mineral exploration growing demand for raw materials and energy-related resources has accelerated utah's vigorous exploration program expanded exploration efforts both foreign and domestic are supported by the company's belief that increasing energy requirements and growing eco nomic expectations on the part of estab lished and emerging nations will produce a climate favorable to the development of mineral resources indeed many recent signs of encouragement stem from a growing worldwide recognition that mineral development is an essential part of sound economic growth utah concentrates its exploration efforts on energy minerals coking coal and some of the base and precious metals these are commodities which over the long term appear likely to bene fit from strong market demand the com pany has particular grounds for optimism concerning the outlook for the mineral commodities to which it is committed the price of uranium has tripled during the past eighteen months since 1973 the price of coking coal has more than tripled and steam coal prices have sub stantially increased during that same period the longer term supply and de mand relationship for all three of these commodities is favorable from the stand point of the efficient producer copper and some other base metals have not fared so well recently due to the high sensitivity of demand and price to the business cycle but a strengthening of prices is looked for as business improves and demand again overtakes supply utah's mineral exploration activities involve both independent searches and joint ventures with industry partners exclusive of funds expended in the search for oil and gas an annual oper ating budget four times greater than that of 1970 now enables utah to carry on reconnaissance projects in widely diverse geographic areas mineral exploration personnel are located in the united states canada australia southeast asia africa brazil and the middle east in 1975 utah's exploration depart ment placed increasing emphasis espe cially in domestic locations on the evaluation of mineral properties that are known candidates for possible acquisi tion a coordinated approach among 24 utah's marketing technical services and exploration personnel facilitates the evaluations it is expected that this ap proach will play an important future role utah's exploration and mineral de velopment activities influence the long term growth potential of the company looking ahead to 1976 and beyond the exploration program is well designed to capitalize on opportunities presented by improvements in political attitudes and the economic climate combined with a strong market outlook for the minerals to which the company is largely committed sharply escalating worldwide energy and mineral needs have increased the scope of utah's already vigorous explor ation activities even remote areas are carefully examined for surface indica tions of mineralization samples re covered by geologists and analyzed at the palo alto ore dressing lab in california provide essential clues to the nature of indicated ore bodies