INVESTMENT IN AMAK (Tables)

6 Months Ended

Jun. 30, 2016

INVESTMENT IN 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,
	2016			2015			2016			2015
	(Thousands of Dollars)
Sales	$	610		$	13,283		$	9,602		$	18,584
Gross profit (loss)		(3,000	)		1,034			(2,809	)		2,746
General, administrative and other expenses		2,043			3,036			4,189			5,538
Loss from operations	$	(5,043	)	$	(2,002	)	$	(6,998	)	$	(2,792	)
Gain on settlement with former operator		9,195			-			25,421			-
Net income (loss)	$	4,152		$	(2,002	)	$	18,423		$	(2,792	)

Equity in Income or Loss of AMAK Reflected on Consolidated Statements of Operation

Therefore, net income before depreciation and amortization was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(Thousands of Dollars)
Net income before depreciation and amortization	$	6,223	$	3,903	$	23,201	$	8,223

Financial Position

	June 30,		December 31,
	2016		2015
	(Thousands of Dollars)
Current assets	$	18,746	$	26,078
Noncurrent assets		263,446		259,527
Total assets	$	282,192	$	285,605
Current liabilities	$	2,654	$	22,740
Long term liabilities		87,935		89,364
Shareholders' equity		191,603		173,501
	$	282,192	$	285,605

The equity in the income or loss of AMAK reflected on the consolidated statements of income for the three and six months ended June 30, 2016, and 2015, is comprised of the following:

	Three months ended June 30,					Six months ended June 30,
	2016		2015			2016		2015
	(Thousands of Dollars)
Company’s share of income (loss) reported by AMAK	$	1,464	$	(706	)	$	6,494	$	(984	)
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	$	1,801	$	(369	)	$	7,168	$	(310	)