Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

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INVESTMENT IN AMAK (Tables)
6 Months Ended
Jun. 30, 2015
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

   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2015
   
2014
   
2015
   
2014
 
   
(Thousands of Dollars)
 
Sales
  $ 13,283     $ 30,431     $ 18,584     $ 30,698  
Gross Profit
    1,034       4,045       2,746       4,684  
General, administrative and other expenses
    3,036       4,982       5,538       7,570  
Net Loss
  $ (2,002 )   $ (937 )   $ (2,792 )   $ (2,886 )
Depreciation, depletion and amortization
    5,905       4,157       11,015       10,814  
Net Income before depreciation, depletion and amortization
  $ 3,903     $ 3,220     $ 8,223     $ 7,928  

Financial Position

   
June 30,
   
December 31,
 
   
2015
   
2014
 
   
(Thousands of Dollars)
 
Current assets
  $ 40,478     $ 17,782  
Noncurrent assets
    262,920       265,584  
Total assets
  $ 303,398     $ 283,366  
                 
Current liabilities
  $ 24,336     $ 23,034  
Long term liabilities
    89,120       67,598  
Shareholders' equity
    189,942       192,734  
    $ 303,398     $ 283,366  
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 three and six months ended June 30, 2015, and 2014, is comprised of the following:

   
Three months ended
June 30,
   
Six months ended
June 30,
 
   
2015
   
2014
   
2015
   
2014
 
   
(Thousands of Dollars)
 
Company’s share of loss reported by AMAK
  $ (706 )   $ (331 )   $ (984 )   $ (1,018 )
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
  $ (369 )   $ 6     $ (310 )   $ (344 )