Annual report pursuant to section 13 and 15(d)

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)

12 Months Ended

Dec. 31, 2013

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,
	2013		2012			2011
	(Thousands of Dollars)
Sales	$	104,990	$	15,594		$	-
Gross Profit		21,881		3,825			-
General, administrative and other expenses		12,360		6,328			2,621
Net Income (loss)	$	9,521	$	(2,503	)	$	(2,621	)

Financial Position

	December 31,
	2013		2012
	(Thousands of Dollars)
Current assets	$	32,923	$	32,827
Noncurrent assets		264,997		261,620
Total assets	$	297,920	$	294,447

Current liabilities	$	22,497	$	135,111
Long term liabilities		75,826		9,260
Shareholders' equity		199,597		150,076
	$	297,920	$	294,447

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 years ended December 31, 2013, 2012, and 2011, is comprised of the following:

	2013		2012			2011
Company’s share of earnings (losses) reported by AMAK	$	3,356	$	(885	)	$	(1,018	)
Amortization of difference between Company’s investment in AMAK
and Company’s share of net assets of AMAK		1,347		674			-
Equity in earnings (losses) of AMAK	$	4,703	$	(211	)	$	(1,018	)