1953

              1953
Perhaps the largest single accomplishment of the year, was the record pace
established in setting up the much needed mining facilities in connection
with the Marcona iron ore deposit near San Juan Bay, Peru.   A detailed
description of this project follows under "Projects Completed During the
Period".
During 1953 the company increased its net investments in affiliated companies
by $2,104,847 to a total of $4,353,232.   A major portion of this increase
resulted from Utah's investment in affiliates concerned with the mining,
selling, and shipping of ore from the Marcona iron ore deposit in southern
Peru.   Utah, in association with Cyprus Mines Corporation, had acquired
a major interest in the following companies.
(1) Marcona Mining Company, a Nevada corporation holding a 30 year con-
cession to mine the Marcona iron ore deposits.   This company mines the
ore and sells it at the Peruvian Port near the mine.
(2) Cia San Juan, S.A. , a Panamanian corporation which buys iron ore
from Marcona Mining Company at the Peruvian port and in turn sells the
purchased ore to steel mills in the United States or elsewhere.   This
company arranges for ship transportation and serves as the sales represenrative.
(3) Associated Ocean Freight Services, a Nevada corporation which operates
in the United States in the capacity of freight broker and service organization
to associated companies.
Corporate Officers of Utah During this Period were:
Marriner S. Eccles - Chairman of the Board
Lester S. Corey - President
Allen D. Christensen - Executive Vice President and General Manager
E. W. Littlefield - Vice President, Secretary and Treasurer
C. S. Davis - Vice President
Frank M. Keller - Vice President
George R. Putnum - Vice President