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INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY ("AMAK") (Tables)
 12 Months Ended
Dec. 31, 2017
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,
 
  
2017
  
2016
  
2015
 
  
(Thousands of Dollars)
 
Sales
 
$
36,435
  
$
9,921
  
$
50,744
 
Gross loss
  
(6,869
)
  
(17,211
)
  
(10,437
)
General, administrative and other expenses
  
9,903
   
9,690
   
8,796
 
Loss from operations
 
$
(16,772
)
 
$
(26,901
)
 
$
(19,233
)
Gain on settlement with former operator
  
-
   
17,425
   
-
 
Net loss
 
$
(16,772
)
 
$
(9,476
)
 
$
(19,233
)
 
Depreciation and amortization for the years ended December 31, 2017, 2016, and 2015 was $22.4 million, $11.7 million and $23.2 million, respectively.  Therefore, net income before depreciation and amortization was as follows:

  
Years Ended December 31,
 
  
2017
  
2016
  
2015
 
  
(Thousands of Dollars)
 
Net income before depreciation and amortization
 
$
5,647
  
$
2,196
  
$
4,016
 

Financial Position

  
December 31,
 
  
2017
  
2016
 
  
(Thousands of Dollars)
 
Current assets
 
$
23,333
  
$
22,860
 
Noncurrent assets
  
237,875
   
251,741
 
Total assets
 
$
261,208
  
$
274,601
 
         
Current liabilities
 
$
24,439
  
$
8,005
 
Long term liabilities
  
68,837
   
82,546
 
Shareholders' equity
  
167,932
   
184,050
 
Total liabilities and equity
 
$
261,208
  
$
274,601
 
Equity in Income or Loss of AMAK Reflected on Consolidated Statements
The equity in the income or loss of AMAK reflected on the consolidated statements of income for the years ended December 31, 2017, 2016, and 2015, is comprised of the following:

  
2017
  
2016
  
2015
 
AMAK Net Loss
 
$
(16,772
)
 
$
(9,476
)
 
$
(19,233
)
Zakat tax applicable to Saudi Arabian shareholders only
  
-
   
320
   
303
 
AMAK Net Loss before Saudi Arabian shareholders' portion of Zakat
 
$
(16,772
)
 
$
(9,156
)
 
$
(18,930
)
             
Company's share of loss reported by AMAK (33.44% beginning July 10, 2016 and  35.25% prior to July 10, 2016)
 
$
(5,608
)
 
$
(2,826
)
 
$
(6,672
)
Amortization of difference between Company's investment in AMAK
            
  and Company's share of net assets of AMAK
  
1,347
   
1,347
   
1,347
 
Equity in loss of AMAK
 
$
(4,261
)
 
$
(1,479
)
 
$
(5,325
)
Shareholders and Percentages Owned
The following table shows AMAK shareholders and percentages owned at December 31, 2017:

Name
 
Percentage Owned
 
Various Saudi shareholders
  
46.73
%
Trecora Resources
  
33.44
%
Armico
  
19.83
%
Total
  
100.00
%