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Note 2 - Investments and Restricted Cash
6 Months Ended
Jun. 30, 2013
Cash Investments And Restricted Cash [Abstract]  
Cash Investments And Restricted Cash

Note 2.    Investments and Restricted Cash


Investments


At June 30, 2013 and December 31, 2012, the fair value of our non-current investments was $8.8 million and $9.6 million, respectively.  Our non-current investments consist of marketable equity securities, which are carried at fair value as they are classified as “available-for-sale.” The cost basis of our non-current investments was approximately $12.7 million and $8.1 million, respectively, at June 30, 2013 and December 31, 2012. In the first half of 2013, we acquired securities having a cost of $5.7 million, and obtained additional securities having a value of $0.3 million through the acquisition of Aurizon Mines Ltd. (see Note 13). In addition, in the first half of 2013, we sold investments having a cost of $1.6 million for proceeds of $1.8 million .


At June 30, 2013, total unrealized loss positions of $3.9 million, net of unrealized gains of $53,000, for our non-current investments were included in accumulated other comprehensive loss.


Our non-current investments balance as of June 30, 2013 includes our ownership of approximately 29.4% of the outstanding common shares of Typhoon Exploration Inc. having a cost basis and fair value of $0.8 million. This investment would have been accounted for under the equity method; however, we chose to apply the fair value option to the investment upon it meeting the criteria for equity method accounting during the second quarter of 2013. We individually evaluate the accounting treatment of our investments based on whether we believe our ownership percentage and other factors indicate that we have the ability to exercise significant influence in the financial and/or operational decisions of the investee. As of June 30, 2013, we have no other investments that we have determined to qualify for equity method accounting.


Restricted Cash and Investments


Various laws, permits, and covenants require that financial assurances be in place for certain environmental and reclamation obligations and other potential liabilities.  These restricted investments are used primarily for reclamation funding or for funding surety bonds, and were $5.3 million at June 30, 2013 and $0.9 million at December 31, 2012. The increase during the first six months of 2013 is due to restricted reclamation deposits obtained in the acquisition of Aurizon (see Note 13 for more information). Restricted investments primarily represent investments in money market funds and certificates of deposit.