Quarterly report pursuant to sections 13 or 15(d)

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK)

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INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK)
9 Months Ended
Sep. 30, 2012
INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY AMAK [Abstract]  
INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY AMAK
13.
INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY ("AMAK")

As of September 30, 2012, and December 31, 2011, the Company had a non-controlling equity interest of approximately $30.9 million. This investment is accounted for under the cost method. There were no events or changes in circumstances that may have an adverse effect on the fair value of our investment in AMAK at September 30, 2012.  See the Company's Annual Report on Form 10-K for the year ended December 31, 2011, for additional information.

In May 2012 we advanced approximately $1.5 million to AMAK for interim funding on a short term basis. The amount remained outstanding at September 30, 2012.

In May 2011 we paid $50,000 on behalf of AMAK as a hiring fee for the general manager of AMAK.  In June 2011 we advanced $750,000 to AMAK for interim funding.  The $750,000 was returned in August 2011.