XML 48 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Noncontrolling Interest
6 Months Ended
Jun. 30, 2012
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTEREST

10. NONCONTROLLING INTEREST

In May 2010 GeoCam shareholders approved a capital increase equivalent to approximately $11 million for 2010. In December 2010 they approved an additional $13 million for the remainder of 2010 and 2011. As of June 30, 2012, there are no approved cash calls remaining, however, GeoCam shareholders may approve another capital increase in 2012.

During the six months ended June 30, 2011 GeoCam completed two cash calls, equivalent to approximately $8.2 million. In the cash call Geovic paid approximately $5.0 million, representing 60.5% of the cash calls and the noncontrolling interest paid cash of approximately $3.2 million.

The noncontrolling interest balance of approximately $9.4 million at June 30, 2012 [December 31, 2011—$9.9 million] represents the balance from the capital increases contributed by the noncontrolling interest as described above. The difference between the amounts contributed and the balance at June 30, 2012 represents the noncontrolling interest share of the actual expenditures from January 1, 2007 through June 30, 2012.