INVESTMENT IN AMAK (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(Thousands of Dollars)
Sales	$	13,283		$	30,431		$	18,584		$	30,698
Gross Profit		1,034			4,045			2,746			4,684
General, administrative and other expenses		3,036			4,982			5,538			7,570
Net Loss	$	(2,002	)	$	(937	)	$	(2,792	)	$	(2,886	)
Depreciation, depletion and amortization		5,905			4,157			11,015			10,814
Net Income before depreciation, depletion and amortization	$	3,903		$	3,220		$	8,223		$	7,928

Financial Position

	June 30,		December 31,
	2015		2014
	(Thousands of Dollars)
Current assets	$	40,478	$	17,782
Noncurrent assets		262,920		265,584
Total assets	$	303,398	$	283,366
Current liabilities	$	24,336	$	23,034
Long term liabilities		89,120		67,598
Shareholders' equity		189,942		192,734
	$	303,398	$	283,366

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 six months ended June 30, 2015, and 2014, is comprised of the following:

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
	(Thousands of Dollars)
Company’s share of loss reported by AMAK	$	(706	)	$	(331	)	$	(984	)	$	(1,018	)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK		337			337			674			674
Equity in earnings (loss) of AMAK	$	(369	)	$	6		$	(310	)	$	(344	)