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Note 2 - Investments and Restricted Cash
9 Months Ended
Sep. 30, 2014
Cash Restricted Cash And Investments [Abstract]  
Cash Restricted Cash And Investments [Text Block]

Note 2.    Investments and Restricted Cash


Investments


At September 30, 2014 and December 31, 2013, respectively, the fair value of our non-current investments was $7.0 million.  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 bases of our non-current investments were approximately $7.6 million and $10.0 million, respectively, at September 30, 2014 and December 31, 2013. During the third quarter of 2014, we recognized $2.5 million in current earnings on an impairment of equity shares, as we determined the impairment to be other-than-temporary.


At September 30, 2014, total unrealized loss positions of $0.5 million, net of unrealized gains of $0.3 million, for our non-current investments were included in accumulated other comprehensive loss.


Our non-current investments balance as of September 30, 2014 includes our ownership of approximately 29.4% of the outstanding common shares of Typhoon Exploration Inc. having a cost basis of $0.7 million and fair value of $0.5 million. This investment meets the criteria for equity method accounting; however, we chose to apply the fair value option to the investment upon those criteria being met 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 September 30, 2014, 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 $0.9 million at September 30, 2014 and $5.2 million at December 31, 2013. The decrease in restricted cash was attributed to a modification of Casa Berardi's reclamation funding, which substituted a letter of credit for previously held cash collateral.