INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)

9 Months Ended

Sep. 30, 2013

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY ("AMAK") [Abstract]

Summarized Results of Operation and Financial Position for AMAK

 The summarized results of operation and financial position for AMAK are as follows:

Results of Operations

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013		2012
	(Thousands of Dollars)
Sales	$	17,815	$	-		$	64,310	$	-
Gross Profit		6,994		-			25,028		-
General, administrative and other expenses		4,256		1,929			14,071		3,325
Net Income (loss)	$	2,738	$	(1,929	)	$	10,957	$	(3,325	)

Financial Position

	September 30,		December 31,
	2013		2012
	(Thousands of Dollars)
Current assets	$	43,132	$	32,827
Noncurrent assets		263,400		261,620
Total assets	$	306,532	$	294,447
Current liabilities	$	99,262	$	135,111
Long term liabilities		6,237		9,260
Shareholders' equity		201,033		150,076
	$	306,532	$	294,447

Equity in Income or Loss of AMAK Reflected on Consolidated Statement Of Operation

 The equity in the income or loss of AMAK reflected on the consolidated statement of income for the three and nine months ended September 30, 2013, and 2012, is comprised of the following:

	Three months ended September 30,					Nine months ended September 30,
	2013		2012			2013		2012
			(restated)					(restated)
	(Thousands of Dollars)
Company’s share of income (loss) reported by AMAK	$	965	$	(712	)	$	3,991	$	(1,227	)
Amortization of difference between Company’s investment in   AMAK and Company’s share of net assets of AMAK		337		184			1,010		184
Gain from additional equity issuance by AMAK		-		-			3,997		-
Equity in income (loss) of AMAK	$	1,302	$	(528	)	$	8,998	$	(1,043	)