staff our physical resources consist primarily of the reserves of ores and fossil fuels which we control and the outlook for the future profitability and expansion of our mining operations is directly keyed to our success in locating new sources of minerals developing them economically and marketing them effectively your company's management is dedi cated to a vigorous and continuing program of mineral exploration we be lieve that in order to grow and prosper utah must discover more reserves than it depletes in production this search is and will be directed toward minerals having the prospects of growing use and demand in our economy adherence to these policies has made possible the exceptional growth rate which utah construction & mining co has enjoyed in recent years