Quarterly report pursuant to sections 13 or 15(d)

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

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INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)
 3 Months Ended
Mar. 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

 
Three Months Ended March 31,
 
2013
2012
2011
 
(Restated)
 
 
 
(Thousands of Dollars)
Sales
 $ 31,162
 $           -
 $          -
Gross Profit
   9,906
              -
              -
General, administrative and other expenses
    2,786
      577
       254
Net Income (loss)
$   7,120
$   (577)
$  (254)

Financial Position

 
March 31,
December 31,
 
2013
2012
 
(Thousands of Dollars)
Current assets
 $    42,493
 $    32,827
Noncurrent assets
                261,429
    261,620
Total assets
 $  303,922
 $  294,447
 
 
 
Current liabilities
 $  138,539
 $ 135,111
Long term liabilities
                     8,187
                    9,260
Shareholders' equity
              157,196
                150,076
 
 $  303,922
 $   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 quarters ended March 31, 2013, and 2012, is comprised of the following:

   
2013
    
2012
  
Restated
   
(Thousands of Dollars)
  
Company's share of income (loss) reported by AMAK
   $ 2,627     $ (213 )
Amortization of difference between Company's investment in AMAK
                
  and Company's share of net assets of AMAK
     337       -  
Equity in income (loss) of AMAK
   $ 2,964     $ (213 )