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

12 Months Ended

Dec. 31, 2014

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

	Years Ended December 31,
	2014			2013		2012
	(Thousands of Dollars)
Sales	$	63,300		$	104,990	$	15,594
Gross Profit		3,624			21,881		3,825
General, administrative and other expenses		10,487			12,360		6,328
Net Income (loss)	$	(6,863	)	$	9,521	$	(2,503	)

Depreciation and amortization for the years ended December 31, 2014, 2013, and 2012 was $23.7 million, $24.4 million and $9.6 million, respectively.  Therefore, net income before depreciation and amortization was as follows:

	Years Ended December 31,
	2014		2013		2012
	(Thousands of Dollars)
Net income before depreciation and amortization	$	16,845	$	33,878	$	7,144

Financial Position

	December 31,
	2014		2013
	(Thousands of Dollars)
Current assets	$	17,782	$	32,923
Noncurrent assets		265,584		264,997
Total assets	$	283,366	$	297,920
Current liabilities	$	23,034	$	22,497
Long term liabilities		67,598		75,826
Shareholders' equity		192,734		199,597
Total liabilities and equity	$	283,366	$	297,920

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 statements of income for the years ended December 31, 2014, 2013, and 2012, is comprised of the following:

	2014			2013		2012
Company’s share of earnings (loss) reported by AMAK	$	(2,419	)	$	3,356	$	(885	)
Amortization of difference between Company’s investment in AMAK
and Company’s share of net assets of AMAK		1,347			1,347		674
Equity in earnings (loss) of AMAK	$	(1,072	)	$	4,703	$	(211	)