the company has also achieved geographical diversification expansion of our general construction operations in foreign fields has been a highlight of the activity in this phase of our business oper ations it is here in the vast geographical expanse of the undeveloped countries of the world that great opportunities exist opportunities to contribute to better living and to a sounder business economy for our neighbors and friends around the globe in keeping with our generally established plan your company is prepared to go wherever the political and economic conditions are favorable and there is work to be done nowhere will our years of experience our construction know-how our large inventory of specialized equipment and our ranks of skilled personnel be more effective than in these more undeveloped areas where we can contribute to the satisfaction of the great need that exists it's a long way from henderson north carolina to sang dong korea and there is little resem blance between adak alaska and san juan peru there are many differences among these places but they possess one thing in common — construction work in progress and in which we have an interest alone or in joint venture utah construction company is participating in defense work in alaska iron ore mining in canada industrial plant construction in mexico mahogany exports from panama highway and irrigation projects in colombia construction and mining in peru across the pacific we have been retained as consultants by the korea tungsten mining co to advise the methods for increasing the production of tungsten from two large korean mines japanese steel mills are being fed with iron ore from our mines in canada and in utah and our people are participating in a study to increase the production of rice in heavily populated indonesia we have an interest in a large defense contract on the island of guam and in utah construction limited which is constructing the big eildon dam in australia in general these policies which we have been pursuing are the natural extension of the growth and expansion which we have experienced at an accelerated rate in recent years the advantages of these policies have been clearly shown in our operating results for the past three years and through diversification of our activities we are today less vulnerable to adverse changes in any one industry or in any one locality mexico compania ulah s a a wholly owned subsidiary completed a zinc fuming plant at cht huanua ihvs modern refinery was bunt tor l*om 10 pahia metalurgica del norte s a a subsidiary of american smelting and refining company for whom we have built other zinc fuming plants at selby california and corpus chris ti texas colombia utah co of the americas a wholly owned subsidiary company which does most of our south american work obtains the favorable tax treatment accorded a western hemisphere trade corporation this year in colombia ucoam completed the coello canal and irrigation project a portion of which is shown above also in colom bia this company is working on 500 kilometers of highway pictured here is a scene of grading work being done on the road from armenia to calarca peru high in the andes at o miles lies the vast toquepa controlled by northern peru t company a subsidiary of am refining company utah pe owned subsidiary was retain s of over two the development of this extensive copper deposit ling property utah co of the americas assembled the equip and smelting ment and has constructed ihe facilities for the smelting a no raarcona wining com pony at san juanr peru pic which is one of the largest of its type