AVAILABLE-FOR-SALE SECURITIES

6 Months Ended

Jun. 30, 2014

AVAILABLE-FOR-SALE SECURITIES

AVAILABLE-FOR-SALE SECURITIES

8.     AVAILABLE-FOR-SALE SECURITIES

• The Company's investments in available-for-sale securities consist primarily of investments in common shares of entities in the mining industry. The cost basis of available-for-sale securities is determined using the average cost method and they are carried at fair value. Detail on the Company's available-for-sale securities holdings is set out below:

	As at June 30, 2014			As at December 31, 2013
Available-for-sale securities in an unrealized gain position:
Cost (net of impairments)	$	43,077		$	30,583
Unrealized gains in accumulated other comprehensive income (loss)		27,786			11,530
Estimated fair value		70,863			42,113
Available-for-sale securities in an unrealized loss position:
Cost (net of impairments)		1,006			39,933
Unrealized losses in accumulated other comprehensive income (loss)		(331	)		(7,465	)
Estimated fair value		675			32,468
Total estimated fair value of available-for-sale securities	$	71,538		$	74,581

• During the three months ended June 30, 2014, the Company received proceeds of $39.5 million and recognized a gain before income taxes of $5.0 million on the sale of certain available-for-sale securities. During the six months ended June 30, 2014, the Company received proceeds of $40.1 million and recognized a gain before income taxes of $5.3 million on the sale of certain available-for-sale securities. During the three and six months ended June 30, 2013, the Company did not dispose of any available-for-sale securities.

  During the three and six months ended June 30, 2014, certain available-for-sale securities fell into an unrealized loss position. In each case, the Company evaluated the near-term prospects of the issuers in relation to the severity and duration of the impairment. During the three months ended June 30, 2014, the Company recorded an impairment loss of $2.4 million (three months ended June 30, 2013 — $17.3 million) on certain available-for-sale securities that were determined to be other-than-temporarily impaired. During the six months ended June 30, 2014, the Company recorded an impairment loss of $2.4 million (six months ended June 30, 2013 — $28.3 million) on certain available-for-sale securities that were determined to be other-than-temporarily impaired.

  At June 30, 2014, the fair value of available-for-sale securities in an unrealized loss position was $0.7 million (December 31, 2013 — $32.5 million) with total unrealized losses in accumulated other comprehensive income (loss) of $0.3 million (December 31, 2013 — $7.5 million). Based on an evaluation of the severity and duration of the impairment of these available-for-sale securities (less than three months) and on the Company's intent to hold the investments for a period of time sufficient for a recovery of fair value, the Company does not consider these available-for-sale securities to be other-than-temporarily impaired as at June 30, 2014.