Quarterly report pursuant to Section 13 or 15(d)

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

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

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016			2015
	(Thousands of Dollars)
Sales	$	8,992		$	5,301
Gross profit		191			1,712
General, administrative and other		2,147			2,501
Loss from operations		(1,956	)		(789	)
Gain on settlement with former operator		16,225			-
Net income (loss)	$	14,269		$	(789	)

Equity in Income or Loss of AMAK Reflected on Consolidated Statement Of Operation

Therefore, net income before depreciation and amortization was as follows:

	Three Months Ended March 31,
	2016		2015
	(Thousands of Dollars)
Net income before depreciation and amortization	$	16,978	$	4,972

Financial Position

	March 31,		December 31,
	2016		2015
	(Thousands of Dollars)
Current assets	$	22,459	$	26,078
Noncurrent assets		257,049		259,527
Total assets	$	279,508	$	285,605

Current liabilities	$	2,467	$	22,740
Long term liabilities		89,271		89,364
Shareholders' equity		187,770		173,501
	$	279,508	$	285,605

The equity in the income of AMAK reflected on the consolidated statement of income for the three months ended March 31, 2016, and 2015, is comprised of the following:

	Three months ended March 31,
	2016		2015
	(Thousands of Dollars)
Company’s share of income (loss) reported by AMAK	$	5,030	$	(278	)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK		337		337
Equity in income of AMAK	$	5,367	$	59